Bitcoin Catalysts, Miner Moves & Market Signals: DMGI, FUFU & HIVE News!

Hey guys, welcome back to the channel McNally Money, the official home of Power Analysis.

A big episode to end out the week for you some Bitcoin catalysts on the horizon.

In addition to news out from DMG and Hive, we've got a lot to talk through before we get

into it.

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it.

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comment section below if you're currently holding shares of either DMG or Hive and how

you're feeling as we enter March.

With that being said, let's get into today's video.

All right, guys, away we go Friday afternoon, the final podcast of the week.

This has been a busy one.

We had some earning, some big press releases, a lot of activity in terms of Bitcoin price

action and minor price volatility.

So with that being said, we're going to kick off today.

Bitcoin now sub $68,000 at the time this would take in.

It looks like it's may be bouncing back slightly, but again, well below that $70,000 band,

we were just so excited about crossing a few days ago.

We were excited about it.

We've seen this downward trajectory down to 60,000 from a higher 126,000, so losing half

is valuing about four months.

And then it was coming to last week on saying, having been in this 60,000, 70,000 range for

a couple of weeks, would it go above 70,000 or below 60,000 and no one be hold this week.

We saw a, after an initial downturn, we saw a rise of up 70,000 all up to 74,000 and

people starting to say, you know, maybe this is, this is the turn, even, you know, big

illness in the space we're thinking, you know, we've seen the bottom now, we'll start

seeing it.

But, you know, Bitcoin will do what Bitcoin does.

And, you know, today we've lost a bit of ground at the 4%, down in the 67.8,000 range,

although seeing live now, it looks like it's just creptable of 68,000.

So it does change very, very quickly during the podcast.

So don't be too concerned when you watch the podcast.

We might be slightly different from the current price there, you know, it's all about

timing issue, but yeah, we hope something better towards the weekend and we're not going to see

it.

And the thing now is Bitcoin is, is tradable seven days a week 24, seven.

So who knows where we end up on Monday morning, but yeah, not a good end to the weekend.

We're still slightly above on the five day chart in terms of Bitcoin price.

We'll come onto miners a bit later.

As you say, the low for the last five days, just under 66,000.

So let's hope it doesn't fall below that price there.

But yeah, difficult ends the week and not to be too unexpected.

No, volatility all over the map like we say.

Now, last year we talked about a lot of big catalysts in the space, the ETF launch,

the corporate adoption, the potential for the strategic Bitcoin reserve.

A lot of the policy changes this year, there's a whole new set of catalysts.

And for whatever reason, it seemed last night a lot of these were coming

through on my feed Anthony, we've got three potential catalysts identified here.

The first is in relation to this digital asset markets structure bill or clarity act.

We've got Paul Atkins talking about that and Trump himself specifically saying

the US needs to get the market structure bill done ASAP.

We've heard from many people in the space, this is the next big catalyst.

This is the next gatekeeper, so to speak, in terms of Bitcoin adoption.

We had a delay on the expected signing date based on some of that geopolitical tension.

What do you think's next for clarity here?

I think the banks and the exchanges are still in conversation,

trying to get some sort of middle ground, some of the issues.

I think a lot of it's due with the fact that with what we've seen with crypto at the moment,

the yield, the potential yields that can be given.

And you can use some of the yields from Straszy and what Michael Sailor's developed for that company.

The last I saw there, 11.5% dividends.

And so the banks don't really want to be competing with that there.

But then the issue then is he's like, we spoke yesterday about the banks.

I mean, the happy to take money off you.

The happy to get paid 4-5% from the government in terms of the rates that they're receiving.

And they're quite happy to pay a fraction of that in terms of interest rates, which for

banking deposits are probably, you know, circa half a percent, maybe even squeezing 1% of the high.

So this is the challenge that that we're seeing.

You know, it's all about competition.

But I said yesterday, I said, don't like it.

