About This Episode
In this week’s Hurdle Rate, the crew breaks down an explosive week across Bitcoin treasury markets, from Strategy reaching 0% net leverage and expanding its cash reserves to Strive growing its Bitcoin stack and seeing major liquidity across ASST and SATA. We dig into why liquidity itself can become a powerful competitive moat, how rising short interest could amplify ASST, and why Strive has chosen to let that pressure build rather than immediately satisfy large block demand. The conversation then turns to the macro setup, including a potentially weaker dollar, Treasury buybacks, rising long-term yields, and why those forces could create a backdrop for Bitcoin unlike anything it has experienced before. We close with the case for Bitcoin entering a broader melt-up in scarce assets, why the traditional four-year cycle may be breaking down, and why the crew believes investors still aren’t bullish enough. Here’s the latest with Matt Cole, Jeff Walton, Ben Werkman, and Tim Kotzman.
In This Episode
- 00:00:00 — Welcome Back to The Hurdle Rate
- 00:02:02 — Bitcoin Volatility Returns
- 00:03:40 — The SATA and ASST Two-Security Moat
- 00:12:44 — Building Liquidity Through the Bear Market
- 00:18:32 — Why SATA Stayed Near $100
- 00:28:50 — The Dollar, Treasury Yields and Bitcoin
- 00:30:15 — The Structural Dollar Bear Market
- 00:33:35 — Treasury Buybacks and Yield Intervention
- 00:38:34 — Bitcoin’s Grand Slam Macro Setup
- 00:40:44 — Bitcoin’s Four-Year Cycle vs. Gold
- 00:46:53 — Strive’s Positioning and Outlook