Strategy, Strive, and H100 investor. Wanchain $WAN ambassador - bridging all the chains, secure and no hacks. https://xitter.cf/t.co/ENRiVY6G73
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Joined September 2021
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🟠range Invest retweeted
Bullish milestones:
🔹 Launching some of the first blockchain bridges in Web3
🔹 Being among the first to support a variety of non-EVM chains (BTC, ADA, XRP)
🔹 Pioneering the BridgeFi narrative
🔹 Pioneering Web3's first iterations of crosschain/chain abstraction
🟠range Invest retweeted
Congratulations on Strive acquiring 6,182 $BTC 🚀
🟠range Invest retweeted
Blockchain Interoperability has stood the test of time for almost a decade!
8 years since our launch, crosschain tech has become an ever-growing staple in the Web3 space.
We believe this narrative can be among the few that can see mass adoption if packaged correctly.
Soon.
🟠range Invest retweeted
🚨 STRIVE vs MSTR - BATTLE FOR BITCOIN BEGAN WITH $SATS...?!?!?!
- Digital Credit Innovation Real..?
- Mission: Get The Bitcoin..?
- What Is @Strive Doing..?
Let's discuss:
🟠range Invest retweeted
Strive could have raised a lot more common last week and chose not to.
$ASST volume left plenty of room:
• No day under $225 million
• One day over $450 million
What held it back is amplification, how much the common moves relative to Bitcoin. If Bitcoin goes from $80,000 to $100,000, you want that sensitivity still on, and warrants coming in de-amplify it. So the raise leaned on $SATA demand instead, and Strive still bought more than 1,000 $BTC on the week.
"We want the amplification on the balance sheet." - @Werkman
🟠range Invest retweeted
Welcome Back to The Hurdle Rate
Episode 73: The Billion Dollar Wall
In this week's Hurdle Rate, the crew discusses $SATA hitting $999 million outstanding, Strategy $MSTR doubling its $STRC repurchase facility to $2 billion, and Strive $ASST adding another 1,000+ bitcoin:native. 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 @ColeMacro, @PunterJeff, @Werkman, and @TimKotzman.
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
🟠range Invest retweeted
Bitcoin may have just begun a 2-3 year bull market. Here's why, and what that could mean for BTC price.
1. BTC has decisively popped above Short-Term Holder cost basis (pink line)
Three weeks ago (at $64k), I said we were at the bottom. I noted that a decisive jump above the STH cost basis loomed in the coming months, and it happened a bit faster than expected!
It seems that many don't see the latest rally as persuasive evidence of a major trend change. For me, this chart from @_Checkmatey_ tells the story...
2.
The 2026 bear market has followed a remarkably similar pattern to 2022
In 2022, the ratio of BTC Price to STH cost basis (aka STH MVRV, the orange and blue metric on bottom half of this chart) bottomed in June, then drifted back to neutral for 7 months as the bear trend lost momentum. 7 months later, in January 2023, BTC price jumped decisively above STH cost basis.
Then, STH MVRV spent 80%+ of the next 2.5 years in positive territory. All that orange on this chart? That's a bull market.
Here in 2026, the STH MVRV ratio bottomed in Feb, then drifted back to neutral for 7 months as the bear trend lost momentum. ~7 months later, in late August, BTC price jumped decisively above STH cost basis.
That's where we are now.
3.
Welcome to the new bull market
If the 2022 bear and 2023-25 bull cycle continue to repeat, we have just begun a new 2.5 year bull market.
As I pointed out in my prior post, the start of a new BTC bull market is not a result of good news arriving. Rather, it's primarily a function of the bearish trend running out of steam (and sellers).
Right now, what's left are three types of portfolios: those who don't know enough about BTC to want it (yet), those who are happy with their BTC holdings, and those who were waiting to buy BTC lower. Guess which group is watching in pain? In the early bull market, this is the dry powder that will bid BTC upwards as bears capitulate and get back in, one-by-one.
This is just the first stage of a bull market. The pendulum of market psychology for BTC has just begun to swing towards the bullish zenith. It will take years to go from disbelief (now), to optimism, to mania.