They've got to get on board with it and do something about it.

And start offering services around crypto that will bring in revenues to replace any revenues

that they're going to lose.

And I'm sure there's lots of potential revenues structures they can come up with there.

A lot of banks are already doing it.

My bank's doing it at the moment.

You can buy, I think probably 30 or 40 different crypto currencies on there.

All the big names are on there.

They take their fee for doing it.

I buy quite regularly by small amounts, you know, maybe each month, every other month.

And so, you know, it's a way of me building up a little bit of a Bitcoin

into my wallet through my current bank.

It's all transparent, all the statements are there, everything like that.

So it's good, but not every bank's like that.

And so, you know, we saw the same previous industries before.

And then the day it happens, you get on board with it and you come up with a plan.

And all those previous industries, they had to come with a plan.

And they did come up with a plan.

And I think they'll come up with a plan here.

I think we'll probably get, you know, closer to agreement in these next few weeks.

And then maybe in April, we'll hopefully, if things have died down in the Middle East,

by then, you know, people can then focus on the real work that needs to be done in the US and get

this act signed.

Yeah, I think you hit the nail on the head.

That leads us into the second point here around the banking situation.

You can see Eric Trump.

Next time you see a big bank building, a shiny new HQ or headquarters,

remember where it came from, the non-existent interest rate that they pay you.

So your point exactly, Anthony, not only the Clarity Act will represent a big catalyst for

inflows in terms of Bitcoin, but this change in terms of the banking structure and the convergence

of Tradify and DeFi.

We expect to be another big catalyst.

We heard a lot about that in New York.

The third point here or catalyst that we're watching,

RWA, a real-world asset tokenization.

This was another big topic in New York.

We heard nearly every speaker talk about this in some facet, essentially looking at tokenizing

equities, tokenizing real estate, anything that can be bought and sold being put on the blockchain.

Yeah, we did. And, you know, this, you know, this is just imminently now going to happen.

As it clearly says, it's no longer a debate and US regulators have just confirmed that

Treasury will be treated exactly the same as traditional Treasury's under bank capital rules.

So there's lots of policy regulation in place and, you know, it's the way forward.

This is the future, as I say, get on board or move to the side.

Yeah, it always reminds me of Blockbuster Video.

A great example of not getting on board and look what Netflix did to that company.

Now, we heard from Kevin O'Leary, he's a strategic advisor to bit zero.

We have the privilege of having him on the podcast.

We asked, what's it going to take people in your situation with the big money to really move

into Bitcoin? You can see Anthony Scar Mucci coming up with the same statement here

and indicating that they may start to have some support from the Democrats.

Yeah. Yeah, he's an issue there, basically.

He's spoken to a number of Democrats and believes with numbers he's spoken to,

the bill's likely to pass. Trillions of dollars are just waiting on the side lines to buy Bitcoin.

And once this bill passes and the market structure is in place,

this is where it's going to be effective, the biggest capital inflow in Bitcoin history.

We started to see some movements early this week as the Bitcoin rallied, you know,

over 10% and, you know, when news coming through that we were getting close to it.

Obviously, the macroeconomics and the issues around the world are probably delaying that a little

bit there and people are now focused on that there. And that's obviously a priority to this bill,

but this bill is really important and I think as Anthony and many other big names that we saw

at the conference in New York, this is where things really do change.

Once you've got that regulation in place, it gives all those institutions even more,

you know, effective authority and support to deliver, you know, the business models required

in the space to keep this thing buzzing. And if the US do this ahead of everybody else,

then you just think who's going to join on now that the US in place, US have it in place there,

there'll be a lot more of the countries on the side lines looking to do exactly the same.

Don't forget, there's many, many countries have their currency pegs to the US dollar as well,

so it could be a lot of expectations. Certainly, those countries, UE being one of the biggest

ones, Hong Kong is another one. So lots of tech focused centric countries in place to deliver that.

