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

Strive plans to release an 8-k with additional information regarding final warrant exercises and additional Bitcoin purchases tomorrow pre-market open. Please visit our website for additional information regarding SATS: strive.com/sats-ipo/

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 acquired 2,000 $BTC for $169M at an average cost of $84,422 per bitcoin, bringing total holdings to ₿29,462. 61.5% of capital raised came from SATA, with warrants generating $56.7M. Today’s 8-K also highlights key metrics and KPIs through 3Q26. $ASST $SATA

With current prices and conditions, I’d easily be comfortable *driving* amplification to 70% with an 18-month reserve. If Bitcoin dropped from here & amplification rose further, I’d be fine with it. The bull thesis is right or it’s wrong, & I’m confident it’s right. Take risk!

IMPORTANT POST Our industry became too focused on protecting downside risk and inadequately focused on maximizing Total Returns to the upside. In my view, the entire purpose of our structured finance business model must be to maximize Total Returns for common equity shareholders. Our industry needs more amplification. Even at Strive, where we have the highest Amplification Ratio among Digital Credit issuers, when I look at the risk embedded in our capital structure relative to our amplification, I believe we have room to take it up another notch or two. Building a rocket ship is extraordinarily difficult and requires underwriting and taking real risk. The mission requires not blowing up, but you need an engine powerful enough to reach the moon. Based on Amplification Ratio alone, I view the risk of true issuer failure from over-amplification as very low across our industry today. Amplification Ratio obviously cannot capture every risk, including debt terms, covenants, maturity walls, liquidity constraints, and other structural risks. But controlling for those risks should give issuers significant confidence to take amplification materially higher. That is exactly what we have done at Strive, and I hope others increasingly copy it. I’ve written extensively about why Amplification Ratio will be the single most important driver of outright and relative Total Returns in a Bitcoin bull market. However, I believe incentives naturally push toward under-amplification, modest Bitcoin outperformance, and the safest possible path. My goal with this post is to light a fire and push our industry to think bigger, focus more aggressively on growth and Total Returns, and push the frontier of what our business models can achieve. We have a shared mission across the industry to grow Digital Credit from a nascent asset class into a massive global capital market. That requires trusted issuers, deep liquidity, disciplined execution, and investor confidence. That is where we all should work together, but make no mistake about what will crown the fastest horse in a Bitcoin bull market: the engine. Our mandate at Strive is to build the thing we actually want to own and recruit and retain exceptionally talented people who desire that risk and return opportunity and understand the business model that needs to be built. That mindset drove our execution in building a high Amplification Ratio, helped create strong liquidity, and is also why we are not satisfied with where we are. With Bitcoin under $100,000, our desire is to take Amplification Ratio higher from here. If the Bitcoin bull thesis is right, amplification will be the most important thing. If the Bitcoin thesis is wrong, a few hundred basis points of cost of capital won’t be the difference between success and failure. The model itself will have failed. I love capitalism. I love competition. I want more competition for the fastest horse. The next 10–15 years will be the Digital Gold Rush for Bitcoin. Let’s act like it.