Bitcoin treasury company Hut 8 (@Hut8Corp), which holds 10,278 $BTC ($845.6M), appears to be selling $BTC. A wallet linked to Hut 8 deposited 1,589 $BTC ($130M) into multiple exchanges over the past 2 days.

Bitcoin amplification drives total returns, and amplifying at the right time is tremendously powerful. Let me show you. A good hypothetical... what if a Bitcoin treasury company only added amplification when Bitcoin was cheapest against gold? I backtested it from Jan 2017 to today. Bitcoin: 84x Same company, re-levering to 60% at every BTC/Gold cycle bottom: 579x That's 6.9x better than just holding BTC. Let's take a hypothetical company with a similar setup to Strive's current balance sheet. 29,462 BTC, 100.9M shares, a cash reserve. For simplicity, let's say the stock always trades at 1.5x mNAV. Amplification comes from issuance of a perpetual preferred paying 15% a year. Dividends are paid by selling common stock at 1.5x NAV. Amplification = preferred outstanding ÷ BTC market value The signal is BTC priced in ounces of gold. Every cycle the ratio collapses, then rips. The bottoms: Feb 7, 2019: 2.56 oz (BTC $3,359) Dec 31, 2022: 9.07 oz ($16,530) Mar 1, 2026: 12.22 oz ($65,800) Each cycle bottomed higher than the last. Why add amplification at the bottom? Preferred is a fixed dollar amount, so when BTC runs, amplification shrinks on its own. 60% at the 2019 bottom was about 3% by the 2021 top. The amplification is highest when BTC is cheapest and nearly gone by the euphoria. Max drawdown: −86% for the stock vs. −84% for BTC. At each bottom, the company issued preferred and bought BTC until amplification was back to 60%: 2019: 17.7% → 60%. $105M of prefs, +31,129 BTC 2022: 12.2% → 60%. $1.2B of prefs, +72,418 BTC 2026: 15.1% → 60%. $9.8B of prefs, +149,392 BTC Holdings went from 29,462 BTC to 282,402. Bottom-to-bottom returns: 2019→2022: BTC +387% | stock +843% 2022→2026: BTC +303% | stock +681% 2026→now: BTC +24% | stock +51% The average hike added 45 points of amplification. Compared with not re-levering, it added about 258 points of stock return per cycle, which works out to 1.57x more money at the end of each cycle. The scorecard (Jan '17 → Oct '26, total USD return): BTC: 84x (57% CAGR) 30% amp, never re-levered: 97x 60% amp, never re-levered: 143x 30% amp, re-levered at bottoms: 157x 60% amp, re-levered at bottoms: 579x (92% CAGR) Amplified Bitcoin smoked Bitcoin in every scenario. Static 60% beat BTC by only 1.7x because the amplification decays to almost nothing. Re-amplifying is the big deal and driver of returns over long time horizons. The three hikes turned 143x into 579x, and the effect is non-linear. A +22.5-point hike (the 30% version) added 1.16x per cycle; a +45-point hike added 1.57x. The bill: $11.1B of preferred means $1.67B a year in dividends, all paid by issuing common. Shares rose 36%, from 100.9M to 137.3M, while BTC held rose 9.6x. That trade works because BTC's cycle returns dwarf a 15% coupon. But this is perfect hindsight. Nobody calls exact bottoms. It assumes buyers will take $9.8B of 15% perpetual preferred at a cycle low. There are no fees or taxes. This is the math based on a historical backtest, not a forecast. The lesson is the amplification on a BTC treasury is tremendously powerful when timed correctly:

Bitcoin Is Entering Its Most Important Phase Yet w/ @CorySwan and @jakeroque_ 0:00 – Preview: Dollar, Tether & Bitcoin Debate 0:50 – Introducing Cory Klippsten 2:50 – Where Is Bitcoin In The Current Cycle? 15:35 – Secure Your Bitcoin with Unchained 16:26 – Cory Klippsten's Bitcoin Journey 23:46 – Why Cory Started Swan Bitcoin 27:10 – Swan's Full Bitcoin Product Ecosystem 34:09 – Prime Trust Collapse & Tether Lawsuit Explained 45:18 – Has The Crypto Era Officially Ended? 47:05 – Would Bitcoin Be Higher Under Kamala? 49:51 – "Bitcoin Is The Third Way" 54:15 – The Growing Threat To Freedom In The West 59:07 – CBDCs vs A Bitcoin Future 1:01:04 – Bitcoin Policy, Stablecoins & The CLARITY Act 1:08:10 – Strategy, STRC & Bitcoin Treasury Companies 1:16:08 – Why Michael Saylor Changed His Message 1:19:14 – When Corey Calls Out Bad Actors In Bitcoin 1:23:06 – Can Michael Saylor Win Bitcoiners Back? 1:26:24 – Final Thoughts & Where To Find Cory