Yeah, you hit on an interesting point. They're talking about large-scale capital inflows and these

various countries around the world kind of jockeying for position. The next article we have for

you guys kind of hits close to home your wife, obviously, from Kazakhstan. We covered this story

a few weeks back about them debating or discussing potentially buying Bitcoin as part of their

strategic reserve strategy. It now appears they've taken a more significant step towards that

allocating up to $350 million into tech or crypto-related investments. And our good friend,

Matt Siegel, commenting on the situation as well. Yeah, and this is an interesting update.

So we covered this a while back when there was talk about potentially the government doing this,

and you could understand why at that point in time, the Bitcoin price was starting to rally really

well. It looks like the timing could be good as well. I mean, effectively, if they were able to get

in these next few weeks and purchase this, if Bitcoin is selling that 60 to 70,000 range,

I think it will be a very, very good investment. And 350 million doesn't sound a lot to some countries

there, but Kazakhstan, in terms of size of Kazakhstan, it's an enormous country. It's the ninth

biggest country in the world. But in terms of population, there's probably 20 or 30 cities in the world

that have a bigger population than Kazakhstan. So, you know, 350 million will be a significant

size for the country there, and it's the first step towards that. And, you know, the first step

of a sort of a major country to start doing this with their assets as well.

Yeah, now Matt says this is expected to begin in April, May, time frame. They've got a total

central bank FX reserve and gold equating to about 69 billion. So to your point, Anthony,

this is just a starting point in terms of their total reserve and looking to target gold and

FX for the conversion. So, interesting strategy there. And again, maybe the timing works out well.

We'll see in terms of Bitcoin miners or the AIHPC converted companies, it's a pretty dismal

heat map today. Almost all of the first four columns are red now. We talked about some of the big

pullbacks in Bitcoin. This is now impacting the miners as well. Yeah, and if you look at the,

we talked about the five day change in Bitcoin, where it's actually still positive by about three

or four percent, the five day change in miners, they're down five percent over the five day change.

So, total red day today for miners, five days not looking too good, but we can see a couple of

green lights on the five day chart there. We've got Fufu 11 percent up over the five days and

Bit0, another mention for them today, they're up seven percent. And actually a year-to-date change

for Bit0 as well, actually booking the trend a little bit. We know some of the sort of the bigger

miners with those deals are doing well on a longer period, because they've signed those deals

in the last sort of 12, 18 months. And you can see the benefit that's given those companies there,

but Bit0, who only IPO towards the end of last year, and also having sort of like a better start,

yes, a date than that is.

I certainly are now. If we move over to the daily view, you just mentioned all in the red here,

again, some notable callouts, Soluna leading the pack to the downside. We seem to notice large

or outside swings in Soluna, whether it's a green day or a red day. So that's interesting,

riot down significantly today as well, despite their earnings and interview with Jason this week,

it sounded like all systems are a go. Some interesting movement or price action today.

Yeah, and you can see from the volumes, you know, not to sherry on the volumes,

we're only a couple of hours into trading and rights and volume already over 11 million shares.

And you compare that to their average volume for the last three months. It's around about 18 million.

That's probably two thirds of their average volume in the first couple of hours of trading.

Bitfarms also trading over 17 and a half million shares. And that's half of their

normal trading range based on the last three months there. And Mara coming up to half

their normal trading day in the first couple of hours as well with over 20 million shares traded.

Iron, again, that's probably close to half of their average trading volume there.

So, you know, the argument could be a lot of shares are traded in them first few hours,

but we still got, you know, quite a few hours to go before market close.

We certainly do. And Friday, obviously, option expiration day. So, we know that that can impact

volumes. The next image here before we get into the minor specific news. This is actually an image

from Elon Musk's very own XAI. Now, this campus Anthony expected to get up to two gigawatts.

