And I take my hat, and this is, like, you know, been an incredible achievement. I mean, the returns were roughly what Bitcoin up 10x in the last five years since sale has been added, but the stock has been up something like 27x so nearly three times the return of the underlying BTC. And the interesting part for me was that, you know, quote, unquote, only 1/3 of the returns have come from the underlying but actually two thirds have come from intelligent capital allocation.
SourceAnd I'll talk a little bit about that and how we're doing this at tonics as well. Now, the other thing, of course, which maybe is obvious to most of you, is that, you know, the sailor has basically figured out that this is a permanent capital vehicle. This is not an ETF, right? And what that means is that, you know, if you sell the ETF, the ETF sells the coins. But if you sell microstate stock, or our stock, the stock can go down, but the coin stays, the coin doesn't move, right?
And what it means, of course, you can trade at a, you know, premium order discount, but you can do something about that, right? You can issue stock.
You can buy back stock, intelligent capital allocation. In our case, you can also stake which actually is a huge advantage over the Bitcoin Treasury companies, and you can also be included in the index, ultimately, which, of course, the ETF can't do none of these things. And then it goes without saying that there's probably still 100 times more capital in the world that can buy equities compared to be able to buy coins. And that seems to be true for Bitcoin or Ethereum or Solana.
But for ton, of course, you can probably add another zero or some order of magnitude there, because, because of the fact that, you know, the US is half the world's capital, and it's not available in the US properly yet, not yet on Coinbase and and of course, you know, we are now orientating ourselves more to the, let's say leading Ethereum Treasury companies in a bit mine, I think has done, has done a wonderful job.