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In this week's Hurdle Rate, the crew discusses SATA hitting $999 million outstanding, Strategy doubling its STRC repurchase facility to $2 billion, and Strive adding another 1,000+ Bitcoin. Ben breaks down the art and science of running the desk and why amplification stays on. Matt makes the case that we've never seen a bull market with a perpetual preferred model in place. We also get into executive comp and shareholder alignment, and close on macro: what happens if the 10-year breaks 7%.

Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, and Tim Kotzman.

Timestamps: 00:00 - Intro 01:20 - SATA Nears $1 Billion 07:10 - Strive's Flywheel and Amplification 09:34 - Strategy's Push to Get STRC Back to 100 12:12 - The Art and Science of Capital Markets 15:33 - The First Bull Market With Perpetual Preferreds 17:44 - ASST Volume Up 9.7x in Three Weeks 20:00 - Competition and the Digital Gold Rush 26:55 - What Saylor Is Really Like 30:01 - Executive Comp and Shareholder Alignment 48:21 - Macro: What If the 10-Year Hits 7%? 59:22 - Private Credit Risk in Insurance

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

In this week's Hurdle Rate, the crew unpacks a market that has come roaring back to life, from Strategy returning as a Bitcoin buyer at 0% net leverage to Strive growing its stack 14.4% in two weeks to 23,156 Bitcoin. Jeff brings back lessons from Bitcoin Asia, where investors are building structured finance on top of Bitcoin and digital credit faster than the US, and we dig into why STRC hasn't snapped back to par, how amplification and liquidity have to be earned rather than dialed in, and why Strategy's balance sheet may be the most misunderstood credit story in the market. We then take on MSCI's proposed exclusion of digital asset treasury companies and why it would effectively make index providers investment advisers, before closing on macro: fiscal dominance, why long-end yields go higher whether the Fed hikes or cuts, and why this is a backdrop Bitcoin has never seen.

Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, and Tim Kotzman.

Timestamps: 00:00 - Intro 02:29 - Lessons from Bitcoin Asia 15:37 - Strive Grows to 23,156 Bitcoin 17:44 - Strategy Returns as a Buyer 19:22 - Why STRC Hasn't Hit Par 23:28 - Strategy's Zero Net Leverage 33:41 - The MSCI Fight 47:07 - Macro: Jackson Hole and Yields 53:29 - A Backdrop Bitcoin Has Never Seen 59:44 - The Natural Rate on Long Bonds

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

In this week’s Hurdle Rate, the crew reacts to Strategy’s latest investor Q&A and breaks down why the company is prioritizing STRC, building cash reserves, and treating Bitcoin as flexible capital. We dig into why Bitcoin has held firm despite Strategy selling, the Coldcard self-custody exploit, and broader market stress, and what that resilience could signal about the bear market. The conversation then turns to NVIDIA’s massive structured-finance deal, how the company is lending its balance sheet and creditworthiness to accelerate OpenAI’s infrastructure buildout, and what it reveals about the growing convergence of AI, credit, and capital markets. We close with OranjeBTC’s DIGY11 ETF and the expansion of Bitcoin-backed digital credit into Brazil.

Here's the latest with Tim Kotzman, Matt Cole, Joe Burnett, and Ben Werkman.

0:00 - Welcome Back to The Hurdle Rate 2:26 - Strategy Q&A: Bitcoin and Digital Credit 11:27 - Bitcoin Treasury Companies Face a Stress Test 13:15 - Is Michael Saylor Buying High and Selling Low? 17:00 -  MSCI and Bitcoin Treasury Companies 20:08 - Understanding Amplified Bitcoin Volatility 30:45 - The Macro Backdrop and Bitcoin’s Next Move 35:44 - NVIDIA’s Massive OpenAI Financing Deal 53:11 - OranjeBTC’s DIGY11 ETF Follow us on X: https://x.com/HurdleRatePod

All episodes now live: https://tnorth.com/shows/hurdle-rate/

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [http://www.sec.gov).*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

In this week’s Hurdle Rate, the crew breaks down Strive’s Q2 results, including a 23.9% Bitcoin yield and how the company’s incentive structure supports its broader Bitcoin treasury strategy. We then turn to Strive’s refreshed website and redesigned Bitcoin Dashboard, exploring how the new tools improve transparency, make key treasury metrics easier to understand, and give investors a clearer view of the company’s performance.

Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, and Joe Burnett.

Timestamps:

00:00 Welcome Back to The Hurdle Rate 00:47 Strive’s Q2 Results 05:52 The Redesigned Strive Website 10:56 Treasury Dashboard Walkthrough 50:11 Closing Thoughts

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [http://www.sec.gov).*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

In this week's Hurdle Rate, the crew breaks down the Coldcard self custody exploit and how the Bitcoin community responded to it, before turning to what the event revealed about how few people understood the cryptography they were relying on. We dig into the yen hitting its weakest level in forty years and what a fragile treasury market means for everyone holding dollars, Strategy's decision to sell Bitcoin and build a cash reserve, and the game theory behind buybacks. We close with a deeper look at the traditional capital that is starting to fill gaps this market used to fill on its own.

Here's the latest with Tim Kotzman, Matt Cole, Jeff Walton, and Ben Werkman.

Timestamps 00:00 - Welcome To The Hurdle Rate 02:03 - The Weekend That Tested Self Custody 03:34 - Look For The Helpers 07:48 - Why A White Hat Could Not Have Saved This 13:11 - A Humbling Event For The Whole Market 17:09 - What People Did Not Understand About Cryptography 20:58 - Bitcoin Recovers From The Drop 23:24 - The Yen At Forty Year Lows 28:38 - Who Actually Buys Treasuries Now 33:48 - Fragile Markets And What Props Them Up 36:42 - Strategy Sells Bitcoin And Builds Reserves 41:33 - The Game Theory Of Buybacks 42:37 - Traditional Capital Fills The Gap 46:38 - What The Clarity Act Would Open Up

Follow us on X: https://x.com/HurdleRatePod All episodes now live: https://tnorth.com/shows/hurdle-rate/

Episode 67: We’re Playing For Trillions

In this week’s Hurdle Rate, the crew breaks down Strategy’s Q2 2026 earnings call and its focus on returning STRC to par while building a trillion-dollar digital credit market. We explore why liquidity, simplicity, and preserving Bitcoin’s upside remain central to the strategy, along with the risks of borrowing against Bitcoin or using derivatives for short-term cash flow. Matt and Ben share lessons from meeting investors in Hong Kong, while Jeff explains how Strive is working to differentiate itself within the insurance industry. We close with a discussion on bringing Bitcoin to traditional institutions and the Federal Reserve’s shift away from heavy forward guidance.

Here’s the latest with Tim Kotzman, Matt Cole, Jeff Walton, and Ben Werkman.

Timestamps: 00:00 - Welcome to The Hurdle Rate 01:30 - Why Digital Credit Is a Trillion-Dollar Opportunity 03:00 - Consolidating Liquidity Around STRC 07:30 - Building an Ecosystem Around Digital Credit 10:30 - Reading the Market and Maintaining the 12% Dividend 13:30 - STRC, Short Interest, and Minimizing Volatility 16:30 - The Risks of Borrowing and Derivative Strategies 22:30 - MSTR’s Long-Term Leverage and Holding Period 24:00 - Bringing Digital Credit to Hong Kong Investors 30:00 - Why Strive Rejects the “DAT” Label 33:00 - Strive’s Balance Sheet Growth Despite Bitcoin’s Decline 34:30 - Bringing Bitcoin to Wall Street 42:00 - Fed Policy and Kevin Warsh’s Communication Strategy 45:00 - Closing Thoughts

Follow us on X: https://x.com/HurdleRatePod All episodes now live: https://tnorth.com/shows/hurdle-rate/

Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

In this week’s Hurdle Rate, the crew breaks down the slow summer market and strategy's focus on building up its balance sheet to improve credit quality. We explore how Strategy and Strive are navigating macro uncertainty, steadying operations, and executing consistent Bitcoin buys through the summer doldrums. We also dig into the derivatives market, short interest dynamics for ASST and SATA, and how lending out shares ultimately impacts corporate dividend payments and tax treatment. We close with a broader discussion on structured finance, the emergence of AI agents in retail investing, and the long-term potential of building durable digital credit structures to onboard massive institutional capital into the Bitcoin era.