So, we wanted to throw this image in just to kind of compare and contrast not only the scale,

but the size, the design of the build compared to some of their peers like maybe in an iron,

a riot or a cipher and some of the images we've seen from them.

Yeah, this is obviously a very, very large site. And this site is looking to, you know,

grow in size to about two gigawatts. You know, that's going to be one of the largest data centers

in the US. But guess what? You know, iron also have two gigawatts at their site that sweet water,

sweet water, one and two, of which 1.4 gigawatts is due to be energized in 2026.

The remaining 600 megawatts in 2027. At the moment, all the ground works for power

and the substations is actively being progressed at those sites there. And they haven't really

got the infrastructure built yet. But just to give you a, you know, a heads up, you know,

that when you talk about what Tesla are doing in the space in terms of building their data centers,

you've got some of these former Bitcoin miners equally looking to build significant size.

And iron won't be the only ones that build some big data centers. We've talked about right

this week. They've got 1.7 gigawatts at their two sites located, you know, in a real rich vein of,

you know, cities either side in terms of Dallas and North and Austin to the south.

And many other miners there with large power banks there, you've got the sites that bit farms

only in Pennsylvania are going to see some significant potential there if they can get the capital

funding in place. Cypher have already announced that 600 megawatts, but they've got three or four

sites and each of about 500 megawatts. So they potentially got a few more gigawatts down the

pipeline that they could develop. So we talk about the Tesla's and the mag 7's. Some of these mining

companies have got, you know, equally as bigger opportunities to bring to the market similar size

data centers. They certainly do. Yeah. And interesting here, the expansion at this facility,

going to be a four story, 75 foot high building. So stacking the data centers on top of each other,

another interesting development. Now speaking of the pipeline or global pipeline, these companies

bring to the table a nice slide out from Fufu today as well. You mentioned they're fairing

reasonably well compared to the pack. Again, you can see that global diversification really

represented across the world for a bit Fufu. Yeah, operating in, you know, a number of different

continents there. And, you know, you know, sizable mining facilities. I don't think we've got a

bigger mining company with it with the size that they have in Ethiopia 241 megawatts

in Ethiopia. I remember talking about those probably 18 months ago as we started to see miners

go into that space over there. And we, we'd heard that some of the three of the senior team from

Maura have been looking into sites over there. But, bit Fufu got a sizable site. They're not the

only operators in Ethiopia. There's many, many operators over there. And the thing about Ethiopia

is they've got so much renewable energy over there. And some of the villages that are close by just

don't need that sort of demand of power. So the mining companies have gone into those locations

and said, look, we can, you know, use some of that power. And guess what? We'll give you a good return.

So you can grow, you know, your infrastructure throughout your villages. And that's exactly what's

happening over there. It's bringing much needed capital into those areas. And at the same time,

given the opportunity for miners to pay a reasonable price for power, especially in the current

climate with the volatility of the spot Bitcoin price. As we've seen over the last five days,

how much things can turn around. That's what you're up against. And, you know, you're competing

against something that's totally out of your control. You've got no control of the price there,

but you're trying to, you know, to hope that the price can give you a margin post mining. One

thing about BitFooFoo, the majority of their 463 megawatts is in terms of a hosting cloud

hash rate. So this is where that hash rate is effectively purchased by retail investors. And

it's managed on their behalf by BitFooFoo and they get paid the revenues after they've paid for

the costs of the machines and the energy and the hosting fee that FooFoo get. And remember,

FooFoo aren't reliant on the Bitcoin price for this particular strategy because they get paid

a fee for hosting, which is not related to Bitcoin. It might be paid in Bitcoin, but it's not related

to the price of Bitcoin. So that margin stays the same. And effectively, if the price of Bitcoin is

probably $10,000 or $10 million. So this is why they're able to produce solid results quarter by

quarter. And as I said on the previous podcast, if you look at the last sort of seven or eight quarters

from all these companies, I doubt many will have had as many green quarters as BitFooFoo. And that's

because of this type of strategy they have when Bitcoin's going down, they're still gaining.

