Welcome Back to The Hurdle Rate Episode 67: We’re Playing For Trillions In this week’s Hurdle Rate, the crew breaks down Strategy’s Q2 2026 earnings call and its focus on returning STRC to par while building a trillion-dollar digital credit market. We explore why liquidity, simplicity, and preserving Bitcoin’s upside remain central to the strategy, along with the risks of borrowing against Bitcoin or using derivatives for short-term cash flow. Matt and Ben share lessons from meeting investors in Hong Kong, while Jeff explains how Strive is working to differentiate itself within the insurance industry. We close with a discussion on bringing Bitcoin to traditional institutions and the Federal Reserve’s shift away from heavy forward guidance. Here's the latest with @TimKotzman, @ColeMacro, @PunterJeff, and @Werkman. Timestamps: 00:00 - Welcome to The Hurdle Rate 01:30 - Why Digital Credit Is a Trillion-Dollar Opportunity 03:00 - Consolidating Liquidity Around STRC 07:30 - Building an Ecosystem Around Digital Credit 10:30 - Reading the Market and Maintaining the 12% Dividend 13:30 - STRC, Short Interest, and Minimizing Volatility 16:30 - The Risks of Borrowing and Derivative Strategies 22:30 - MSTR’s Long-Term Leverage and Holding Period 24:00 - Bringing Digital Credit to Hong Kong Investors 30:00 - Why Strive Rejects the “DAT” Label 33:00 - Strive’s Balance Sheet Growth Despite Bitcoin’s Decline 34:30 - Bringing Bitcoin to Wall Street 42:00 - Fed Policy and Kevin Warsh’s Communication Strategy 44:51 - Closing Thoughts

Welcome Back to The Hurdle Rate Episode 66: Social Investing In this week’s Hurdle Rate, the crew breaks down the slow summer market and strategy's focus on building up its balance sheet to improve credit quality. We explore how Strategy and Strive are navigating macro uncertainty, steadying operations, and executing consistent Bitcoin buys through the summer doldrums. We also dig into the derivatives market, short interest dynamics for ASST and SATA, and how lending out shares ultimately impacts corporate dividend payments and tax treatment. We close with a broader discussion on structured finance, the emergence of AI agents in retail investing, and the long-term potential of building durable digital credit structures to onboard massive institutional capital into the Bitcoin era. Here's the latest with @TimKotzman, @ColeMacro, @PunterJeff, and @Werkman. Timestamps: 00:00 – Welcome Back to the Hurdle Rate 11:09 – Trading Volumes: MSTR vs. IBIT 12:33 – Analysis of Short Interest & Derivatives Markets 16:04 – Tax Treatments for Lending Shares & Manufactured Dividends 20:10 – Short Squeezes & Conserved Energy in Equities 28:49 – Robinhood Retail AI Trading Agents 30:00 – Deconstructing Chamath’s Crypto Tweet 31:59 – Unlocking Institutional & Corporate Demand for Bitcoin 32:52 – Private Credit Markets, Structured Finance & Insurers 51:50 – Step Function Improvements in Leverage Solutions 56:28 – Battle Testing Management Teams & Risk-First Approaches

Welcome Back to The Hurdle Rate Episode 65: Shifting Institutional In this week’s Hurdle Rate, the crew opens with updates from Strategy, Strive, and the digital credit market before recapping the major developments from Q2. We cover Strategy’s growing cash reserve, market feedback, and the evolution of Bitcoin-backed credit. We also explore institutional adoption, structured products, AI, intellectual property, and the limits of government intervention in the debt crisis. We close it off with thoughts on outdated financial systems and Bitcoin’s expanding role in traditional capital markets. Here's the latest with @TimKotzman, @ColeMacro, @PunterJeff, and @Werkman. Time Stamps: 0:00 - Welcome to The Hurdle Rate 5:19 - Digital Credit During Quiet Markets 8:01 - Strategy Rebuilds Its Cash Reserve 11:51 - Market Uncertainty And Bullish Catalysts 17:21 - STRC And Convertible Debt 19:37 - AI, The Fed, And Protecting IP 24:14 - The U.S. Debt Crisis 31:39 - Bitcoin-Backed Institutional Credit 35:30 - Building Structured Bitcoin Products 43:12 - Growing Institutional Bitcoin Interest 48:02 - Stablecoins And Outdated Settlements 53:05 - Bitcoin Stewardship And Constructive Engagement 58:29 - Closing Thoughts