Here’s the latest with Tim Kotzman, Matt Cole, Jeff Walton, and Ben Werkman.

Timestamps: 00:00 – Welcome Back to the Hurdle Rate 11:09 – Trading Volumes: MSTR vs. IBIT 12:33 – Analysis of Short Interest & Derivatives Markets 16:04 – Tax Treatments for Lending Shares & Manufactured Dividends 20:10 – Short Squeezes & Conserved Energy in Equities 28:49 – Robinhood Retail AI Trading Agents 30:00 – Deconstructing Chamath’s Crypto Tweet 31:59 – Unlocking Institutional & Corporate Demand for Bitcoin 32:52 – Private Credit Markets, Structured Finance & Insurers 51:50 – Step Function Improvements in Leverage Solutions 56:28 – Battle Testing Management Teams & Risk-First Approaches

Follow us on X: https://x.com/HurdleRatePod All episodes now live: https://tnorth.com/shows/hurdle-rate/

Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.

True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*

Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.  

Shifting Institutional | The Hurdle Rate Podcast | Ep. 65 In this week’s Hurdle Rate, the crew opens with updates from Strategy, Strive, and the digital credit market before recapping the major developments from Q2. We cover Strategy’s growing cash reserve, market feedback, and the evolution of Bitcoin-backed credit. We also explore institutional adoption, structured products, AI, intellectual property, and the limits of government intervention in the debt crisis. We close it off with thoughts on outdated financial systems and Bitcoin’s expanding role in traditional capital markets. Here’s the latest with Tim Kotzman, Matt Cole, Jeff Walton, and Ben Werkman. Time Stamps: 0:00 Welcome to The Hurdle Rate

5:19 Digital Credit During Quiet Markets

8:01 Strategy Rebuilds Its Cash Reserve

11:51 Market Uncertainty And Bullish Catalysts

17:21 STRC And Convertible Debt

19:37 AI, The Fed, And Protecting IP

24:14 The U.S. Debt Crisis

31:39 Bitcoin-Backed Institutional Credit

35:30 Building Structured Bitcoin Products

43:12 Growing Institutional Bitcoin Interest

48:02 Stablecoins And Outdated Settlements

53:05 Bitcoin Stewardship And Constructive Engagement

58:29 Closing Thoughts

Follow us on X: https://x.com/HurdleRatePod

All episodes now live: https://tnorth.com/shows/hurdle-rate/

Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions. True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Episode 64: Building The Track Record In this week’s Hurdle Rate, the crew breaks down Strategy’s sale of Bitcoin to fund dividend payments and why the market’s reaction may signal growing confidence in Bitcoin as a liquid capital asset. We explore how Strategy and Strive are using balance sheet management, digital credit, and capital markets access to keep their models moving through volatility. We  also dig into SATA’s short interest, the idea of a “controlled burn,” and how Strive is thinking about protecting shareholders while allowing the market to function. We close with a broader discussion on patience, positioning, and building durable structures in the Bitcoin capital markets era.

Here's the latest with Tim Kotzman, Matt Cole, Jeff Walton, and Ben Werkman.

Time Stamps: 00:00 Welcome to the Hurdle Rate 03:20 Why Selling Bitcoin Helps STRC Confidence 05:37 Matt Cole on Strategy’s Long-Term Move 09:05 Bitcoin Absorbs the Sale 13:53 Bitcoin Liquidity Compared to Real Estate 17:29 Why the Model Still Works Without Capital Markets 19:03 Bitcoin CAGR + Balance Sheet Strength 23:14 Strive’s Dividend Math Compared to Strategy 27:40 SATA Short Interest + “Controlled Burn” 34:20 Jeff Explains Controlled Burns and Wildfire Incentives 41:56 Why Strive May Let SATA Trade Freely 44:05 Patience, Positioning, and Market Discipline 45:07 Closing Thoughts

Episode 63: The Digital Credit Capital Framework In this week's Hurdle Rate, the crew opens with the latest on digital credit volatility and the broader market backdrop, before digging into Strategy's capital framework and how management is navigating stress in the system. The conversation turns to institutional behavior, the realities of managing a cash balance sheet, and the dynamics of leverage and short interest within digital credit. We unpack high yield investing perspectives, what resilience and company DNA actually look like in this market, and the specific investor protections built into SATA. We close with reflections on what it takes to build durable structures in the digital credit era.

