STRIVE BITCOIN UPDATE Strive purchased 17.76 Bitcoin last week and now holds ₿19,882. More importantly, during 2Q26 @Strive acquired 6,236 Bitcoin, achieved 24.0% BTC Yield, generated ₿3,264 of BTC Gain, and ended the quarter with an amplification ratio of 67.2%. $ASST $SATA

DeepSeek increases my conviction that Bitcoin must be the hurdle rate for capital deployment. AI innovation at this speed and scale will substantially disrupt valuation metrics across industries and is not currently priced in. Those who secure a war chest of Bitcoin will be the long run winners, picking up distressed assets for pennies on the dollar. Focus on three things: AI, Bitcoin, and energy.

Strive has acquired 72 BTC for ~$8.26 million at ~$114,304 per bitcoin, financed exclusively through the exercise of traditional warrants. As of 10/28/2025, we hodl 5,958 BTC. $ASST

STRIVE ($ASST) UPDATES - Strive entered into a definitive agreement to acquire @SemlerSci ($SMLR) in an all-stock transaction. - @Strive announced the purchase of 5,816 Bitcoin. - The combined company will hold > 10,900 BTC. - @SemlerEric to join Strive board post close. - Post-merger intention to monetize or distribute Semler Scientific’s historically profitable diagnostics business.

Yes, Blackrock has hundreds of billions in energy assets, but that does not mean Blackrock has been a good steward with those assets and *that* is the problem. These assets have been used to push a climate agenda on corporations against their will in a manner that imposes *long term* costs on both corporations and investors. Let's look at the facts: Fact #1: Blackrock has actively engaged with publicly traded energy companies *pushing* a climate agenda on them against their will. Example 1: In 2021, there was a shareholder proposal at Chevron that would require the company to reduce its Scope 3 emissions. Chevron recommended that investors vote against the proposal, yet Blackrock used its billions of dollars of holdings to vote *for* the proposal anyways stating "because it is consistent with what we expect of large companies like Chevron and its peers." Chevron recommends *against* proposal (page 88): chevron.com/-/media/shared-m… Blackrock votes *for* proposal (page 2): blackrock.com/corporate/lite… Example 2: In 2021, a Climate activist investor, Engine No. 1 put up a slate of climate activists to the board of Exxon. Exxon recommended shareholders vote against all of the dissident directors, yet Blackrock voted *for* three of them. With your support, they got elected. You stated: “We believe more needs to be done in Exxon’s long-term strategy” on reducing climate risk, which threatens shareholder value." Exxon recommends *against* Engine No. 1 board slate (page 1): d1io3yog0oux5.cloudfront.net… Blackrock votes *for* three Engine No. 1 candidates: blackrock.com/corporate/lite… These aren't the only examples... Fact #2: Blackrock was behind the SEC’s new *mandatory* ESG climate disclosures that will *cost* publicly traded corporations billions of dollars. On March 6th 2024, the SEC passed a mandatory ESG climate disclosure rule that was voted on political party lines. In 2021, Blackrock sent the SEC a public letter *requesting* the SEC implement mandatory climate-related disclosures (Blackrock's letter to the SEC: sec.gov/comments/climate-dis…). The final rule drafted by the SEC explicitly mentions Blackrock 55 times. The only asset managers referenced more frequently were politicized public pensions like CalPERS and CalSTRS. (sec.gov/files/rules/final/20…). As Bernard Sharfman called out, this rule will *cost* public corporations billions of dollars. “PricewaterhouseCoopers PwC is planning on hiring 100,000 new employees and investing $12 billion over the next five years to help meet its clients’ ESG reporting requirements. We can assume that this represents only the tip of the iceberg and probably does not even represent what public companies will actually pay to have the compliance work done.” Fact #3: Blackrock is a member of multiple climate groups, including the Net Zero Asset Managers and publicly admits it will force its climate view on energy companies if they don’t comply. Blackrock states: “BlackRock developed and implemented a “Heightened Scrutiny Framework” to track, analyse, and manage active positions in issuers that are significantly exposed to climate risk due to: a) high carbon emissions today, b) insufficient preparation for the net zero transition, and c) low reception to our investment stewardship engagement. Where we do not see enough progress for these issuers, and in particular where we see a lack of alignment combined with a lack of engagement, we may not support management in our voting for the holdings our clients have in index portfolios, and we will also flag these holdings for targeted review and engagement in our discretionary active portfolios where we believe they may present a risk to performance. netzeroassetmanagers.org/sig… Conclusion: The action by the Texas Permanent School Fund was warranted.