A big part of this process will be the next halving, currently on track for mid-April 2028. New BTC supply issuance will be permanently halved. This causes a supply shock, but more importantly, a marketing narrative for BTC. People will front-run, others will chase. All of that is still ahead.
4.
My base case expectations
With hindsight, I think this will be viewed as the start of the 2026-29 bull market.
I think we will spend 80%+ of the next 2.5 years with BTC price above the STH cost-basis (pink line).
How high this bull market goes is harder to say. The last bull market delivered an 8x from the bear-market low. An 8x from this bear-market low ($58k) would be $464k, but even a 4x would be $232k/BTC.
If you thought Bitcoin was dead, or you were hoping to buy BTC lower... now might be the time to re-evaluate.
This is my 3rd Bitcoin bear market. Here's what seems clear to me, that newer Bitcoiners may not feel....
1. This is what a BTC bear market bottom feels like
Normie friends have been asking me "is BTC going to be 60s forever?" and "what positive catalysts are on the horizon?"
One of the big lessons I've learned in BTC cycles is that the tops feel bullish... and the bottoms feel bearish.
The end of a bear market is primarily a function of running out of sellers. The bearish sentiment builds on itself and shakes out low conviction holders... until you exhaust potential sellers.
Or perhaps a more precise mental image... the bottom is in WHEN the pile of capital hoping for a lower entry price to buy BTC has become disproportionately large relative to remaining potential sellers.
A BTC bear market doesn't end because good news arrives. It ends because bearish momentum can't be sustained and naturally ebbs. Then, suddenly, people sitting in cash are caught offsides and must bid BTC higher as they try to get back in.
2. The 2022 cycle bottom felt similar
June 2022, it felt like shit watching BTC tumble below prior cycle high ($20k) for the first time ever. Price tumbled from $30k to $18k in a few days. People thought we were headed to $12k . In hindsight, that was peak bearish momentum.
Over the next ~5 months, BTC drifted lower, with FTX fallout setting a cycle low in November at $15.5k . BTC felt gloomy and quiet for 2 months... and then popped back to $23k in January 2023 all of a sudden.
In hindsight, that was the start of a 2.5 year bull market that took BTC to $126k, roughly ~8x from cycle low.
3. Metrics show 2026 repeating the psychology of 2022
This chart shows Short-Term Holder cost basis (pink line) and how it tracks with BTC market price (white line). The bottom half shows this as a ratio between the two numbers (STH MVRV). Credit to @_Checkmatey_ for this excellent chart.
In the 2022 bear market, you can see that the lowest STH MVRV ratio was June 2022. After this point, Short-Term Holder cost basis drifted lower along with BTC price for ~7 months, until January 2023 when BTC jumped convincingly above the pink line for the first time in 13 months... and a new bull market had begun.
In 2026, the MVRV ratio spiked lowest in Feb. Since then, STH cost basis and BTC price have drifted lower for ~6 months now.
4. What this could mean for BTC's near future
If the parallels between 2022 and 2026 continue, it would mean BTC price jumping convincingly above STH cost basis sometime in the next few months. (7 months post peak bearish momentum would mean September 2026; 13 months below STH cost basis trendline would mean November 2026.)
And in hindsight, that breakout moment could be the start of a 2.5 year bull market. (8x from $58k low would be $464k, but even a 4x would be $232k/BTC.)
If history repeats, this was the bottom. And in 4 years, you'll look back at $64k BTC the same way we now look back wistfully at $19k BTC.
🟠range Invest retweeted
Crypto doesn’t need one chain to win.
It needs the walls between them to disappear.
Bitcoin. EVM. Non-EVM.
Different ecosystems, different strengths, connected through cross-chain infrastructure.
That’s the world Wanchain is building toward. wanchain:native $BTC $ETH
🤖 Made with AI
🟠range Invest retweeted
Bridges coming back online means payouts for xWAN stakers resume💰️
Get paid from every transaction going through the Wanchain bridge.
Discover the power of $WAN utility today!