Episode 62: Digital Credit Weakness Full episodes: https://tnorth.com/hurdle-rate/ In this week's Hurdle Rate, the crew breaks down the mechanics of volatility and liquidation events, before turning to shifting investor behavior and how markets react to sudden liquidations. We dig into how digital credit stacks up against traditional financial instruments, the innovations shaping the future of the lending landscape, and what it takes for protocols to remain resilient in brutal bear markets. We close with a deeper look at the Federal Reserve, the opinions surrounding Kevin Warsh, and why navigating economic uncertainty requires a unique strategy for the anticipated super cycle ahead. Here’s the latest with Tim Kotzman, Matt Cole, Jeff Walton, and Ben Werkman. 00:00 - Welcome To The Hurdle Rate 06:24 - Analyzing Volatility and Liquidation Events 11:28 - Understanding Market Reactions and Investor Behavior 17:23 - Comparing Digital Credit to Traditional Financial Instruments 22:11 - The Future of Digital Credit and Market Innovations 30:52 - Resilience in Bear Markets 36:07 - Opinions on Kevin Warsh and the Fed 41:48 - Navigating Economic Uncertainty 51:53 - Optimism for a Super Cycle

In this week's Hurdle Rate, the crew breaks down the latest corporate Bitcoin market activity and Strive's growing Bitcoin holdings, before turning to Strategy's Bitcoin sale and what the balance sheet math actually reveals about risk and permanent impairment. We dig into historical bear market scenarios, how to manage amplification ratios, and the product management and demand dynamics shaping the treasury company landscape. We close with a deeper look at what digital credit actually is, and why it matters for the road ahead. Full episodes: https://tnorth.com/hurdle-rate Timestamps 00:00 Welcome to the Hurdle Rate Podcast 01:44 Market Acceleration and USD Reserves 06:04 Holistic Capital Structure Strategy 12:20 Designing Long-Term Capital Vehicles 17:21 Analyzing Recent Bitcoin Flows 18:11 SpaceX IPO and Major Capital Events 29:18 Bitcoin on Institutional Balance Sheets 36:51 Takeaways from Bitcoin Prague 41:20 Onboarding New Investors via Digital Credit

Episode 60: The Math of Amplification In this week's Hurdle Rate, the crew breaks down the latest corporate Bitcoin market activity and Strive's growing Bitcoin holdings, before turning to Strategy's Bitcoin sale and what the balance sheet math actually reveals about risk and permanent impairment. We dig into historical bear market scenarios, how to manage amplification ratios, and the product management and demand dynamics shaping the treasury company landscape. We close with a deeper look at what digital credit actually is and why it matters for the road ahead. 00:00 - Welcome To The Hurdle Rate 00:50 - Corporate Bitcoin Market Activity 2:42 - Strive's Bitcoin Holdings Update 04:41 - Market Transparency And Liquidity 13:11 - Strategy Sells Bitcoin: Balance Sheet Analysis 18:01 - Risk And Permanent Impairment 19:59 - Historical Bear Market Scenarios 27:36 - Managing Amplification Ratios 40:15 - Product Management And Demand 45:32 - Defining Digital Credit

Episode 59: Scale Like Crazy 

0:00 - Welcome Back to The Hurdle Rate

1:08 - Jeff’s Podcast Circuit & Strategy Retires Debt

21:27 - Strive’s Big Week

32:42 - Strategy’s Retail Q&A

41:29 - Kevin Warsh is The New Fed Chair

Episode 58: Exponential Innovation

0:00 - Welcome Back to The Hurdle Rate

1:30 - Strive: The Daily Dividend Company

5:32 - Ringing The Opening Bell at Nasdaq

23:50 - How Strive Paid Off Its Debt

27:00 - How Big Is This Idea?