True in politics and in business.

Non-woke simply means adopting excellence, innovation, meritocracy, and capitalism as the foundational principles of a mission focused organization. Every corporation *should* agree with this. Most still would not, at least publicly.

Strive was among the <1% of investors who supported a proposal at Microsoft to evaluate holding Bitcoin in its treasury—effectively positioning BTC as its hurdle rate. This year, we plan to leverage our activist expertise to help at least one company per sector adopt the Bitcoin standard through corporate engagement. In 2022, when Strive launched its first ETF, shareholder support overwhelmingly favored ESG & DEI proposals. Yet just two years later, these priorities are rapidly losing steam. Through effective thought leadership and shareholder activism, major change can happen—now we expect the same with corporate Bitcoin adoption, with early movers putting themselves in the best long-term position.

This is important on two levels: 1. Makes it substantially easier for holders of Bitcoin to purchase a house without selling their Bitcoin. 2. The U.S. government is taking Bitcoin risk on its own book as the U.S. government implicitly guarantees Fannie/Freddie mortgage loans.

Strive's Bitcoin treasury analytics dashboard is now live at treasury.strive.com/. Make sure to watch our investor presentation on $ASST & $SATA if you haven't yet and have a great weekend!

Important earnings call from @Strategy. My takeaways: 1. $MSTR guided to 30% amplification, all from preferreds, with no leverage from converts or other debt. It will likely take a few years to reach that goal. 2. Existing converts are likely to be equitized by 2029. 3. Extensive discussion on tax-deferred return-of-capital (ROC) dividends for their preferreds, which meaningfully amplify after-tax yield. They expect these ROC dividends to continue for about 10 years, with multiple options to preserve ROC even if mNAV falls below 1. 4. Major focus on issuing new preferreds internationally. These new prefs will likely be denominated in local currencies, such as a euro-denominated Strategy pref, with plans to replicate this across other regions. They are far down the path towards implementing these new offerings. 5. Not focused on M&A of Bitcoin treasury companies. While they did not rule it out entirely, their primary focus remains Digital Credit. 6. Will pursue any action that increases Bitcoin yield for common shareholders while maintaining ROC dividends for preferreds. They would consider buybacks if it made sense holistically, but prefer to expand their capital base. 7. Regarding investment time horizons, @saylor noted that buying Bitcoin should require at least a four year horizon, but Bitcoin treasury companies demand an even longer view. While they aim to outperform Bitcoin over four years, a 10-year horizon is most appropriate for a BTCTC. If your time horizon is under 4-years, the preferred equity securities make most sense when investing in Bitcoin risk. 8. They don't want to maximize capital by raising it through either equity or debt. Their focus is on growing the Digital Credit market. They can idle at ~30% growth when there aren’t attractive opportunities, then amplify growth further when those opportunities emerge through Digital Credit.

Strive Asset Management is now a Bitcoin treasury company. My first public remarks on this major announcement for our company will be at the Strategy World conference today at 2:15 pm ET. All-in.

Yesterday, Strive sent GameStop an engagement letter urging them to adopt Bitcoin as the cornerstone of their treasury. We believe this shift can elevate $GME from “meme stock” to gaming-sector leader, driving long-run value for shareholders—including our clients who hold GameStop through our ETFs. This outreach follows our recent announcement to help at least one company per sector adopt a Bitcoin treasury strategy. In our letter, we outlined how: • Reallocating substantial cash reserves into Bitcoin can serve as a powerful engine for long-term growth. • Cutting costs until operating at a profit by making Bitcoin the hurdle rate for any cash burn strengthens financial discipline. • Maintaining a strict focus on Bitcoin—and avoiding other cryptocurrencies—reinforces GameStop’s image as a disciplined, forward-looking organization and protects long-run shareholder returns. We recognize GameStop is exploring how to embrace this opportunity, and we believe execution will be critical for long-term success. That’s why we engaged immediately—to encourage not only bold action but also a clear commitment to Bitcoin only. At Strive, we’re committed to working with the companies our clients own in our ETFs to foster forward-looking strategies that unlock genuine long-term potential. Our proposal to GameStop is the first of many focused on making Bitcoin a key treasury asset. Link to the full letter in the comments.

