About This Episode
In Episode 52 of The Hurdle Rate (week of March 23, 2026), Tim Cottman joins Jeff Walton, Ben Workman, and Matt Cole to discuss Strategy’s new at-the-market programs: $21B for STRC, $21B for MSTR, and a reduction of STRK’s ATM from $21B to $2.1B, signaling “Stretch” as the marquee product alongside balance-sheet building via common equity. The group frames Strategy and Strive’s focus as issuing “digital credit” backed by a strong balance sheet and argues awareness remains low across traditional investors. They also examine private credit gates as a liquidity crisis (not yet a broad default event), potential contagion effects, and links to commercial real estate pressures from post-COVID remote work, while contrasting this with public high yield market behavior and past COVID-era repricing. 00:00 Episode kickoff and guests 01:57 Strategy ATM programs update 03:50 Why Stretch is winning 06:27 Digital credit product focus 07:50 Marketing to yield investors 13:31 Explaining digital credit vs Bitcoin 14:30 Private credit gates and liquidity 18:53 Commercial real estate pressure 24:33 Office values and perfect storm 26:05 Why digital credit may benefit 27:03 Why Credit Can’t Buy Bitcoin 28:15 Digital Credit Investor Fit 29:20 Commercial Real Estate Shift 32:56 Downgrades and Fallen Angels 38:29 Liquidity Wrappers and Gates 42:22 Is It Liquidity or Credit 46:09 How High Yield ETFs Work 49:32 COVID Crash Explained 52:22 Digital Credit Takeaways 53:08 Swan Private Outro ► For high-net-worth individuals and corporations seeking to build generational wealth with Bitcoin, Swan Private is your guide ✔ https://www.swanbitcoin.com/private?utm_campaign=private&utm_medium=social&utm_source=youtube&utm_content=content_description ► Secure your bright orange future with the Swan IRA today! Real Bitcoin, no taxes ✔ https://www.swanbitcoin.com/ira?utm_campaign=ira&utm_medium=social&utm_source=youtube&utm_content=content_description ► Secure your Bitcoin with Swan Vault ✔ https://www.swanbitcoin.com/vault?utm_campaign=vault&utm_medium=social&utm_source=youtube&utm_content=content_description ► Download the all-new Swan Bitcoin App ✔ https://www.swanbitcoin.com/app?utm_campaign=app&utm_medium=social&utm_source=youtube&utm_content=content_description ► Want to learn more about Bitcoin? Check out Welcome To Bitcoin a FREE Introductory course. Learn about Bitcoin in under 1 hour! ✔ https://www.swanbitcoin.com/welcome?utm_campaign=welcome_to_bitcoin&utm_medium=social&utm_source=youtube&utm_content=content_description ► Connect with Swan Bitcoin: ✔ Twitter: https://twitter.com/Swan ✔ Instagram: https://instagram.com/SwanBitcoin ✔ LinkedIn: https://linkedin.com/company/swanbitcoin ✔ Threads: https://www.threads.com/@swanbitcoin ✔ Facebook: https://www.facebook.com/SwanBitcoin/ ✔ TikTok: https://www.tiktok.com/@realswanbitcoin WARNING: Beware of scammers who use Swan’s image and name in the comment section. We will never ask you to contact us through YouTube. If you have any questions and want to reach us directly, follow our Twitter account https://twitter.com/Swan and send us a message.
In This Episode
- 00:00:00 — Episode kickoff and guests
- 00:01:57 — Strategy ATM programs update
- 00:03:50 — Why Stretch is winning
- 00:06:27 — Digital credit product focus
- 00:07:50 — Marketing to yield investors
- 00:13:31 — Explaining digital credit vs Bitcoin
- 00:14:30 — Private credit gates and liquidity
- 00:18:53 — Commercial real estate pressure
- 00:24:33 — Office values and perfect storm
- 00:26:05 — Why digital credit may benefit
- 00:27:03 — Why Credit Can’t Buy Bitcoin
- 00:28:15 — Digital Credit Investor Fit
- 00:29:20 — Commercial Real Estate Shift
- 00:32:56 — Downgrades and Fallen Angels
- 00:38:29 — Liquidity Wrappers and Gates
- 00:42:22 — Is It Liquidity or Credit
- 00:46:09 — How High Yield ETFs Work
- 00:49:32 — COVID Crash Explained
- 00:52:22 — Digital Credit Takeaways
- 00:53:08 — Swan Private Outro