Last Wed-Fri, Strive acquired 1,223 BTC at an average cost of $81,734 per bitcoin, bringing holdings to ₿36,818. - SATS IPO proceeds settle this Tuesday - Strive plans to maintain current 18-month dividend reserve - Traditional warrants are expired $ASST $SATA $SATS

I use long-term money-supply trends as an important factor in assessing the cost of capital we should be willing to underwrite to amplify Bitcoin. We’ve covered in depth why Amplification Ratio is the key determinant of Strive’s ability to outperform Bitcoin, and why cost of capital matters less. I hope this historical framework, viewed alongside Bitcoin, helps those seeking a deeper understanding. Scarcity has consistently outperformed debasement over the past 55-plus years. Gold has compounded faster than M2 in every period shown: 9.0% vs. 6.7% since 1970, 9.5% vs. 6.3% since the GFC, and 18.3% vs. 6.5% since COVID. Bitcoin is digital gold, a superior store of value whose emergence remains in its early stages. It should outperform gold as it matures. Our thesis depends on long-term monetary debasement continuing. Our believe is the trend is unbreakable, and as the debt crisis continues to worsen, the outperformance of scarce assets will perpetually accelerate (not decelerate) relative to the dollar in CAGR terms vs historicals. If you accept that premise, as we do, the only challenge becomes building and sustaining a high Amplification Ratio without blowing up. It sounds simple, but it is extraordinarily difficult. I don’t believe most investors understand nor properly value the moat Strive has built around high Bitcoin amplification with high liquidity, and I don’t expect most to recognize it until Bitcoin makes sustainable new all-time highs. The consensus investor remains fixated on the cost of capital and fiat cash flows. That is understandable, but it means picking up pennies in front of the debasement steamroller. When you truly internalize the principles of a Bitcoin standard, the focus becomes crystal clear: be maximally and perpetually short dollars and long Bitcoin. $ASST $SATA $SATS

Now stacking sats with double the horsepower.

Strive announces upsized IPO of $SATS to $700M notional, priced at $90 per share. We'll discuss the details in depth on the next @HurdleRatePod, which will be released when the IPO settles next Tuesday.

If you want to be a "select investor" in the $SATS IPO, visit the Fidelity brokerage platform in the link below. The Fidelity indication of interest window ends today. For additional information please visit the SATS IPO website at strive.com/sats-ipo/.

Through Tuesday, Strive acquired an additional 2,822 BTC for $235M, increasing holdings to ₿35,595. - 13.7M of 15.3M remaining warrants exercised, worth $369M in gross proceeds - 94% of traditional warrants exercised in aggregate - Amplification ratio: 47% $ASST $SATA $SATS

Strive is offering $SATS through an IPO available to select investors. - 15% fixed-rate perpetual preferred stock - Cumulative dividends paid every business day - Junior to SATA INVESTOR PRESENTATION TIMESTAMPS 00:00 - Introducing SATS 01:46 - Executive Summary 18:50 - SATS Improves SATA 21:06 - Dividend and Balance Sheet Strength 27:33 - Performance and Liquidity 30:48 - Bitcoin Thesis 40:26 - Amplification and Risk $SATS $ASST $SATA

Last week, Strive acquired 3,311 $BTC, increasing total holdings to ₿32,773. - $208M in warrants exercised; ~15.3M remain, expiring today at 5pm ET. - SATA’s $100 minimum issuance price is now a binding restriction in governing docs, formalizing the protection. $SATA $ASST

Strive announces capital markets activities through SEC filings. 8-k and X post tomorrow AM.

Think ₿igger.