There is a lot of fear in the Bitcoin and Bitcoin treasury company markets right now. As someone who is a long-only investor with a structurally bullish thesis on both Bitcoin and Bitcoin treasury companies, I never put on short-term trades. But there are levels where there is clear pain in the markets, and we are currently at one, while both Bitcoin and the MSTR/Bitcoin charts sit at support levels.   From both a macro and a technical view, now is a great time to consider adding to long-term positions and moving further out on the Bitcoin risk curve, not the opposite. Will share charts on this tomorrow. GN.

Strive's strategy: create the products you want to buy.
 
$ASST: 25%+ amplification, no debt, no margin, no encumbered Bitcoin. The only BTCTC with amplification exclusively from preferred equity.
 
$SATA: 12% cumulative, ROC, variable rate dividends, our most senior equity.

Jesus Christ is our King. Donald J Trump is our President. Bitcoin is our money. GM.

Jeff has proven he’s one of the sharpest minds and hardest workers in Bitcoin treasury management. Excited to have him officially join the Strive team full-time as we gear up to go bigger and faster in our race to maximize Bitcoin holdings for $ASST shareholders. Let’s go!

PSA Bitcoin is digital gold. It is an investment. Zcash is a trade. It is not an investment & it is not a hedge on Bitcoin. For those that feel the need to hedge their Bitcoin, gold is the answer, not Zcash. My advice: ₿uy the dip, hodl, don't "hedge" your Bitcoin, don't trade, invest, zoom out, touch grass, and have a great weekend.

So Blackrock owns Blackrock with money that's not Blackrock's...

This is the core reason why we chose the Bloomberg 500 for our 500 products a couple years ago. Rules based with no black box committee. @Strategy has been in our 500 index since last September.

Strive, Inc. has completed the merger between Strive Enterprises, Inc. and Asset Entities Inc. The combined company will continue to trade on Nasdaq under the ticker $ASST and begin its Bitcoin accumulation strategy. Time to accelerate.

Feeling the most bullish I’ve felt in a couple years tonight.

Nearly all Bitcoin investing mistakes stem from: 1. Not being bullish enough. 2. Not having a long enough time horizon. 3. Taking bad debt terms. 4. Not properly securing your Bitcoin. $ASST was purposefully built to provide amplified Bitcoin exposure & avoid every issue above.

QT is effectively over. QE is coming. @jameslavish published an excellent article today explaining why: bank reserves have dropped below the Fed’s “ample” level, the reverse repo facility is nearly drained, and funding market stress is showing up in real time. As he puts it: “When central banks fire up the money printer, there’s only one rational response: own assets they can’t print. That means gold and Bitcoin.” It’s a must-read from James, who also serves on Strive’s board.

What's the differentiation for $ASST? No debt, no maturity risk, no margin, no encumbered Bitcoin. Over 25% amplification exclusively from perpetual preferred equity. We built a perpetual carry trade structurally designed to ride out volatility and amplify BTC performance.

Strive is laser-like focused. GM

One of the best signs of a confident and strong leadership team is seeing them pivot and update shareholders instantly when they see a better path for the business. Expect updates and course changes from us as we go too. This is how alpha is actually achieved over the long run.

Heartbroken that Charlie Kirk has passed away. Charlie literally changed my family’s life. He played a role in our faith journey, he led us to fight for our country and to fight for freedom. That directly led to many things, including my wife and I joining Strive. Anastasia and I are praying for his family. We will never stop fighting for Christianity, for freedom and for America, in his honor. Charlie - rest in peace. You died an American hero and so many people, including us, will never forget you and will unwaveringly carry your legacy forward.

Your “EXCLUSIVE” actually talks about implementing a merit based system without regards to race. That’s a good thing. Nice April Fools’ Day post though.

The best way for the US government to unleash our economy is simple - get out of the way. Great chat with @JohnStossel on the insanely inefficient and corrupt uses of taxpayer money in both the Broadband and CHIPS Acts. Bullish on @elonmusk and @VivekGRamaswamy fixing this.