Bitcoin dominance has increased over the last 4 years with Bitcoin Treasury Companies, ETFs, institutions, and US support. I expect it to keep increasing as stablecoins, tokenization, big bank adoption, and global support expand the digital asset economy around Bitcoin.

Bitcoin has already won as Digital Capital. The next wave is Digital Credit, Digital Money, Digital Yield, and Bitcoin-backed capital markets — products that can bring trillions of dollars of traditional credit and money market capital onto Bitcoin. My interview with @Cointelegraph at @BTCPrague. 00:57 — Bitcoin in a drawdown: five major pullbacks in six years, stronger fundamentals, and rising dominance 02:23 — Digital Credit: from zero to an $11B+ asset class in 12 months 03:35 — Digital Money: bitcoin-backed yieldcoins and the path from 40 vol to 0 vol 04:31 — The opportunity for 8% yield in dollars, euros, yen, pounds, and francs 06:02 — $300T of credit, $30–50T of money markets, and the $10T opportunity for Bitcoin 07:19 — Why Bitcoin is winning economically, technically, and ethically 08:26 — Quantum computing, FUD, and why bear markets amplify Bitcoin debates 10:37 — AI capital rotation, Bitcoin’s current drawdown, and the path to recovery 11:36 — Six years of Strategy: why I would have moved faster into Digital Credit 12:22 — The ideal Bitcoin Treasury Company: common equity plus STRC-style Digital Credit 14:35 — The 32 BTC sale, the $100M bitcoin buyback, and why capital must back credit 17:02 — Defending the equity, credit, and bitcoin-backed capital structure 19:03 — The tradeoff: buy 200,000 BTC and sell 10,000 BTC — or buy and sell zero 20:15 — “Never sell,” Twitter trolls, and Strategy’s fiduciary obligations 22:06 — Bitcoin per share, long-term accretion, and accumulating through bull and bear markets 22:34 — $21B of equity raised in 16 weeks and ~$10B of bitcoin acquired this year 24:18 — The Strategic Bitcoin Reserve, US leadership, and supportive regulation 27:18 — Digital Credit, bank credit, and Digital Money bringing trillions onto Bitcoin 28:01 — Why Bitcoin can grow organically without central bank support

Bitcoin Is About To DEVOUR $300 Trillion - @Strive CEO @ColeMacro 0:00 The $3T Digital Credit Market 3:24 Why 11.5% Yield Beats Selling Bitcoin 5:17 How STRC & SATA Survived Bitcoin’s Crash 6:12 Why Institutions Want More Volatility 8:37 How To Pick Between STRC & SATA 10:13 Why Preferred Equity Wins For Bitcoin Bulls 14:21 "Products, Not Securities" 16:00 Bitcoin Crashed, Their Reserve Grew 19:44 The Bitcoin Treasury Consolidation Wave 24:05 Why Most Treasury Companies Will Fail 27:50 How Managing $70B Made Him BTC Maximalist 28:44 Calling Out The Fed To Their Face

The Bitcoin treasury model isn't broken, it’s being stress-tested by the most serious players in global finance. During "The All-In Strategy: Mastering the Bitcoin Treasury Model" panel at Paris blockchain week 2026, Allen Helm led a deep dive into why holding Bitcoin is shifting from a fringe experiment to an institutional necessity. The conversation focused on the evolution of balance sheet management, regulatory status, and the emergence of sophisticated instruments that wrap credit products around Bitcoin to drive yield. As institutions adopt these strategies, the bridge between legacy systems and tokenized capital markets continues to strengthen. Bitcoin is no longer just an asset; it is a fundamental pillar of corporate architecture. This is the conversation that defined the strategy for the market. And it is the conversation that Signal Week 2027 will take further. 📸 In Frame: @AllenHODL (@BitcoinForCorps), @AlexandreLaizet @_ALCPB , @stan_havryliuk (@SatsTerminal), @EricLarch (@_TBSO), Thomas Vogel (@lathamwatkins ), and Thomas Restout (@B2C2Group )