41:21 - The Infrastructure Behind The Scenes

47:00 - How Bitcoin Will Be Involved In Strive’s Future All episodes are posted on YouTube: https://www.youtube.com/channel/UCR9Q6w9zyf_KS2ujrzhoLyA All episodes are hosted on https://tnorth.com/shows/hurdle-rate/ 

Episode 57: The Answer Is Trillions All episodes live here: https://tnorth.com/shows/hurdle-rate/

0:00 - Welcome Back to The Hurdle Rate

3:02 - MSTR Earnings Call Reaction

25:22 - Is Digital Credit Too Good to Be True?

42:16 - FDIC & Monetary Risk

Episode 56: The User Experience All episodes live here: https://tnorth.com/shows/hurdle-rate/

0:00 - Welcome Back to The Hurdle Rate

2:20 - Strategy Flips BlackRock

20:58 - Is The Tokenized Ecosystem Completely Useless?

30:13 - AI Tools & Revamping Portfolios

45:55 - Schwab Education

Episode 55: A Structural Shift [00:00:00] Welcome Back to The Hurdle Rate [00:01:30] Digital Credit’s Big Month [00:18:05] Capital Flows [00:26:50] Rethinking Credit [00:42:37] The End of the 60/40 Portfolio

Episode 54: The Management of The Treasury

[00:00:00] Welcome Back to The Hurdle Rate [00:01:55] The Accumulation Phase [00:21:00] Digital Credit as The Hurdle Rate [00:40:45] Moderate Duration

Episode 53 - Bitcoin, AI and The New QE

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[00:00:00] Welcome Back to The Hurdle Rate [00:01:45] US Debt Crisis [00:17:37] AI Disruption in The Startup Economy [00:30:58] Debasement & Portfolio Construction [00:44:34] Which Type of Non-Bitcoin Company Would Even Be Attractive Now?

Episode 52 - An Increasingly Digital World

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[00:00:00] Welcome Back to The Hurdle Rate [00:01:10] The Latest News from Strategy [00:14:00] Private Credit Liquidity Issues [00:32:23] The Correlation Between Private Credit and Public Credit Markets

Episode 51 - A Digital Credit Treasury

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[00:00:00] Welcome Back to The Hurdle Rate [00:00:36] Strive ASST & SATA Update [00:49:14] Strategy’s Latest Buy

Episode 50 - Some Pretty Good Money Printing

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[00:00:00] Welcome Back to The Hurdle Rate [00:03:20] Strategy’s Latest [00:12:55] 20 Millionth Bitcoin is Mined [00:37:15] The Speed at Which AI is Advancing

Episode 49 - Digital Credit is for Corporations

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[00:00:00] Welcome Back to The Hurdle Rate

[00:02:00] Bitcoin as Digital Freedom Money Amid Global Uncertainty

[00:20:30] Strategy World Recap

[00:27:55] STRC as The Hurdle Rate?

[00:39:20] Traditional Finance at Strategy World

[00:50:40] The Liquidity Component

[01:05:50] Closing Thoughts

Episode 48 - Bullish Digital Credit

Thank you to our sponsor, Swan Bitcoin.

We buy Bitcoin at Swan.com [00:00:00] Welcome Back to The Hurdle Rate

[00:01:51] Reflections on Bitcoin Investor Week & Matt’s Cardone Debate

[00:10:28] Amplification in a Bear Market

[00:22:04] The True Risk Profile of Digital Credit Instruments

[00:37:00] Private Credit, Compounding GDP, and Government Spending

[00:45:35] AI Disruption and the K Shaped Economy

Episode 47 - A Time To Build

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[00:00:00] Welcome Back to The Hurdle Rate

[00:01:50] Bitcoin Investor Week in NYC

[00:09:50] Bull vs Bear Markets

[00:28:00] Is the Bottom In?