Yeah, it's important. In fact, you bring up there about the spot price of Bitcoin. We're also

watching the spot price of oil right now as well and the potential impacts of that to the grid

and power prices around the world. So great to have that diversification. The next one up here,

DMG, we had both Sheldon and Steve on the channel earlier this week to talk about earnings.

We talked a lot about their HPC AI expansions, specifically their Christina Lake BC Canada facility.

They came up with their operational update, but there was some nice news in here in relation to

the expansion of that facility with the additional, with the addition of 10 more megawatts.

Yeah, and a good addition to the update, they're 10 megawatts of non-firm power. And this is

going to raise the capacity now at Christina Lake to 75 megawatts based on a combination of 15 megawatts

of firm power and 60 megawatts of non-firm, curtailable power. And I think the difference there is

highlight a bit of curtailable elements of the 60 megawatts there. So if you've got firm power,

it means you've got it 24-7. Nothing's going to disrupt that power unless it's something out,

toes that of control of everybody. But the 60 megawatts of non-firm power, that is not guaranteed.

It could be the fact that, you know, it could be solar, it could be wind where you're not receiving

energy when those two aren't achieving energy. It could be the fact that you're in locations where

you're required to switch down when the domestic supply is needed. And so you have an agreement

that you don't have it 24-7. A bit like when we've talked about in ERCOT, you know, you have the

4 CP plan during the hot months of the year where, you know, the big uses of energy have to sort of

like, you know, switch down where they can. And the great thing about Bitcoin miners, they can switch

off in seconds and Bryce, you've been able to actually prove that and you're able to switch the

rigs on its surface and on and off in a matter of seconds. Yeah, I certainly was and you think

about the time it takes even to boot up a computer or a regular laptop. The fact that you can turn

these entire facilities on literally in about 10, 15 seconds, a flip of a switch and we were able

to do that. Now I wanted to double click on this facility a little bit deeper Anthony. They've

also talked about some backup renewable power. So you mentioned the fact that this is the majority of

this power is not considered firm. One potential workaround there in order to get an HPC or AI

co-location contract would be backup generation. They're now talking about renewable natural gas. So

again, offering that fully sustainable carbon neutral operation. Yeah, and they send the update

there. They're exploring, you know, with the ability to utilize natural grasses mission located

at its Christian lake property and rightly so, backup generation, potentially primary generation

in the future and combined with the possibility of utilizing renewable natural gas that provides

off-takers the option of a fully carbon neutral operation. Again, this is one of the factors that's

really important to DMG. They really want to be seen in the sort of like that green light there. They

believe, you know, from their mining position there, if they're mining Bitcoin using, you know,

totally green energy, then, you know, potentially there's a premium for that Bitcoin,

if it's once it's produced, as it can be seen, every Bitcoin can be traced back to where it's

produced. And if it can be seen, it's green there that there's potentially a premium. I don't know,

a tight time will tell, but obviously this is that this is their sort of like raison d'être. So,

you can see the way that the company's thinking there. It was great to have them on the

podcast of this week and to understand, you know, their focus really going forward with power is

going to be more around AI and even Shells and the one of the OGs in the space from a mining

perspective. He was there before pretty much everybody else. Maybe around the time that Ben Gagnon

started looking into the space there. Shells would have been at the same time and, you know, he

knows everything about Bitcoin, but for him to turn around and say the volatility of the price

and the sort of like that the margins that are not the consistent year on year, they're having

to look for alternatives and the big alternative, obviously, as we've highlighted for the last

couple of years now is really high performance computes, AI strategies for these companies. And as

we've seen already, you know, five or six of them have got some big contracts there and the other

10 or 12 miners that we cover will also be looking for, you know, a contract to deliver power

from their setups towards HPC as well. And DMG and no, you know, wants to be in that group as well.

