@PunterJeff sees the conditions for a LOUDER public Bitcoin bid...
"I think the noise will continue to turn up if we got multiple companies that are on the Bitcoin bid and doing it very publicly."
$MSTR $ASST
"I think the noise will continue to turn up if we got multiple companies that are on the Bitcoin bid and doing it very publicly."
$MSTR $ASST
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@GrantCardone @IIICapital YouTube: youtu.be/IvrtfRFBiww
Spotify: open.spotify.com/show/57vRVNDBA…
Apple: podcasts.apple.com/us/podcast/the…
Fountain: fountain.fm/show/uTxrwNnT0…
Spotify: open.spotify.com/show/57vRVNDBA…
Apple: podcasts.apple.com/us/podcast/the…
Fountain: fountain.fm/show/uTxrwNnT0…
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Grant Cardone offered Jason Calacanis a $1 million bet that Bitcoin hits a new all-time high by 2028. He's still waiting on an answer...
@GrantCardone joins @IIICapital on The Income Show to break down his real estate and $BTC playbook, how $STRC changed his deals, and why he .
Timestamps:
0:00 - Intro
1:04 - The $1M Bitcoin Bet
5:13 - Why Bitcoin Hits a New High
8:20 - Real Estate and Bitcoin on Sale
11:10 - From One House to 16,000 Apartments
14:31 - Why the Rich Don't Diversify
20:02 - What Michael Saylor Told Him
25:41 - What $500K Bitcoin Would Mean
30:29 - How STRC Changed His Deals
35:35 - Bitcoin's Marketing Problem
45:01 - Why REITs Are Broken
51:44 - The 10,000 Bitcoin Goal
53:34 - AI and Bitcoin
@GrantCardone joins @IIICapital on The Income Show to break down his real estate and $BTC playbook, how $STRC changed his deals, and why he .
Timestamps:
0:00 - Intro
1:04 - The $1M Bitcoin Bet
5:13 - Why Bitcoin Hits a New High
8:20 - Real Estate and Bitcoin on Sale
11:10 - From One House to 16,000 Apartments
14:31 - Why the Rich Don't Diversify
20:02 - What Michael Saylor Told Him
25:41 - What $500K Bitcoin Would Mean
30:29 - How STRC Changed His Deals
35:35 - Bitcoin's Marketing Problem
45:01 - Why REITs Are Broken
51:44 - The 10,000 Bitcoin Goal
53:34 - AI and Bitcoin
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Strategy opened one route into Bitcoin.
ETFs opened another.
Digital credit reaches a different pool of money.
@PunterJeff explains why investors with capital earmarked for credit matter to Bitcoin's next stage.
ETFs opened another.
Digital credit reaches a different pool of money.
@PunterJeff explains why investors with capital earmarked for credit matter to Bitcoin's next stage.
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The $STRC vs. $SATA fight is wasting energy.
Digital credit is competing for capital against a much larger market, including AI and data centers.
"We're building an industry." @PunterJeff
Digital credit is competing for capital against a much larger market, including AI and data centers.
"We're building an industry." @PunterJeff
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True North Ep. 85: Let Us In, Wall Street
Featuring @PunterJeff, @AdamBLiv, @_Adrian and @nithusezni.
Timestamps:
00:00 - True North Loading...
01:30 - Midterms And The Money Printer
10:02 - Balance Sheet Overview
15:32 - The ATM Narrative
28:17 - $BTC And The S&P 500
48:34 - What5:30 - Rating Digital Credit $STRC $SATA
01:06:30 - Hard Fork Coins On Balance Sheet
01:16:53 - Final Thoughts
$MSTR $ASST $STRC $SATA $SATS
Featuring @PunterJeff, @AdamBLiv, @_Adrian and @nithusezni.
Timestamps:
00:00 - True North Loading...
01:30 - Midterms And The Money Printer
10:02 - Balance Sheet Overview
15:32 - The ATM Narrative
28:17 - $BTC And The S&P 500
48:34 - What5:30 - Rating Digital Credit $STRC $SATA
01:06:30 - Hard Fork Coins On Balance Sheet
01:16:53 - Final Thoughts
$MSTR $ASST $STRC $SATA $SATS
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True North Ep. 85 releases tonight at 8 PM ET / 5 PM PT.
@_Adrian @PunterJeff @AdamBLiv @nithusezni
Comment what you want to hear from them. They're reading.
@_Adrian @PunterJeff @AdamBLiv @nithusezni
Comment what you want to hear from them. They're reading.
