No Hurdle Rate this week. See you next week.

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

Welcome Back to The Hurdle Rate Episode 70: Digital Credit Is The Product In this week’s Hurdle Rate, the crew reacts to Strategy’s $MSTR latest investor Q&A and breaks down why the company is prioritizing $STRC, building cash reserves, and treating Bitcoin $BTC as flexible capital. We dig into why Bitcoin has held firm despite Strategy selling, the Coldcard self-custody exploit, and broader market stress, and what that resilience could signal about the bear market. The conversation then turns to NVIDIA’s $NVDA massive structured-finance deal, how the company is lending its balance sheet and creditworthiness to accelerate OpenAI’s infrastructure buildout, and what it reveals about the growing convergence of AI, credit, and capital markets. We close with OranjeBTC’s DIGY11 ETF and the expansion of digital credit into Brazil. Here's the latest with @TimKotzman, @ColeMacro, @IIICapital, and @Werkman. Timestamps: 0:00 - Welcome Back to The Hurdle Rate 2:26 - Strategy Q&A: Bitcoin and Digital Credit 11:27 - Bitcoin Treasury Companies Face a Stress Test 13:15 - Is Michael Saylor Buying High and Selling Low? 17:00 - MSCI and Bitcoin Treasury Companies 20:08 - Understanding Amplified Bitcoin Volatility 30:45 - The Macro Backdrop and Bitcoin’s Next Move 35:44 - NVIDIA’s Massive OpenAI Financing Deal 53:11 - OranjeBTC’s DIGY11 ETF

Welcome Back to The Hurdle Rate. Episode 58: Exponential Innovation The crew is back this week diving into Strive’s evolution into “The Daily Dividend Company” and what that could mean for the future of financial products. They discuss the experience of ringing the opening bell at Nasdaq, break down how Strive paid off its debt, and explore just how large this opportunity could become. Finally, they unpack the infrastructure operating behind the scenes and how Bitcoin could play a major role in Strive’s future. Here's the latest with @TimKotzman, @ColeMacro, @PunterJeff, and @Werkman. 0:00 - Welcome Back to The Hurdle Rate 2:00 - Strive: The Daily Dividend Company 6:02 - Ringing The Opening Bell at Nasdaq 24:20 - How Strive Paid Off Its Debt 27:30 - How Big Is This Idea? 41:51 - The Infrastructure Behind The Scenes 47:30 - How Bitcoin Will Be Involved In Strive’s Future

Welcome back to The Hurdle Rate. Episode 44: Digital Credit Clarity The crew is back to discuss @Strategy's latest, credit spreads tightening, @coinbase pulling out of the clarity act and the Bitcoin treasury podcast industrial complex. Here's the latest with @TimKotzman, @ColeMacro, @PunterJeff and @Werkman 0:30 - Welcome Back to The Hurdle Rate 1:26 - Strategy’s Latest 12:25 - Credit Spreads Tightening 30:36 - Coinbase Pulls Out of Clarity Act 44:24 - Matt Cole Corners the Bitcoin Treasury Podcast Industrial Complex

Welcome back to The Hurdle Rate. Episode 43: The Best Message Is Digital Credit. The crew is back to discuss @Strategy's latest Orange Buy, @saylor on What Bitcoin Did, disenchantment with the Fed, caps on credit card interest, the @strive @SemlerSci merger, and more. Here's the latest with @TimKotzman, @ColeMacro, @PunterJeff and @Werkman. 0:30 - Welcome Back to The Hurdle Rate 3:25 - Strategy’s $1.25 Billion Orange Buy 16:26 - Michael Saylor on What Bitcoin Did 40:28 - Jerome Powell in Hot Water and Disenchantment with the Fed 51:00 - Trump Caps Credit Card Interest 56:33 - Strive Semler Merger

Welcome back to The Hurdle Rate. Episode 42: Pensions, Private Equity & Digital Credit. The crew is back to discuss @Strategy's latest green and orange buys as it gears up for a massive 2026, a look back at 2025 and year zero of digital credit, capital allocation and pension funds, and the outlook for 2026. Here's the latest with @TimKotzman, @ColeMacro, @PunterJeff and @Werkman. 0:30 - Welcome Back to The Hurdle Rate 1:25 - Strategy Gears Up for Massive 2026 12:40 - Looking Back at 2025: Year Zero in Digital Credit 30:42 - Capital Allocation and Pension Funds 50:48 - 2026 Outlook

Welcome back to The Hurdle Rate. Episode 41: Structurally Bullish. The crew is back to reflect on 2025, discuss The Bitcoin Era, amplification and the power of compounding, the year of Bitcoin Treasuries, and much more. Here's the latest with @Werkman, @ColeMacro, @PunterJeff and @TimKotzman. 0:30 - Welcome Back to The Hurdle Rate 1:51 - Reflections on 2025 8:44 - The Bitcoin Era 18:42 - Amplification and the Power of Compounding 31:00 - Do You Beat The Hurdle Rate of Bitcoin? 53:34 - Tim’s Review of Bitcoin Treasuries Big Year