Today Strive announced the IPO of $SATA, a Variable Rate Perpetual Preferred Stock. You can also learn more about $SATA by watching the recording by @werkman , @PunterJeff, and myself here:

Bitcoin wouldn’t be where it is today without @DavidFBailey, full stop. Huge congrats to the Nakamoto team on becoming a Bitcoin treasury company. Accelerate!

Yesterday there was important guidance from Treasury & IRS that reduced one of the larger risks for Bitcoin treasury companies - being forced to pay taxes on unrealized gains from Bitcoin holdings. Nice to see pro-business & innovation policies coming out of DC.

This is inaccurate. The number is actually higher than $5 billion.

Zuck took the first step by naming his goat Bitcoin. It’s time for Meta to put the G.O.A.T. asset, Bitcoin, on its balance sheet and maximize long run shareholder value.

Did you know the S&P 500 committee members aren’t publicly disclosed? Imagine investing in a quasi-active fund where you have no idea who is making decisions and zero transparency into why a decision is made. The S&P 500 index is outdated. Indexes should be rules based.

The first developed nation to implement a large Strategic Bitcoin Reserve wins. The U.S. needs to treat this as a national security priority.

The Hurdle Rate Podcast was cancelled on YouTube because they view discussing Bitcoin to be "harmful or dangerous content." They've learned absolutely nothing over the past few years. This is why platforms like @rumblevideo are not only needed, but the clear future.

A 70% Bitcoin CAGR over the next 6-12 months would cause paper Bitcoin summer round 2. The time to amplify in preparation is now.

This is why the value of leverage from perpetual preferred equity without margin requirements through a Bitcoin treasury company is undervalued by most investors. It’s not the cost of the financing that makes it uniquely attractive relative to other types of leverage, but the structure of the financing. Leverage with margin requirements and/or short duration leverage is extremely risky for a high volatility asset like Bitcoin. Margin requirements were one of the primary reasons we turned down the terms we saw with convertible notes this year, and why we’ve been “laser-like focused” with our ambitions to get a perpetual preferred equity out this year. Matching a long-duration asset in Bitcoin with a long duration liability without margin requirements allows an investor to zoom out and stay focused on the strong fundamentals of Bitcoin, while riding out technical driven market fluctuations, no matter how much volatility they bring.

Many have a fundamentally flawed understanding of what this seemingly simple chart means and why the "Strategy" works. Riddle me this: how does MSTR only have a 1.54 mNAV, yet its total return has outperformed Bitcoin by ~3.5x since adopting its Bitcoin treasury strategy?

There is no “Plan Z” Strive has conviction & confidence that when you hold the nuts, you don’t hedge, you go all-in: 1. Buy Bitcoin 2. Perpetually borrow dollars w/o margin requirements 3. Buy more Bitcoin Simple yet nearly impossible to beat with an assumed 30%+ Bitcoin CAGR.

Seems like a good week to buy some Bitcoin and amplify one's balance sheet.

1. Strategy getting their prefs rated opens the door for meaningful potential institutional capital, regardless of the B- rating. This is good for Bitcoin, BTCTCs, & MSTR. 2. The methodology for the rating has major flaws that overstate the risks & there is alpha in seeing this.

Results of shareholders voting on the @strive merger with $ASST: 1st proposal: 99.5% YES 2nd proposal: 99.5% YES 3rd proposal: 98.5% YES Thank you all for the support to start our perpetual Bitcoin strategy. It's time to unleash the Alpha Sat Stacking Team.

My remarks from Strategy World yesterday. Time to accelerate.

Since day one, she’s been more bullish than me. 🧡

With today's announcement of our decision to enter an agreement to acquire Semler Scientific, its worth digging in a bit on how we make strategic decisions like this. I believe it all comes down to creating the proper incentive alignment, building a great team, and letting them cook. This is what I believe is the best way to incentivize long-run outperformance for a Bitcoin treasury company, and it's how we do it at Strive: Short-term (1-year metrics): 1. Increase Bitcoin per share = amplified Bitcoin equity 2. Pay all debt liabilities = attractive Bitcoin-backed yield Long-term (3-year+ metric): 1. Outperform Bitcoin because Bitcoin is the hurdle rate. 2. Outperform other publicly traded companies. Strive's merger announcement is accretive in Bitcoin per share, meeting our short-term goal, and we believe the combined power of the entities will give the combined company more ability to access the capital markets in a way that will drive increased Bitcoin per share and accretion in a way neither could do on their own. Much more to come from all the hard work the team did to get to definitive docs on a merger only one week after flipping public. I believe this might be the quickest execution of this type of deal in the history of US capital markets.

