Bitcoin has won. Global consensus is that $BTC is digital capital. The four-year cycle is dead. Price is now driven by capital flows. Bank and digital credit will determine Bitcoin’s growth trajectory. The biggest risk is bad ideas driving iatrogenic protocol changes.

Digital Credit - Weekly Close (Sep. 25) A grind-higher week for the stack, and a buyback milestone. 👀 @Strategy keeps retiring paper... 🔴 $MSTR • Finished up +3.0% w/w at $158.61. Net mNAV grew from 1.20x vs 1.16x a month ago. • The addition of 950 BTC was announced with the treasury finishing the week with a $7.0B unrealized gain. 🔴 $STRC • Ended at $98.54 (flat w/w), 12.2% effective yield. The $174M repurchase announced this week pushed the buyback program past $1B retired, and short interest is down to 1.9% of float. • Next up: daily dividends go to a shareholder vote on Oct 28, with STRC first in line. @Strive the shorts came back... 🔵 $ASST • Closed -2.2% w/w at $29.44. Net mNAV stood at 2.16x, and the short trade re-loaded: 28.1% of float, 2.3 days to cover. • The $27 warrants expiring Oct 10 remain a potential overhang to watch. 🔵 $SATA • Held par at $100.01 (flat w/w), 13.0% effective yield. Another 1,355 BTC funded by the ATM takes the treasury to 26,355 BTC, +54.5% BTC yield YTD. The SATA short is nearly extinct: 1.6% of float, 0.3 days to cover, still paying 26.5%/yr to stay on. Where digital credit closed, updated daily: treasurytracker.net

Let’s address the ₿ull in the room.

Digital Credit should work every day. $STRF $STRC $STRK $STRD

Tuttle Capital Management (TCM), together with sub-adviser Strive Asset Management (SAM), today announced the launch of the T-Strive Digital Credit Preferred Income ETF (CBOE BZX: DCAP), an actively managed, structured credit ETF that seeks current income by investing in preferred securities issued by Bitcoin treasury companies. “Digital Credit is a young and developing market, and we've already seen meaningful periods of price dislocation that we believe reflect market inefficiencies," said Alex Xethalis, Head of Distribution at Strive Asset Management. "In normal markets, we expect DCAP to primarily own Digital Credit without leverage. But if substantial price declines create what we believe are attractive entry points, our institutional financing capabilities give DCAP the flexibility to deploy leverage opportunistically and buy into those dislocations. The goal is to generate excess returns over a simple buy-and-hold strategy by systematically taking advantage of those opportunities if they arise." Read the full press release here: newsfilecorp.com/release/315…

Tuttle Capital Management (TCM) @TuttleCapital, together with sub-adviser Strive Asset Management (SAM)@Strive @Strivefunds, today announced the launch of the T-Strive Digital Credit Preferred Income ETF (CBOE BZX: DCAP), an actively managed, structured credit ETF that seeks current income by investing in preferred securities issued by Bitcoin treasury companies. “Digital Credit is a young and developing market, and we've already seen meaningful periods of price dislocation that we believe reflect market inefficiencies," said Alex Xethalis, Head of Distribution at Strive Asset Management. "In normal markets, we expect DCAP to primarily own Digital Credit without leverage. But if substantial price declines create what we believe are attractive entry points, our institutional financing capabilities give DCAP the flexibility to deploy leverage opportunistically and buy into those dislocations. The goal is to generate excess returns over a simple buy-and-hold strategy by systematically taking advantage of those opportunities if they arise." Read the full press release here: Tuttle Capital and Strive Asset Management Launch the First US Digital Credit ETF ($DCAP) For more information, including risks and to view a prospectus, visit digitalcreditetfs.com

BREAKING: The FULL agenda for the #Bitcoin Treasuries Conference is now live and locked in. ⚡️ Over 50 speakers ⚡️ Over 20 talks and panels ⚡️ Over 1,000,000 BTC on the balance sheet Sept. 28. New York City. 8am ET 🔥

Never ₿een this ₿ullish ₿efore

Stroke of a Pen I told Opus 5.5 to read my Bitcoin & monetary-history wikis & make a music video with code only. it used ElevenLabs for the track. Then a swarm of agents storyboarded and coded a 3:23 portrait reel. ~75 shots cut on the beats. Had to do 2 revisions - first the people looked like poorly animated stick figures & it rewrote the rigs. Then I said use matrix code to make it more interesting. Impressive!

Our roadmap for $STRC: Deeper liquidity, lower volatility, greater predictability and robust asset coverage - create the trust layer for Digital Credit innovation.

The age of Digital Assets and Digital Intelligence needs a bill of digital rights. My policy prescriptions for prosperity from a fireside chat with @BitcoinConner at @BitcoinPolicy’s Freedom Tech DC summit. michael.com/transcript/saylo…

$STRC is a passenger jet. $BTC is a fighter jet. $MSTR is a rocket ship. Apyx is a cargo ship. Buckle up.

Out of ₿ubblegum.

$STRC and $SATA are among the two most liquid preferred equities issued to date. 18-month distribution reserves. Tax-advantaged distributions. Governance protections. Digital credit sits between traditional fixed income and common equity. DCAP is built to own it. For more information, including risks and to view a prospectus, visit digitalcreditetfs.com Distributed by: PINE Distributors LLC

BDO, the world’s 5th largest accounting network, notes industries are built on assets: airlines deploy aircraft, banks allocate capital, and software firms monetize IP. Bitcoin can similarly be a foundational asset around which businesses are built. bdo.com/insights/assurance/b…

It was a true honor to host Michael for a conversation here in DC. There is no second ₿est to explain the civilizational stakes of preserving freedom in the digital age.