[00:41:40] Strategy’s Earnings Call

Episode 46 -  Build The Structure

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[00:00:00] Welcome Back to The Hurdle Rate

[00:01:05] Kevin Warsh Named Fed Chair

[00:24:38] Clawdbots & Moltbook

[00:32:10] The Pref Only Model & Digital Risk

[00:44:05] Bitcoin as a Term Asset & What a Supercycle Means

Episode 45 - Preferred Equity Demand

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[00:00:00] Welcome Back to The Hurdle Rate

[00:00:40] Does the Preferred Equity Present a Systemic Risk to Bitcoin?

[00:21:42] Strive + Semler: The First M&A Transaction in Bitcoin Treasuries

[00:33:30] IBIT Bitcoin Covered Call ETF

[00:41:51] Gold & Silver Price Action

[00:47:30] What is Japan Saying to the World Right Now?

[00:58:54] Bitcoin in an Action-Packed 2026

Episode 44 - Digital Credit Clarity

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[00:00:00] Welcome Back to The Hurdle Rate

[00:00:56] Strategy’s Latest

[00:11:55] Credit Spreads Hit All Time Tights

[00:30:06] Coinbase Pulls Out of Clarity Act

[00:43:54] Matt Cole Corners the Bitcoin Treasury Podcast Industrial Complex

Episode 43 - The Best Message Is Digital Credit

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[00:00:00] Welcome Back to The Hurdle Rate

[00:02:55] Strategy’s $1.25 Billion Orange Buy

[00:15:56] Michael Saylor on What Bitcoin Did

[00:39:58] Jerome Powell in Hot Water and Disenchantment with the Fed

[00:49:30] Trump Caps Credit Card Interest

[00:56:03] Strive Semler Merger

Episode 42 - Pensions, Private Equity & Digital Credit

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• 0:00 - Welcome Back to The Hurdle Rate
• 0:55 - Strategy Gears Up for Massive 2026
• 12:10 - Looking Back at 2025: Year Zero in Digital Credit
• 30:12 - Capital Allocation and Pension Funds
• 50:18 - 2026 Outlook

Episode 41 - Structurally Bullish

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[00:00:00] Welcome Back to The Hurdle Rate

[00:01:21] Reflections on 2025

[00:08:14] The Bitcoin Era

[00:18:12] Amplification and the Power of Compounding

[00:30:30] Do You Beat The Hurdle Rate of Bitcoin?

[00:53:04] Tim’s Review of Bitcoin Treasuries Big Year

Episode 40 - Set Up For A Supercycle

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[00:00:00] Welcome Back to The Hurdle Rate

[00:02:08] The Latest on Bitcoin

[00:10:18] A Decade-Long Supercycle?

[00:19:47] OCC Greenlights Crypto Bank Charters

[00:26:14] Valuations

[00:34:48] Quantum Risks?

[00:40:15] MSTR Staying in Nasdaq 100

[00:43:57] Final Thoughts

Episode 39 - The Hurdle Rate Is High

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[00:00:30] Welcome Back to The Hurdle Rate

[00:01:30] Bitcoin MENA

[00:22:53] Bitcoin As The Hurdle Rate

[00:37:27] Closing Thoughts

Episode 38 - The Incentives Are Aligned

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[00:00:00] Welcome Back to The Hurdle Rate

[00:00:40] The Incentives Are Aligned

[00:10:50] MSTR’s Green Dots & USD Reserve

[00:46:16] STRC Dividend Rate Hike

Episode 37 - Meet Them Where They're At

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[00:00:00] Welcome Back to The Hurdle Rate

[00:00:50] Market Uncertainty & MSCI Exclusions

[00:34:14] Mike Green Article and the K-Shaped Economy

Episode 36 - Inside the Digital Credit Revolution

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[00:00:00] Welcome Back to The Hurdle Rate

[00:01:30] Bitcoin Amsterdam & Cantor Conference Miami Recaps

[00:19:24] Volatility in the Prefs

[00:41:08] Underwriting Bitcoin

[00:47:28] Hedging with Zcash?