With Strive, it is important to recognize both the near-term technicals and the long-term fundamentals and business plans. On the technical side, we just closed a $750M PIPE, and those investors will be receiving shares at any time within 30 days of the merger close, expanding the float in a major way. It is also worth noting that the PIPE was raised above the $1.02 merger price between Asset Entities and Strive, which was a strong outcome for the company but one that naturally creates near-term technical considerations and nuances. On the fundamental side, the picture is very different. We have raised substantial permanent capital to launch our Bitcoin treasury. We immediately filed a WKSI shelf & both an ATM and a repurchase program, giving us substantial optionality to accrete additional Bitcoin and increase Bitcoin per share. We have no debt, announced our ambitions to launch a perpetual preferred security in 2025, and have assembled a highly experienced leadership team and board to navigate these waters. Management’s shares are locked up and no one has sold. I strongly suggest people do their own research and invest accordingly as the institutionally complex technicals work through and the strong fundamentals begin to shine. Our team is laser focused on building a perpetual engine for shareholder growth powered by Bitcoin.

Make sure to listen to this week’s Hurdle Rate. We discuss in depth a new Strive investor presentation on $ASST and $SATA. 

The deck can also be viewed on Strive’s website. @werkman @PunterJeff @TimKotzman

My read on Lutnick’s comments is that the U.S. will hold its Bitcoin + buy more, while simply not selling its altcoins. This would confirm Bitcoin as the only strategic crypto asset while staying “friendly” to others. Huge moment for American strength if true.

A lot of alpha in this room.

Now that the vast majority of S&P 500 companies tie executive compensation to ESG, a self policing corporate social credit score system has been implemented by asset managers like Blackrock. This is the #1 issue we are focused on unwinding. @ConceptualJames bringing the 🔥.

The "kid analysts" at @tnorth have been perpetually outworking and frontrunning the institutions. The @Strive acquisition of True North cements our position as a leader in Bitcoin advocacy. Together we'll bring education on Digital Capital & Digital Credit to the masses.

Strive isn’t a typical “Bitcoin treasury company” – we are an alpha-generating asset manager that uses Bitcoin as our store of value and our hurdle rate for capital allocation. More to come later today at the Bitcoin for Corporations Symposium.

Yes. 🤝

The risk on Bitcoin powered preferred equity is mispriced. Looking at the $MSTR prefs, the interest coverage ratios are comparable to AAA rated corporations if you assume a 20% average CAGR over the next 10 years. High yield plus capital upside potential for those that see it.

₿uy the dip.

ICYMI - this is a new presentation on $ASST & $SATA that was released Monday.

"$STRD (Strategy's "Junk Bond") has a credit quality 20x GREATER than 47% of the entire private credit market, while paying an effective yield of 12.3%." Bitcoin powered Digital Credit offers both a better risk-adjusted yield & better liquidity than Private Credit.

Strategy continues to raise the bar with its investor presentations. Transparency, clarity, innovation, and alpha.

The entire incoming Strive management team participated in our recent financing round—and not a single member of the future leadership has sold a share. See our investor presentation for details on the incoming team and planned board. Time to execute and accelerate.

Getting warmed up for a big week in Vegas at the Bitcoin Golf Championship. Great time with @werkman, @PunterJeff, and @derickjcole.

The dividend payable on December 15th will be larger than a normal monthly dividend because it reflects a longer initial accrual period following the IPO.

Accumulate Bitcoin, buy more real estate cheaper in the future.

Partnering with Bitcoin For Corporations was a no-brainer. Today, less than 1% of public companies have adopted a Bitcoin treasury strategy. There’s real work ahead—on both the advocacy and education front—to drive broader corporate adoption. At Strive, we’re implementing a differentiated Bitcoin treasury strategy, but our mission goes beyond our own balance sheet. We will be working with both companies already holding Bitcoin and those that need a strategy to help them deploy a Bitcoin treasury strategy intelligently to maximize long-term shareholder value.

