Episode 64: Building The Track Record

Episode 64: Building The Track Record

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

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

Episode 62: Digital Credit Weakness Full episodes: https://tnorth.com/hurdle-rate/ [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

Episode 61: What’s Your Time Preference?

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

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