Welcome Back to The Hurdle Rate Episode 64: Building The Track Record In this week’s Hurdle Rate, the crew breaks down Strategy’s sale of Bitcoin to fund dividend payments and why the market’s reaction may signal growing confidence in Bitcoin as a liquid capital asset. We explore how Strategy and Strive are using balance sheet management, digital credit, and capital markets access to keep their models moving through volatility. We also dig into SATA’s short interest, the idea of a “controlled burn,” and how Strive is thinking about protecting shareholders while allowing the market to function. We close with a broader discussion on patience, positioning, and building durable structures in the Bitcoin capital markets era. Here's the latest with @TimKotzman, @ColeMacro, @PunterJeff, and @Werkman. Time Stamps: 00:00 Welcome to the Hurdle Rate 03:20 Why Selling Bitcoin Helps STRC Confidence 05:37 Matt Cole on Strategy’s Long-Term Move 09:05 Bitcoin Absorbs the Sale 13:53 Bitcoin Liquidity Compared to Real Estate 17:29 Why the Model Still Works Without Capital Markets 19:03 Bitcoin CAGR + Balance Sheet Strength 23:14 Strive’s Dividend Math Compared to Strategy 27:40 SATA Short Interest + “Controlled Burn” 34:20 Jeff Explains Controlled Burns and Wildfire Incentives 41:56 Why Strive May Let SATA Trade Freely 44:05 Patience, Positioning, and Market Discipline 45:07 Closing Thoughts

Welcome Back to The Hurdle Rate. Episode 63: The Digital Credit Capital Framework In this week's Hurdle Rate, the crew opens with the latest on digital credit volatility and the broader market backdrop, before digging into $MSTR capital framework and how management is navigating stress in the system. The conversation turns to institutional behavior, the realities of managing a cash balance sheet, and the dynamics of leverage and short interest within digital credit. We unpack high yield investing perspectives, what resilience and company DNA actually look like in this market, and the specific investor protections built into $SATA. We close with reflections on what it takes to build durable structures in the digital credit era. Here's the latest with @TimKotzman, @ColeMacro, @PunterJeff, and @Werkman.

Welcome Back to The Hurdle Rate. Episode 62: Digital Credit Weakness In this week's Hurdle Rate, the crew breaks down the mechanics of volatility and liquidation events, before turning to shifting investor behavior and how markets react to sudden liquidations. We dig into how digital credit stacks up against traditional financial instruments, the innovations shaping the future of the lending landscape, and what it takes for protocols to remain resilient in brutal bear markets. We close with a deeper look at the Federal Reserve, the opinions surrounding Kevin Warsh, and why navigating economic uncertainty requires a unique strategy for the anticipated super cycle ahead. Here’s the latest with @TimKotzman, @ColeMacro, @PunterJeff, and @Werkman.

Welcome Back to The Hurdle Rate. Episode 61: What’s Your Time Preference? In this week's Hurdle Rate, the crew breaks down the latest corporate Bitcoin market activity and Strive's growing Bitcoin holdings, before turning to Strategy's Bitcoin sale and what the balance sheet math actually reveals about risk and permanent impairment. We dig into historical bear market scenarios, how to manage amplification ratios, and the product management and demand dynamics shaping the treasury company landscape. We close with a deeper look at what digital credit actually is, and why it matters for the road ahead. Here's the latest with @ColeMacro, @PunterJeff, @Werkman and @TimKotzman. 00:00 Welcome to the Hurdle Rate Podcast 01:44 Market Acceleration and USD Reserves 06:04 Holistic Capital Structure Strategy 12:20 Designing Long-Term Capital Vehicles 17:21 Analyzing Recent Bitcoin Flows 18:11 SpaceX IPO and Major Capital Events 29:18 Bitcoin on Institutional Balance Sheets 36:51 Takeaways from Bitcoin Prague 41:20 Onboarding New Investors via Digital Credit