Ben is one of the most innovative minds and hardest workers in the Bitcoin treasury industry. I’ve seen first hand the value he can provide, working with him both as a board member @Strive and on the @HurdleRatePod. Ben adds substantial strength and increased chemistry to Strive’s all-star Bitcoin treasury team that is focused on growing Bitcoin per share, being a leader in digital credit, and outperforming Bitcoin over the long run. Welcome @werkman!

If Bitcoin briefly fell to $0.01 in a leverage flush that did not change its fundamentals, would your conviction change? Would you be liquidated? The answer to both should be no. Most altcoins are worthless, but yesterday’s liquidation event did not prove that. Their weak fundamentals do. Bitcoin has faced multiple flash crashes and 80% plus drawdowns, just as Amazon dropped over 90% during the dot com crash and oil went negative in 2020 before rising above $100 within two years. The lesson is clear. Short term, margin-based leverage fails for long-duration and volatile assets like Bitcoin. If your portfolio could not survive a flush to $0.01, you are taking the wrong kind of risk. If you can zoom out for years, long-duration, non-margin leverage can amplify Bitcoin’s upside. I believe a few Bitcoin treasury companies will prove this in the years to come and we're entering a value zone for the BTCTCs that are laser-like focused on building out digital credit. Otherwise, simply holding unlevered Bitcoin remains the smartest strategy. Zoom out, touch grass, be kind but honest to those that are learning lessons on leverage, taking too much risk, and investing in altcoins the hard way, and have a great weekend.

Today’s announcement by GameStop is a nice win for their shareholders and hopefully just the start of a much bigger Bitcoin strategy.

Give me 10% perpetual yield backed by Bitcoin over this mess all day.

If Strategy's stock dropped another 35% while Bitcoin stayed flat, mNAV would go down to ~1. Yet Strategy's Total Return since adopting its Bitcoin strategy would still have outperformed Bitcoin itself by over 2x. Understanding why is important.

Strive 🤝 Semler Scientific

An ETF investing in convertible bonds issued by Bitcoin treasury companies, $BMAX, is launching today. On paper, the bonds this ETF will hold can offer a compelling risk-return profile, potentially beating both $MSTR and Bitcoin itself by combining equity-like upside with debt-like protection. However, this ETF isn’t structured like most ETFs. As a C-Corp, it’s subject to double taxation—once at the fund level and again at the shareholder level—which can significantly reduce returns relative to simply buying Bitcoin, owning the convertible bonds directly, or even holding $MSTR. As a brief update, Strive remains interested in launching a Bitcoin bond fund without double taxation; however, meeting RIC requirements adds complexity. Over time, this issue should resolve as industry participants become more comfortable providing the necessary services, and as more companies issue Bitcoin bonds—thereby improving diversification potential. Our view is simple: we won’t recommend or launch a product unless we would be interested in buying it ourselves. Double taxation removes the investment case for potentially superior risk-adjusted returns than Bitcoin or $MSTR. Hopefully, everyday investors will soon be able to access Bitcoin convertible bonds without that extra tax burden and tap into this truly interesting asset class. For now, buyer beware—understand the tax implications before diving in.

Seeing many similar posts regarding Strategy & other financially sound Bitcoin treasury companies lately. The concerns might seem intelligent to someone new to the volatility of Bitcoin & amplified Bitcoin, but when you zoom out you see it for what it is - a bottom signal.

Credentialism is a perversion of meritocracy. Give me the kid analyst from @tnorth over the institutional investor that missed Bitcoin from $0 to $100k all day.

This is the iPhone moment for both equity and credit markets. Amplified Bitcoin exposure through equity and high yield income powered by structurally sound Bitcoin backed credit. Building this structure out is the most important thing for success as a Bitcoin treasury company and its not close.

🤝

The *bottom* 10% of long term Bitcoin returns beat the *top* 10% of long term S&P 500 returns. Professor Hohns dropping alpha in DC.

The annual rate of dollar devaluation over the past *54 YEARS* is 8.4%. That is roughly the equivalent effective yield for MSTR to fund their perpetual prefs. Balance sheet construction in this manner should outperform Bitcoin over the long run and justifies an mNAV > 1.