👉 xstake.wanchain.org/stake2ea…
#Wanchain 💪🔥
💸 Nobody wants to spend more on fees than on the actual transaction
Some blockchains kept costs close to zero, making everyday on-chain activity much more practical
Here are the mainnets with the lowest average tx fees over the past 30 days 👇
📊 chainspect.app/dashboard/fin…
🟠range Invest retweeted
Just another perk of Wanchain L1 🌐
💸 Nobody wants to spend more on fees than on the actual transaction
Some blockchains kept costs close to zero, making everyday on-chain activity much more practical
Here are the mainnets with the lowest average tx fees over the past 30 days 👇
📊 chainspect.app/dashboard/fin…
🟠range Invest retweeted
Q2 2026 is out.
The reported loss before tax was −98.2 MSEK. Almost all of it is non-cash, principally a write-down of our bitcoin. What the business actually consumed was −5.1 MSEK in the quarter and −12.7 MSEK for the half year, and we ended June with 18.1 MSEK in cash.
But the quarter's figures are not where the story is. The work that mattered in Q2 was the transaction we signed in April and closed on August 10 — after the balance sheet date, and therefore not reflected in this report:
Bitcoin: 1,051 → 3,506 BTC
Shares: 338m → 1,129m
Fully diluted Sats per share: 288.49 → 303.62
We encourage shareholders to read the statement from our new CEO, Eirik Grøttum, in full.
"BTC should be the hurdle rate, not the business model."
Full interim report and Eirik's first CEO statement linked below.
🟠range Invest retweeted
A significant step forward for H100.
Today we completed the acquisition at 1.0x mNAV, corresponding to SEK 1.86 per H100 share, increasing our Bitcoin holdings from 1,051 to 3,506 BTC.
For our shareholders, the structure matters.
We acquired 2,455 BTC without using cash or taking on debt. Bitcoin exposure per basic share was preserved, while sats per fully diluted share increased by approximately 5%.
To our knowledge, this is the largest M&A transaction completed in European public Bitcoin equity, and the first globally priced 1:1 Bitcoin for Bitcoin.
But what excites me most is what we are building from here.
We are combining complementary teams and capabilities across technology, finance and capital markets, while bringing in a new principal owner with more than a decade of experience building Bitcoin infrastructure.
We come out of this with substantially greater scale, stronger capabilities and a better foundation for the next phase of H100.
H100 acquires 2,455.4 Bitcoin at approx. USD 62,900 per Bitcoin, increasing total holdings to 3,506 BTC.
The transaction, announced in April, has now been completed:
- Largest M&A transaction in the European Public Bitcoin Equity sector
- World's first Bitcoin-for-Bitcoin M&A transaction in public markets
- Paid entirely in H100 shares at 1.0x mNAV, an implied share price of SEK 1.86, with no cash consideration
- Sats per basic share unchanged, sats per fully diluted share up approximately 5%, from 288 to 303
- The acquired company holds no financial debt
The acquisition brings together complementary teams, technology and market capabilities. Together we can accomplish things neither company could accomplish alone.
🟠range Invest retweeted
Today we completed the largest M&A transaction in the history of European public Bitcoin Equity.
It is also the first in the world done Bitcoin for Bitcoin.
H100 acquired 2,455 BTC at around 62,900 dollars per bitcoin, taking our holdings from 1,051 to 3,506 Bitcoin.
No cash changed hands. The company we acquired carries no debt, and we took on none to buy it.
The deal was priced at 1.0x mNAV, Bitcoin valued in Bitcoin on both sides of the table. That counts each H100 share at SEK 1.86, its bitcoin value.
Sats per fully diluted share went from 288 to 303, up 5%.
Just as important is who joins us. A team whose technology and market capabilities complete our own, and a principal owner who has spent more than a decade building Bitcoin infrastructure and holding Bitcoin.
Together we can accomplish things neither of us could alone.
🟠range Invest retweeted
Bitcoin Treasuries World #59 - H100 Happy Hour w/Sander (Executive Chairman) xitter.cf/i/broadcasts/1XxyggYNk…