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@AdamBLiv explains how the risk-free rate is return-free risk.
T-bills haven't had a single losing month in dollar terms since 1962.
After inflation and a 32% tax, $100 in “risk-free” T-bills turned into $59 of purchasing power.
From 2013 to 2026, fewer than 2% of 3-year lost purchasing power. For T-bills, 82% did.
Volatility does not equal risk.
T-bills haven't had a single losing month in dollar terms since 1962.
After inflation and a 32% tax, $100 in “risk-free” T-bills turned into $59 of purchasing power.
From 2013 to 2026, fewer than 2% of 3-year lost purchasing power. For T-bills, 82% did.
Volatility does not equal risk.
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Bitcoin’s 4-year moving average has compounded 13.4× since Jan 1, 2020.
Gold’s: 2.3×.
That’s ~46%/yr vs ~13%/yr on the slowest, smoothest trend line there is.
The gap is now 5.9×.
BTC’s “worst” year (+16% YTD) still beats 5 of gold’s last 7:
Gold’s: 2.3×.
That’s ~46%/yr vs ~13%/yr on the slowest, smoothest trend line there is.
The gap is now 5.9×.
BTC’s “worst” year (+16% YTD) still beats 5 of gold’s last 7:
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Digital Credit vs. Bank Preferred Stocks
Take the Top 6 Digital Credit tickers and compare them to the Top 6 Bank Preferred Stocks.
Since Feb 2025, cumulative dollar volume:
Digital Credit: $83.8B
Top 6 US Bank Preferreds: $15.1B
5.6x. A $68.7B liquidity gap.
And it's .7x
2026 YTD: 6.9x
Digital Credit traded the bank preferreds' entire 21-month total in its last 69 trading days.
Take the Top 6 Digital Credit tickers and compare them to the Top 6 Bank Preferred Stocks.
Since Feb 2025, cumulative dollar volume:
Digital Credit: $83.8B
Top 6 US Bank Preferreds: $15.1B
5.6x. A $68.7B liquidity gap.
And it's .7x
2026 YTD: 6.9x
Digital Credit traded the bank preferreds' entire 21-month total in its last 69 trading days.
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@hillery_dan uses @saylor's English-language analogy to explain Bitcoin's ADOPTION moat...
"It's the distributed adoption of a protocol, between humans and then ultimately machines, which makes it sticky."
"It's the distributed adoption of a protocol, between humans and then ultimately machines, which makes it sticky."
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How does Digital Credit's start compare with the early ETF industry?
@hillery_dan uses ETFs and money-market funds as historical comparisons.
"Digital credit has been outpacing, you know, both of these industries, and this chart adjusts for inflation."
@hillery_dan uses ETFs and money-market funds as historical comparisons.
"Digital credit has been outpacing, you know, both of these industries, and this chart adjusts for inflation."
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Can an equity premium help support preferred holders?
@MasonFoard and @hillery_dan explain the cash-raising capacity behind the synthetic-reserve idea.
"A high mNAV is effectively, like, extra cash reserve on demand, which needs to be, like, analyzed in real time."
@MasonFoard and @hillery_dan explain the cash-raising capacity behind the synthetic-reserve idea.
"A high mNAV is effectively, like, extra cash reserve on demand, which needs to be, like, analyzed in real time."
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@hillery_dan explains why Strategy's $MSTR daily-dividend schedule still has WEEKEND timing to understand...
"These are gonna be mini ex-div dates."
"These are gonna be mini ex-div dates."
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Strategy's planned daily-dividend rollout has two start dates.
@MasonFoard breaks down the schedule: $STRC on Nov 1, 2026; $STRF, $STRK and $STRD on Jan 1, 2027.
"It's not gonna roll out all at once."
@MasonFoard breaks down the schedule: $STRC on Nov 1, 2026; $STRF, $STRK and $STRD on Jan 1, 2027.
"It's not gonna roll out all at once."
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Dan Hillery explains why a FIXED coupon can still come with a changing market price...
Using $SATS, he walks through the relationship between credit spreads, price and effective yield.
Using $SATS, he walks through the relationship between credit spreads, price and effective yield.
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@hillery_dan considers whether Strategy $MSTR could become $STRC's MARKET maker...
"There needs to be a counterparty that makes this market."
"There needs to be a counterparty that makes this market."
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Hal Finney wrote about Bitcoin as bank reserves in 2010.
@hillery_dan connects that idea to dollar-denominated Digital Credit and the problem of pricing income in a volatile asset.
