"SATA's the solution. Go and tell all your friends."

Strive's asset management business surpassed $3B in AUM for the first time yesterday. The publicly reported Bitcoin on Strive's balance sheet sits at $2.46B as of this morning. $3B^2 soon.

Had the deepest macro conversation I’ve ever done publicly on What Bitcoin Did with @_DannyKnowles, discussing the U.S. fiscal situation, the bond market, the dollar, Bitcoin, and more. Hope you enjoy it. TIMESTAMPS 00:00 Introduction 05:45 Why Washington Can’t Fix the Debt 12:31 The Bond Market and Fiscal Dominance 21:46 Treasury Buybacks and Yield Curve Control 29:46 Why AI Won’t Solve America’s Debt Crisis 36:37 Why a Weaker Dollar Could Fuel Bitcoin 40:17 When Will the Government Intervene? 47:04 Bitcoin’s Next Bull Market 55:38 The Case for $500K Bitcoin in 2030 59:24 Why Own a Bitcoin Treasury Company? 1:17:51 Understanding mNAV and Treasury Valuations 1:27:20 Different Bitcoin Treasury Strategies 1:36:03 Consolidation and Institutional Scale $ASST $SATA $BTC

IMPORTANT 9/30 FYTD HIGHLIGHTS
$ASST Total Return: 99%
Outperformance vs. $BTC: 104%
BTC Yield: 63%
Amplification Ratio: 55%
Bitcoin $ Gain: $650M
 
New in 8-k: $500M $SATA discretionary repurchase capacity & management objective: >60% Amplification Ratio while BTC <$100K.

Strive acquired 2,000 $BTC for $169M at an average cost of $84,422 per bitcoin, bringing total holdings to ₿29,462. 61.5% of capital raised came from SATA, with warrants generating $56.7M. Today’s 8-K also highlights key metrics and KPIs through 3Q26. $ASST $SATA

The long-awaited @RobinSeyr debate is here. We discuss why I believe $ASST will be the fastest horse at least through 2030, why our industry should work together to build Digital Credit into a massive asset class & more. TIMESTAMPS 00:00 Strive As The Fastest Horse 11:53 The Amplification Engine Powers The Horses 19:46 How High Can Amplification Safely Go 29:19 What Institutions Actually Want From Digital Credit 38:36 Can New Issuers Catch Up? 56:56 Ratings, Moats and the Premium Question 1:11:48 Is Strive Just Copying Strategy? 1:21:53 The Case for $500K Bitcoin $ASST $SATA $BTC

From March ‘23 to the top, $MSTR did a 20X in Total Return while Bitcoin was a 5X. A 5X for $BTC from current levels would put it at $424K, which is just below our 50% CAGR base case through 2030. History doesn’t repeat, but it often rhymes & you likely aren’t bullish enough.

Today, Strive paid a cash distribution of $0.0516 per $SATA share. The daily dividend represents an annualized rate of $13 per $SATA share and an effective yield of 13.0% as of the latest market close. This payment marks the 83rd consecutive dividend to shareholders.

Courtesy of The Red, White And Blue 🇺🇸 $ASST youtube.com/watch?v=ruNrdmjc…

This matrix explains one of the most important concepts in Bitcoin treasury strategy: amplification ratio is what drives total returns. Over 99% of the variation in modeled total returns shown here is driven by amplification ratio. Cost of capital matters far less than investors realize. Strive’s objective is to outperform Bitcoin by maximizing total returns for common shareholders. Our base case is that Bitcoin compounds at roughly 50% annually through 2030, but the principle applies more broadly. If any Bitcoin bull thesis plays out, building and sustaining a high amplification ratio will be the most important determinant of success. That is why we spent the bear market intentionally building liquidity, earning investor trust in SATA and Strive, deepening our access to capital, and building the foundation required to support a high amplification ratio at scale. Maintaining amplification as Bitcoin compounds will require increasingly large amounts of capital and sustained investor trust, and will be extraordinarily difficult to achieve. If possible, I would like to bring Strive’s amplification ratio above 60% later this year. If our warrants exercise over the next few weeks, getting there will require elite execution from our team. It becomes even more difficult if Bitcoin rallies further. I believe our team can achieve that goal, and that Strive is uniquely positioned to sustain a high amplification ratio at scale. The math tells you what matters, and our strategy follows the math. If I were analyzing Strive as a Bitcoin bull seeking to amplify Bitcoin returns, these are the questions I would be asking: What is Strive’s current amplification ratio? What are our goals for amplification? And to achieve those goals, do we have the capital access, liquidity and investor trust required to maintain a high amplification ratio throughout a bull market? There is real alpha in understanding the answers to those questions. Study the matrix carefully.

