VP of Credit @UTXOmgmt || Digital Credit Research || Electrical Engineering @BrownUniversity || Youtube: piped.video/@hillery_dan
Miami, Fl
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Dan Hillery retweeted
A perpetual preferred is supposed to be permanent capital. Strategy has been buying STRC back every week.
@hillery_dan of @UTXOmgmt on why supporting the instrument comes before the marginal coin, with @BitcoinPierre.
The Bitcoin for Corporations Show, Ep 40.
0:00 The $16 Billion Credit Problem
2:09 Why Buy Back Permanent Capital
6:13 Dividend Rate or Cash Reserve
13:48 Making the Market at Par
21:29 SATA, Strive and Scale
29:27 Is the Bitcoin Bottom In
43:04 Tranching Digital Credit
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*Pricing in monetary debasement
As for the Fed, it raised rates last week as expected, and the market wants several more hikes. The SOFR curve is considerably more hawkish than the Fed’s own dot plot, which as usual is all over the place. The biggest development as far as I am concerned is that the 10-year real yield has now risen to above the economy’s real potential growth rate.
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Dan Hillery retweeted
USDT on Bitcoin. It's coming home
Spent an evening in Washington talking USDT on Bitcoin with @MorganStanley
They invited me to dinner, where I caught up with @MergnerMS, Joe Medioli and a few people from the team I’ve known for quite some time
We talked about @utexocom working with Morgan Stanley on USDT adoption on Bitcoin, both in Europe and globally
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Dan Hillery retweeted
Saylor may have marked the bottom of the last two bear markets by selling bitcoin:native.
However, @hillery_dan explains that by proving to the market it has multiple tools at its disposal, $MSTR has demonstrated its ability to keep executing its Bitcoin strategy.
Full interview below.
NEW POD | "MSTR has a fortress balance sheet. You can't bankrupt them by sending BTC down to $30K."
@hillery_dan on:
🔸 Why Saylor selling was the bottom signal
🔸 Why MSTR's MNAV won't top two
🔸 What it will take for STRC to reclaim $100
Watch: piped.video/BVlbow-Vsdc
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Dan Hillery retweeted
BREAKING: We just caught another interesting trade.
President Trump just filed multiple July purchases of Microstrategy stock.
$MSTR has risen 83% since his purchase on July 24th.
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Dan Hillery retweeted
.@UTXOmgmt's @DanielLHinton on what separates a sustainable Bitcoin treasury from pure leverage:
"Rule number one in finance is don't ever be a forced seller."
"If you've done something that makes it to where you're not in control of your actions, you've done something wrong, and eventually the market is going to call you out on it."
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Dan Hillery retweeted
Treasury companies are building robust, sustainable products that will in all likelihood weather all market conditions.
This is very bullish for all those involved.
.@UTXOmgmt's @DanielLHinton on what separates a sustainable Bitcoin treasury from pure leverage:
"Rule number one in finance is don't ever be a forced seller."
"If you've done something that makes it to where you're not in control of your actions, you've done something wrong, and eventually the market is going to call you out on it."
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Dan Hillery retweeted
BREAKING: Spot Bitcoin ETFs attracted +$999 million in inflows on Monday, their largest daily intake since October 2025.
This was also the 9th largest daily inflow since Bitcoin ETFs began trading in January 2024 and follows the +$433 million recorded on Friday.
Demand was led by the largest Bitcoin ETF, $IBIT, which attracted +$381 million, its 3rd-largest daily inflow since January.
Over the last 3 trading days, $IBIT has posted a combined +$665 million in inflows.
So far in September, Bitcoin ETFs have attracted +$1.3 billion, after the +$3.5 billion recorded in August.
Appetite for crypto is surging.
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Been a few months, put a positive sign.
Also no equity sale this week, another positive.
Strategy has acquired 950 $BTC and repurchased $174M of $STRC. As of 9/20/26, we hold 846,000 BTC and $6.09B of USD Assets. $MSTR
strategy.com/press/strategy-…
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Strategy's BTC and STRC buys were funded by USD Cash.
This is different than the USD reserve which can only be used to pay pref divs and convert payments.
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IBIT calls behaving exactly as expected, levered BTC.
If BTC overshoots power law trend meaningfully this cycle (it might), these will be best performing derivs on ontop of BTC.
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Jordi understands capital allocation.
Jordi Visser on the two things that need to happen before wealthy capital moves into Bitcoin:
📌 Fiat assets need to start performing poorly
📌 Greed doesn't disappear with wealth
"I've never met a person who's not trying to make more money or invest their money and have it turn into more to be handed down for their legacy or anything. They still have greed."
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Dan Hillery retweeted
Credit is becoming digital and @hillery_dan knows a thing or two. @BitcoinNewsCom
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Dan Hillery retweeted
And to answer everyone’s question
$MSTR does some cool stuff and some ponzi stuff it’s a good mix I’m a fan
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Here we go.
Financial repression and the positive repricing of BTC.
Finally, Bitcoin has been on the move after holding the $60k support zone for almost a year. That’s how long a typical Bitcoin winter lasts, so I’m sensing that a new 4-year cycle bull market is underway. Note that the Z-score of BTC/gold has turned positive after being -100%. In the past that has generally been confirmation of a bottom.
What does all of the above suggest? We are in a new secular regime of a higher cost of capital, which suggests that governments will respond with that oldest trick in the book: financial repression.
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Dan Hillery retweeted
1.5x MNAV, 420k Bitcoin, MSTR = 1800.
June 2028 Calls do a 50x.
Just the messenger.
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