"If $BTC's not the unit of account, it's going to be volatile."
@hillery_dan connects that idea to dollar-denominated Digital Credit and the problem of pricing income in a volatile asset.
"If $BTC's not the unit of account, it's going to be volatile."
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@_Adrian @IIICapital YouTube: youtu.be/FgzchdXWL0Q
Spotify: open.spotify.com/show/57vRVNDBA…
Apple: podcasts.apple.com/us/podcast/the…
Fountain: fountain.fm/show/uTxrwNnT0…
Spotify: open.spotify.com/show/57vRVNDBA…
Apple: podcasts.apple.com/us/podcast/the…
Fountain: fountain.fm/show/uTxrwNnT0…
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He says $10,000 in any Digital Credit offering since inception would have beaten Bitcoin, with a dividend on top.
@_Adrian is back with @IIICapital on The Income Show to break down what really drives STRC, why Digital Credit trades as its own asset class, and where Bitcoin goes 0:00 - Intro
1:06 - The State of Digital Credit
3:23 - Why Strategy Is Buying Back STRC
5:49 - What Really Drives STRC
18:16 - Do Dividend Hikes Work?
21:51 - The $200K Test
23:15 - What Strategy Should Do Now
25:11 - Breaking Down the Data
34:17 - Was It a Leverage Flush?
43:51 - Bitcoin as a Language
47:58 - The Future of Digital Money
53:26 - Digital Credit in a Bull Market
57:07 - Bitcoin Outlook
1:00:58 - Closing Thoughts
$BTC $MSTR $ASST $STRC $SATA
@_Adrian is back with @IIICapital on The Income Show to break down what really drives STRC, why Digital Credit trades as its own asset class, and where Bitcoin goes 0:00 - Intro
1:06 - The State of Digital Credit
3:23 - Why Strategy Is Buying Back STRC
5:49 - What Really Drives STRC
18:16 - Do Dividend Hikes Work?
21:51 - The $200K Test
23:15 - What Strategy Should Do Now
25:11 - Breaking Down the Data
34:17 - Was It a Leverage Flush?
43:51 - Bitcoin as a Language
47:58 - The Future of Digital Money
53:26 - Digital Credit in a Bull Market
57:07 - Bitcoin Outlook
1:00:58 - Closing Thoughts
$BTC $MSTR $ASST $STRC $SATA
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True North Ep. 84: Bitcoin Is The Moat
Featuring @hillery_dan and @MasonFoard.
Timestamps:
00:00 True North Loading...
03:54 Daily Dividends Come To Strategy $MSTR
11:36 Strive's New $SATS Offering
22:48 Digital Credit As High Powered Money
27:51 AI Disruption And The $BTC it's Growth Roadmap
45:05 Cash Reserve And $STRC Buybacks
53:14 Managing Amplification
01:01:15 Final Thoughts
Featuring @hillery_dan and @MasonFoard.
Timestamps:
00:00 True North Loading...
03:54 Daily Dividends Come To Strategy $MSTR
11:36 Strive's New $SATS Offering
22:48 Digital Credit As High Powered Money
27:51 AI Disruption And The $BTC it's Growth Roadmap
45:05 Cash Reserve And $STRC Buybacks
53:14 Managing Amplification
01:01:15 Final Thoughts
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You asked. They’re back.
@MasonFoard and @hillery_dan on True North, with a lot to catch up on.
Ep. 84 drops today at 2PM PT / 5PM ET on X and YouTube.
@MasonFoard and @hillery_dan on True North, with a lot to catch up on.
Ep. 84 drops today at 2PM PT / 5PM ET on X and YouTube.
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A higher yield can attract the wrong kind of buyer.
@stonychambers says pushing income too high can draw leveraged investors while turning away people who just want a stable credit product.
“It attracts a crowd that behaves like that if you put the yield too high up.”
@stonychambers says pushing income too high can draw leveraged investors while turning away people who just want a stable credit product.
“It attracts a crowd that behaves like that if you put the yield too high up.”
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Bitcoin's recent underperformance is part of Allard Peng's bullish case for the next two years.
@stonychambers on why he expects $BTC to outperform other major assets.
@stonychambers on why he expects $BTC to outperform other major assets.
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Allard Peng likes Strive adding $SATS alongside $SATA.
Fixed and variable rates appeal to different investors and give the market more ways to allocate capital.
“When you have competition like this, you create better products for the market, for consumers.” - @stonychambers
Fixed and variable rates appeal to different investors and give the market more ways to allocate capital.