The great thing about them, Bryce, being in your neck of the woods is they've got

additional potential in terms of the Malahat.

Yeah, and it sounded like based on our interview, they were very close to some sort of an

agreement with the Malahat. Sheldon even saying they're pushing faster, stronger than DMG at this

point. So there's obviously something brewing there and we would expect this power increase

is related. Now moving into the Bitcoin mining operations, as you say, this is what's paying

the bills or keeping the lights on right now. How did February stack up to Jan?

Yeah, February was good and in all honesty, February was pretty good for most of the miners as well.

So the ones we've seen already with their updates out seem to be taking advantage of that

recent drop in difficulty. We had a couple of drops in recent periods, which means that, you know,

miners are able to get a little bit more productivity and that was helpful in February.

And DMG will highlight that quite clearly. Now, remembering February, there's 28 days of mining

as opposed to 31 in January. So you're already sort of 10% down on mining.

But DMG were able to mine the same amount of Bitcoin. Again, I think this 23 is a common number

for them. I think last four months now, they've mined 23 Bitcoin. So no change in the amount,

although they've managed it in three days quicker. In terms of total operational hash rates,

that increased by 5%. That's probably part down to the fact they've got an increased hash rate.

It's not just about the difficulty, but the difficulty does account for some of that benefit as well.

Efficiency around about 22.6. They do have quite a number of S21 miners there.

Sheldon did sort of like indicate, you know, he'd like maybe to sort of maybe appropriate time

to, you know, to add some more more efficient miners to the fleet to replace some of the older ones.

That might give a little bit of increase in hash rate, but at the same time, not take up any more space.

More efficient miners will use less power. And therefore, you can probably utilise

more, you know, to utilise more hash rate for the same amount of power if that makes sense to

everybody. In terms of Bitcoin sold, they sold 27 Bitcoin. So sold their production,

plus a little bit more. And that was to cover operational expenses. In terms of Bitcoin mine per day.

So this tells you now what they were actually doing on a day-to-day basis. They're able to

mine 11% more per day during February than we're in January. And so that 5% increase in hash rate

accounts are part of it. The other 6% accounts for the difficulty. In terms of Bitcoin

HODL, well, that's come down by four. Remember, they've sold 27 there and they mine 23. So they

used up four of the treasury as well to cover operation expenses. The value of that HODL

dropped by about five million dollars between the end of January and the February. Remember,

there's about a 20% drop in the price of Bitcoin. And so that's affected in there. And if

you look at the value of Bitcoin compared to the market capitalization, that's down at 79%

in February. A little bit of that to do with the fact they sold some of the treasury down by four.

But majority is really down to the value of the Bitcoin itself. It was 84% in January there.

But overall, a really good update because they're doing exactly what they do month in month out.

If I go back over the last few years, DMG, we've always talked about the bit farms and the

high digitals and the irons dominating the top three positions. If you look at position four

and five, you normally found DMG and those positions there. They are a top five performer, month in

month out, pretty much every month. And actually, some months, they've finished top there. So they

are a good operator in the space there. They continue to put these updates out there to give

everyone the clarity and transparency about the companies trying to do there. And I think,

you know, with a solid, a really solid balance sheet, very little debt. And, you know, a balance sheet

that has effectively, you know, twice the amount of value in assets than their market capitalization

suggests. I said this before, if you put a dollar into DMG, you're going to, you're investing in

two dollars of assets for that dollar. You're getting effectively twice as much in assets there.

And, you know, that doesn't happen against any of the other miners. See, we are, there are some

miners that are above a dollar, but nobody is anywhere near two dollars. And so that's where DMG

show that value in that particular metric. Don't take that metric in isolation. There are a lot more

metrics there, but I do like what I see with DMG there. And it's always great to have Sheldon

Steve come on there and give us a view of what's happening in the space going forward. Capital

race is going to be probably one of the challenges for them. They've got some big plans. And when you've

got big plans, you need big capital, but there are a number of opportunities that they can do in that

particular network of the woods. And we've already highlighted that one deal with the Malahat.