Episode 35 - Amplified Bitcoin and Digital Credit

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[00:00:00] Welcome Back to The Hurdle Rate

[00:00:30] The IPOs of Digital Credit

[00:12:41] The Process of Launching a Preferred Product

[00:27:06] ASST & SATA Update

Episode 34 - The Preferred Strategy is Digital Credit

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[00:00:00] Welcome Back to The Hurdle Rate

[00:00:34] Strive’s SATA Announcement

[00:01:15] Strategy Introduces Stream

[00:15:37] MSTR Q3 Earnings Call Recap

[00:36:10] ROC Dividends

[00:42:02] Additional Highlights from Strategy Earnings Report

Episode 33 - Credit Ratings for Digital Capital

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[00:00:00] Welcome Back to The Hurdle Rate

[00:00:30] Strategy Gets a Credit Rating

[00:12:43] How This Will Impact the Insurance Industry

[00:21:50] Interest Coverage Ratio and Industry Credit Ratings

[00:27:23]  What Will It Take for Bitcoin Treasury Companies Credit Ratings to Go Higher?

[00:44:08] Mike Alfred, Big Volumes, and What It All Means

[00:51:18] US China Trade Deal and Other Macro Tailwinds

Episode 32 - Strategic Risk Taking

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[00:00:00] Welcome Back to The Hurdle Rate

[00:00:34] Recapping Tim’s Latest Bitcoin Treasuries Digital Conference

[00:13:34] Sentiment vs Conviction with Bitcoin Treasury Companies

[00:25:17] Why do Bitcoin Treasury Companies Exist?

[00:38:18] Strategic Risk Taking

Episode 31 - The Digital Credit Landscape

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[00:00:00] Welcome Back to The Hurdle Rate

[00:02:00] Crypto Crash of October 11

[00:21:11] Launching a Treasury Company from Zero

[00:43:44] Deep Dive on Private Credit

Episode 30 - Focus on the Future

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[00:00:00] Welcome Back to The Hurdle Rate

[00:00:20] Ben Werkman Joins Strive as CIO

[00:18:07] Tribalism and Doubt in Bitcoin

[00:32:47] The Fastest Growing ETF of All Time

[00:35:03] CAMT - Corporate Alternative Minimum Tax

[00:41:52] Uptober Getting Revved Up

Episode 29 - Bitcoin Supercycle

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[00:00:00] Welcome Back to The Hurdle Rate

[00:01:24] Breaking News: Tim is All In and Dedicating His Life to Bitcoin

[00:10:11] Bitcoin vs Other Store of Value Assets

[00:21:41] Bitcoin Super Cycle?

[00:26:30] Digital ID Rollout in the UK

[00:41:00] Strategy Dividend Day

Episode 28 - The M&A Era has Begun

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[00:00:00] Welcome Back to The Hurdle Rate

[00:00:15] Strive Acquires Semler Scientific

[00:19:39] The Impact of Meeting Bitcoiners in Person

[00:26:40] Behind the Scenes of the Bitcoin Treasuries NYC Unconference with Tim

[00:38:55] Operating with a Long Term View in Bitcoin

Episode 27 - The Starting Line

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[00:00:00] Welcome Back to The Hurdle Rate

[00:00:32] Strive Announces Board of Directors

[00:29:57] Rate Cut on Wednesday?

[0036:57] Bitcoin Treasuries Unconference

[00:46:51] Options on the Prefs

Episode 26 - Zoom Out. We're Early.

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[00:00:00] Welcome Back to The Hurdle Rate

[00:00:40] No Strategy in the S&P 500

[00:14:20] Michael Saylor Reframes the World of Risk

[00:37:11] The Landscape of Strategy’s ATMs

[00:40:58] Pierre’s Closing Thoughts

Episode 25 - Will Travel for Bitcoin

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[00:00:00] Welcome Back to The Hurdle Rate

[00:00:23] Recapping Bitcoin Asia

[00:21:22] STRC Dividend Increases

[00:34:13] Fed Independence and What Rates Should Do

Episode 24 - Fed Signals and Equity Stakes

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[00:00:00] Welcome Back to The Hurdle Rate

[00:00:45] Meet The Hurdle Rate’s First Guest Host, Avik Roy

[00:02:44] Strive’s Major News Announcement

[00:08:40] The Fed Symposium in Jackson Hole

[00:29:59] Intel & The US Government

[00:56:33] Update on Tim’s Unconference