“When you have competition like this, you create better products for the market, for consumers.” - @stonychambers
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@SullyMichaelvan @AdamBLiv Check out the discussion between @AdamBLiv and @SullyMichaelvan on YouTube: youtu.be/lvYcByTEWNU
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$MSTR holders are more convicted than Bitcoiners. And the data proves it.
@SullyMichaelvan joins @AdamBLiv to break down the sentiment data behind amplified Bitcoin, $BTC's philosophical civil war, and why he thinks we’re in a disbelief rally.
Timestamps:
00:00 Intro
01:39 Civil War
06:29 Why Buy Bitcoin Treasury Companies
11:30 The Merton Model Explained
22:33 Bitcoin Sentiment Hits Historic Lows
32:41 How Michael Measures Sentiment
37:47 MSTR Holders Vs. Bitcoiners
44:20 The Coldcard Divide
47:49 Strive Sentiment After The Reverse Split
53:48 Is The Bitcoin Bottom In?
57:07 Bitcoin’s Correlation With Gold
59:29 Closing Thoughts
@SullyMichaelvan joins @AdamBLiv to break down the sentiment data behind amplified Bitcoin, $BTC's philosophical civil war, and why he thinks we’re in a disbelief rally.
Timestamps:
00:00 Intro
01:39 Civil War
06:29 Why Buy Bitcoin Treasury Companies
11:30 The Merton Model Explained
22:33 Bitcoin Sentiment Hits Historic Lows
32:41 How Michael Measures Sentiment
37:47 MSTR Holders Vs. Bitcoiners
44:20 The Coldcard Divide
47:49 Strive Sentiment After The Reverse Split
53:48 Is The Bitcoin Bottom In?
57:07 Bitcoin’s Correlation With Gold
59:29 Closing Thoughts
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Strategy $MSTR is spending cash to buy back and retire $STRC.
@PunterJeff says the buybacks, changing arbitrage flows and reduced leverage could help compress volatility and move the preferred back toward par.
“I think we will see this continue to trend toward par.”
@PunterJeff says the buybacks, changing arbitrage flows and reduced leverage could help compress volatility and move the preferred back toward par.
“I think we will see this continue to trend toward par.”
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Digital Credit · Week in Review (Oct 19–23)
Three up, three down. $1.27B traded.
▲ $SATS +1.74% · $221.5M*
▲ $STRC +1.65% · $738.8M
▲ $SATA +1.18% · $222.0M
▼ $STRD −1.62% · $30.2M
▼ $STRF −2.12% · $27.3M
▼ $STRK −3.00% · $32.2M
$SATS is the latest addition to the Public trading began on the 20th.
$STRC took 58% of the flow.
Strive’s $SATA and $SATS took 83.2% of the rest:
Three up, three down. $1.27B traded.
▲ $SATS +1.74% · $221.5M*
▲ $STRC +1.65% · $738.8M
▲ $SATA +1.18% · $222.0M
▼ $STRD −1.62% · $30.2M
▼ $STRF −2.12% · $27.3M
▼ $STRK −3.00% · $32.2M
$SATS is the latest addition to the Public trading began on the 20th.
$STRC took 58% of the flow.
Strive’s $SATA and $SATS took 83.2% of the rest:
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A missed dividend doesn’t mean the same thing for every preferred.
@PunterJeff explains the difference between SATS and STRD:
$SATS is cumulative, so deferred dividends build up and remain owed.
$STRD is noncumulative. If a dividend is skipped, investors don’t get it back later.
@PunterJeff explains the difference between SATS and STRD:
$SATS is cumulative, so deferred dividends build up and remain owed.
$STRD is noncumulative. If a dividend is skipped, investors don’t get it back later.
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Could BlackRock or JPMorgan offer the same risk profile?
@PunterJeff argues they'd have to change their balance sheets and take on the risk of paying a 15% dividend.
@PunterJeff argues they'd have to change their balance sheets and take on the risk of paying a 15% dividend.
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The True Innovation of Digital Credit - Explained!
Every piece of credit comes with an option.
Traditional credit gives it to the lender... which is the right to force a sale at the worst possible time.
Digital credit gives up the right to force a sale.
The value of that mmon, which pays for it through the dividend.
@AdamBLiv explains in less than 3 minutes:
Every piece of credit comes with an option.
Traditional credit gives it to the lender... which is the right to force a sale at the worst possible time.
Digital credit gives up the right to force a sale.
The value of that mmon, which pays for it through the dividend.