Strive acquired 1,107 $BTC for $94.5M at an average cost of $85,396 per bitcoin, bringing total holdings to ₿27,462. Warrant exercises generated another $12.4M. Including those proceeds, 85% of total capital raised came from SATA. $ASST $SATA

W

Turn amplification up some more.

The Strive merch store opens soon. Miss the list, miss exclusive first access. Sign up here → strive.com/merch/

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…

Tad Smith says he's very bullish on Bitcoin, and the fact that so many people aren't makes him even more bullish. @tadtweets joins @IIICapital on The Income Show to discuss the Fed's rate hike, Bessent and yield curve control, AI and the labor market, his barbell portfolio, digital credit, Bitcoin treasury companies, and why all roads lead to Bitcoin. 0:00 - Intro 1:18 - The Fed's Unnecessary Rate Hike 5:49 - Bessent, Warsh and Yield Curve Control 12:01 - Is AI a Bubble? 20:09 - AI and the Labor Market 25:11 - Tad's Barbell Portfolio 28:28 - Digital Credit and STRC's Summer Selloff 35:28 - Why Tad Is Bullish on Bitcoin 40:00 - Strive, Strategy and Metaplanet 44:26 - The Clarity Act and Crypto Regulation 49:19 - AI, Terminal Values and Bitcoin 52:05 - The Economy in 10 Years 55:59 - Bitcoin's Path to 2030 57:56 - Closing Thoughts $BTC $MSTR $ASST $STRC $SATA

$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

Enjoyed this conversation with @PunterJeff and @AdamBLiv discussing Amplified Bitcoin and Digital Credit, Berkshire’s history of capital allocation, declining Bitcoin volatility, and why Bitcoin is productive capital.

Joined Bloomberg @crypto to discuss Bitcoin’s path to $500K, the Bitcoin treasury model, and how @Strive plans to outperform Bitcoin. TIMESTAMPS 0:00 Bitcoin’s Path to $500K 2:10 Buying Bitcoin at Higher Prices 2:59 What Has to Break? 4:10 Is the Treasury Model Back? 5:22 Tokenized Equities vs. Treasury Companies 6:04 How Strive Outperforms Bitcoin $BTC $ASST $SATA

21 Reasons I’ve Never Been More Bullish on Bitcoin Timestamps: 00:00 #1 Bitcoin’s 53% Bear Market Drawdown 00:49 #2 The 200-Week Moving Average 01:14 #3 Bitcoin Is Boring Again 01:32 #4 Long-Term Holders Own 79% 01:58 #5 Bitcoin Trades at 18 Ounces of Gold 02:34 #6 Volatility Has Fallen ⅔ Since 2014 03:10 #7 Lower Volatility Enables Bigger Allocations 03:32 #8 Bitcoin Is Becoming Better Collateral 04:16 #9 Falling Volatility Unlocks More Credit 04:58 #10 Digital Credit Changes Bitcoin 05:54 #11 The $300T+ Fixed Income Opportunity 06:15 #12 The Exit From Bitcoin Is Bitcoin 07:28 #13 Digital Credit Survived the Bear Market 07:57 #14 Public Companies Hold ~1.3M BTC 08:14 #15 ETF Demand Is Returning 08:30 #16 A 2% Allocation Could 14x Bitcoin 08:49 #17 U.S. Interest Expense Hits 3.3% of GDP 09:36 #18 35,000 BTC of Interest vs. 450 New BTC 09:58 #19 U.S. Money Supply Is Rising Again 10:16 #20 AI Is Making Everything More Abundant 10:43 #21 Bitcoin Remains Perfectly Scarce

Welcome Back to The Hurdle Rate Episode 75: Growing Trust Grows Liquidity In this week's Hurdle Rate, the crew breaks down Strive adding 1,355 BTC, 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 @saylor and Warren Buffett teach about building balance sheet companies. Here's the latest with @ColeMacro, @PunterJeff, @Werkman, and @TimKotzman 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 $MSTR $STRC $ASST $SATA $BTC