Maybe there's some sort of arrangement there that can open more doors for them. Once that deal goes

forward, because that's a very positive deal, not just for DMG, but literally for the for the

state and for the country and to take that forward. Certainly is yeah. And a number of financial

benefits working with an indigenous group like the Malahat tax wise, procurement wise. So it's

going to be interesting to see how that plays out. The final minor related news update for you,

a bit of housekeeping here. Hive, we covered the fact they were holding their shareholder meeting

or vote. That's now concluded. And it looks like they got the outcome that was expected or hope for.

Yeah. So all directors would really re-elect it. This is what happens every year. You have

that the board sits there. And if you're a shareholder in these companies, you'll get about a

month before the the AGM. You'll get a list of all the sort of the approval resolutions that go

forward. And generally, the first one on there is to approve the board again. And so, you know,

I got mine through and I voted accordingly. And unfortunately, I've met some of the board already.

I mean, obviously I've known Frank from my first two days of meeting anybody in the space was

a conference back in 2021. And the first person I met was Fred Seale. And I had probably a good

hours conversation with Fred. He knew I was. And he'd been in the space, a very short space.

Somebody already realised what I was doing on Twitter at the time there. And we had a good chat

about his strategy at Mara. The second person I met that day was Frank Holmes. And he also

knew what I was doing in the space. And I've been covering high for a few months. I had a great

chat with him there. I've also got to be eight and a number of times at various conferences.

And a few of them in London as well, which is quite close to where I'm situated. And I've met

Dave Perrell on a visit to their facilities in Sweden last year. So, me and Dave and the group,

we've looked at Sweden last year and I look at the sites that there and got some going in

a different vein as well. So, really good there. Now, the second part is all about auditors

and the independent external auditors. They've been reappointed as well. And then, generally,

you'll see other resolutions normally around things like remuneration, so pay, stock-based

compensation, RSU. So, these are restricted share units, extensive stock options. All of the

things that the stuff that the company are offering their staff to make sure that they're aligned

with the objective of the company. So, when you get really good staff and you're paying them well,

you want them to stay there. You've got to obviously maintain incentives at the right

at appropriate level to do that. And so, this is just a normal thing on those there. The good

thing is it just gives shareholders the votes. When people mode about it years later,

the board can say, well, that we put it forward to the shareholders. The shareholders voted

this through. And I know on occasion, some of these where the shareholders voted against it and

they have to go back to the drawing boards and this isn't about high. This is about in general.

And some of the big names out there has just happened to them in the past there. And

my stance is, if the company is growing and the share price is growing and they're rewarding

staff appropriately, I haven't got an issue with that, but I want to make sure that their goals

are aligned with my goals and my goals are about share performance. If I'm doing well with my

investment, then I don't see why they can't also be successful rewarded for their role in getting

that extra investment for me. What I don't like is if my investment's not doing very well,

and they're still benefiting significantly. And we're not talking some cases by a small amount,

we're talking some cases by a significant amount. So I do really have an issue with that there

and that's why we do ask a lot of questions about stock compensation on the podcast. Because

it is a point that has a number of opinions across the retail sector. And so we want to make sure

that the CEOs, when they come on there, they can articulate as to why they're getting this

level of stock compensation. What's driving it? What can the shareholders look forward to?

And so we want to try and get all those links together.

Yeah, we certainly do. And glad to see everything was approved there now.

Wanted to sign off with a couple of updates for the website newsletter. It's obviously Friday

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love available there as well. So with that being said, a lot of podcasts this week, make sure you

guys go in, watch some of those interviews over the weekend, some great nuggets in each and every

one of those discussions. Thanks so much for watching. Hit the like button. Feel free to subscribe.

We'll see you back here on Monday.