@AdamBLiv explains in less than 3 minutes:
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No other asset class comes close to touching Bitcoin's long term compounding trend.
@AdamBLiv breaks down why there is no second best... in only three minutes.
bitcoin:native
@AdamBLiv breaks down why there is no second best... in only three minutes.
bitcoin:native
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$SATA’s $100 issuance floor protects investors, but it can also close the door on new issuance.
@PunterJeff says a fixed-rate instrument gives Strive $ASST another way to access credit markets when SATA is below par.
“It gives significant optionality on when we can be utilizing e capital.”
@PunterJeff says a fixed-rate instrument gives Strive $ASST another way to access credit markets when SATA is below par.
“It gives significant optionality on when we can be utilizing e capital.”
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@PunterJeff says credit capital is flowing into $BTC, creating a new advantage for Bitcoin treasury companies.
“The fastest horse will not necessarily be one shitcoin... it will be the companies that are issuing credit against Bitcoin.”
“The fastest horse will not necessarily be one shitcoin... it will be the companies that are issuing credit against Bitcoin.”
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@stonychambers @IIICapital YouTube: youtu.be/RITNd4q5tFU
Spotify: open.spotify.com/show/57vRVNDBA…
Apple: podcasts.apple.com/us/podcast/the…
Fountain: fountain.fm/show/uTxrwNnT0…
Spotify: open.spotify.com/show/57vRVNDBA…
Apple: podcasts.apple.com/us/podcast/the…
Fountain: fountain.fm/show/uTxrwNnT0…
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Allard Peng says Digital Credit investors are being overcompensated for the risk they’re taking right now.
@stonychambers is back on The Income Show with @IIICapital to break down what’s holding STRC below par, where digital credit goes next, and why he’s still very bullish on :00 - Intro
1:21 - Why STRC Isn’t at Par
4:09 - Is Leverage Back?
7:14 - Buybacks vs. Dividends
11:05 - Too Many Buybacks?
15:55 - When Yield Is Too High
18:51 - The Future of Digital Credit
21:29 - Digital Money and Digital Yield
30:37 - Fixed vs. Variable
40:13 - Measuring Digital Credit Risk
46:02 - Bitcoin Outlook
51:09 - Closing Thoughts
$BTC $MSTR $STRC $ASST $SATA $SATS
@stonychambers is back on The Income Show with @IIICapital to break down what’s holding STRC below par, where digital credit goes next, and why he’s still very bullish on :00 - Intro
1:21 - Why STRC Isn’t at Par
4:09 - Is Leverage Back?
7:14 - Buybacks vs. Dividends
11:05 - Too Many Buybacks?
15:55 - When Yield Is Too High
18:51 - The Future of Digital Credit
21:29 - Digital Money and Digital Yield
30:37 - Fixed vs. Variable
40:13 - Measuring Digital Credit Risk
46:02 - Bitcoin Outlook
51:09 - Closing Thoughts
$BTC $MSTR $STRC $ASST $SATA $SATS
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Corporate Credit issued against crypto since August 2020.
Includes:
1. Debt issued
2. Preferred Issued
3. Hybrid (convertible bonds) issued
4. Retired debt and preferred equity (buybacks / refi's)
Credit is building on Bitcoin.
Includes:
1. Debt issued
2. Preferred Issued
3. Hybrid (convertible bonds) issued
4. Retired debt and preferred equity (buybacks / refi's)
Credit is building on Bitcoin.
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135 Digital Credit dividends have come due since March 2025.
135 have been paid.
STRK: 7/7
STRF: 6/6
STRD: 5/5
STRE: 4/4
STRC: 18/18
SATA: 95/95
SATS: first payment Nov 9
Quarterly. Monthly. Semi-monthly. Every business day.
Zero missed.
135 have been paid.
STRK: 7/7
STRF: 6/6
STRD: 5/5
STRE: 4/4
STRC: 18/18
SATA: 95/95
SATS: first payment Nov 9
Quarterly. Monthly. Semi-monthly. Every business day.
Zero missed.
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Digital Credit is Bitcoin, refined.
2026 YTD annualized volatility:
ASST + MSTR: 95%
Bitcoin: 45%
SATA + STRC: 24%
Same raw material.
Structured finance sends the volatility to the common equity and strips it out of Digital Credit:
2026 YTD annualized volatility:
ASST + MSTR: 95%
Bitcoin: 45%
SATA + STRC: 24%
Same raw material.
Structured finance sends the volatility to the common equity and strips it out of Digital Credit:
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