The Hurdle Rate Podcast

In this week's Hurdle Rate, the crew breaks down Strive's latest 1,355 Bitcoin purchase, Bitcoin's breakout, and why short-term traders may miss the move. They also discuss how digital credit could reshape the next bull market, why liquidity is the clearest measure of trust, and what Michael Saylor and Warren Buffett teach about building balance-sheet companies. The episode closes on the affordability crisis and why Bitcoin may be the new American dream. Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, and Tim Kotzman. Timestamps: 00:00 - Intro 02:40 - Strive's Balance Sheet Growth 06:13 - Bitcoin's Breakout 08:23 - Warrants and Short-Term Trading 13:38 - Zoom Out and Stay in the Game 21:31 - Digital Credit Changes the Bull Run 23:09 - SATA Volume and 75 Dividends 26:00 - Liquidity Is Trust 32:03 - Why Digital Credit Isn't for Everyone 37:20 - Building Strategy's Liquidity Engine 41:49 - Lessons From Saylor and Buffett 50:04 - The Return of Balance Sheet Companies 51:45 - Affordability and Bitcoin True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

This week on The Hurdle Rate: Adam Livingston joins Strive as VP of Investments, Strategy buys back $139 million of STRC with stretch back near 99, and Strive adds 469 Bitcoin at an average cost of $77,954 while hitting an all-time high market cap of $2.75 billion. Jeff makes the case that trust is the real infrastructure of capital markets, and why Bitcoin makes that trust legible. We get into the Clarity Act, AI doomerism, and why the crew thinks the frontier labs are using fear to build a moat ahead of their IPOs. Matt takes macro with the 10-year touching 5%, what a short-term Bitcoin flush would actually look like, and why it would be the dream setup. We close with a capital markets recap and Strive's one-year anniversary. Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, Adam Livingston, and Tim Kotzman. Follow us on X: https://x.com/HurdleRatePod All episodes now live: https://tnorth.com/shows/hurdle-rate/ Timestamps: 00:00 - Intro 01:17 - Adam Livingston Joins Strive 08:52 - Trust as Capital Markets Infrastructure 19:48 - The Amplified Bitcoin Story and SATA 22:44 - Building Through the Bear Market 24:54 - An Outsider's View of Strive 28:35 - The Clarity Act and Regulatory Trust 36:23 - AI Doomerism and the Messy Middle 45:03 - Don't Let the Ladder Get Pulled Up 51:28 - Macro: The 10-Year Touches 5% 55:27 - What a Bitcoin Flush Would Look Like 1:01:46 - Capital Markets Recap True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

In this week's Hurdle Rate, the crew discusses SATA hitting $999 million outstanding, Strategy doubling its STRC repurchase facility to $2 billion, and Strive adding another 1,000+ Bitcoin. Ben breaks down the art and science of running the desk and why amplification stays on. Matt makes the case that we've never seen a bull market with a perpetual preferred model in place. We also get into executive comp and shareholder alignment, and close on macro: what happens if the 10-year breaks 7%. Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, and Tim Kotzman. Timestamps: 00:00 - Intro 01:20 - SATA Nears $1 Billion 07:10 - Strive's Flywheel and Amplification 09:34 - Strategy's Push to Get STRC Back to 100 12:12 - The Art and Science of Capital Markets 15:33 - The First Bull Market With Perpetual Preferreds 17:44 - ASST Volume Up 9.7x in Three Weeks 20:00 - Competition and the Digital Gold Rush 26:55 - What Saylor Is Really Like 30:01 - Executive Comp and Shareholder Alignment 48:21 - Macro: What If the 10-Year Hits 7%? 59:22 - Private Credit Risk in Insurance True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

In this week's Hurdle Rate, the crew unpacks a market that has come roaring back to life, from Strategy returning as a Bitcoin buyer at 0% net leverage to Strive growing its stack 14.4% in two weeks to 23,156 Bitcoin. Jeff brings back lessons from Bitcoin Asia, where investors are building structured finance on top of Bitcoin and digital credit faster than the US, and we dig into why STRC hasn't snapped back to par, how amplification and liquidity have to be earned rather than dialed in, and why Strategy's balance sheet may be the most misunderstood credit story in the market. We then take on MSCI's proposed exclusion of digital asset treasury companies and why it would effectively make index providers investment advisers, before closing on macro: fiscal dominance, why long-end yields go higher whether the Fed hikes or cuts, and why this is a backdrop Bitcoin has never seen. Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, and Tim Kotzman. Timestamps: 00:00 - Intro 02:29 - Lessons from Bitcoin Asia 15:37 - Strive Grows to 23,156 Bitcoin 17:44 - Strategy Returns as a Buyer 19:22 - Why STRC Hasn't Hit Par 23:28 - Strategy's Zero Net Leverage 33:41 - The MSCI Fight 47:07 - Macro: Jackson Hole and Yields 53:29 - A Backdrop Bitcoin Has Never Seen 59:44 - The Natural Rate on Long Bonds True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.