If a Bitcoin treasury company achieved >20% leverage, exclusively through a pref offering, it should trade at a higher premium to NAV than Strategy currently does (using their own excellent framework). This is the ballgame.

People woke up and realized they slept on one of the best all star teams in the space. Congrats @werkman and @coryswan! 🚀

"this is the mid-cycle in what could become one of the most significant bull runs in bitcoin’s history. From its current range, we believe there is still a path toward a 4-10x value appreciation, which would imply bitcoin price targets north of $500k." Agree, important report.

ICYMI - today Strive announced the IPO of $SATA, a Variable Rate Perpetual Preferred Stock. You can learn more about $SATA by watching the recording by @werkman , @PunterJeff, and myself here:

Bitcoin is the hurdle rate for capital deployment. Will go deep on that concept next week as we roll out our research collab with Unchained.

ICYMI: Bitcoin is the hurdle rate.

See the comments for the charts I mentioned yesterday - showing why I believe that both Bitcoin and MSTR vs. Bitcoin are looking attractive at current levels. I go over four charts - Bitcoin relative to MSTR, Bitcoin, DXY, and Bitcoin relative to Gold. All point to now being a great time to be increasing Bitcoin risk. This is not a prediction of a bottom for Bitcoin or for MSTR, but a view that now is an attractive time to both buy Bitcoin and move out the Bitcoin risk curve for multi-year positions. Such an investment will likely be rewarded in a small way when Bitcoin breaks out to new all time highs, and in a major way when Bitcoin breaks out to a new all time high relative to Gold.

bitcoin is the hurdle rate.

Vibes heading to Orlando for Strategy World this morning. ALL-IN.

The top story on @pensionsnews is about a Bitcoin treasury company - first time this has happened. It's official - pensions are watching. Time to educate them on Bitcoin, amplified Bitcoin, and digital credit @werkman, @PunterJeff, and @BenPhiat.

Great conversation yesterday with @Saylor and @PunterJeff on the future of yield - powered by Bitcoin.

The #1 priority for the U.S. needs to be going ALL-IN on a MASSIVE strategic Bitcoin reserve. There is nothing close to enough fiscal conservatives to put a dent in our deficit. First principle: America first, not dollar first.

Sound advice from one of the best investors ever. At Strive, our Bitcoin treasury strategy takes a similar approach: build a small team of ultra-talented, high-agency experts across fixed income, investment banking, macro, Bitcoin treasury companies, and Bitcoin to research, debate, and think before acting. We share much of our thinking openly on X, not just to inform but to sharpen our priors and invite challenge. It also makes the journey more fun. This approach has already led to two key decisions that put us in a strong position: • Pursuing a reverse merger with expected shelf eligibility • Passing on convertible notes in our private investment round to preserve optionality for better leverage Each decision builds on the last, compounding into the ultimate speed and performance of our Bitcoin accumulation engine. I could not be more optimistic about the structure we have built, the all-star team we continue to add to, and the path ahead.

Newsom could have been a leader and pushed CalPERS to buy Bitcoin, given over half of their board is selected directly by the state government. Instead, he's launching a meme coin.

Altcoins in the stockpile can be sold at the discretion of the Secretary of Treasury. Seems like a budget neutral way to get more Bitcoin to me!

GM from @Solana Beach ☀️🌴☕️

This debasement graph shows a clear picture as to why Bitcoin is the hurdle rate. It’s also why the simplest way to outperform Bitcoin over the long run is to buy Bitcoin, then do a maximum duration carry trade perpetually shorting dollars to buy more Bitcoin.

If you view Bitcoin or a Bitcoin treasury company through the lens of a 9 month time frame - you're going to get rekt. Bitcoin itself has underperformed Gold by ~26% in 2025. But over a cycle, you can see both Bitcoin and BTCTC's strong historical performance. ZOOM OUT.

Financial freedom for both individuals and corporations requires owning Bitcoin.

We will ROC you.

Bitcoin at $165k relative to Gold at current levels would be a new all time high in the Bitcoin / Gold ratio at ~42.5x. If this JPM call happens, I’d view it as the likely *start* of a significantly larger upside move for Bitcoin.