Digital Credit - Weekly Close (Sep. 25) A grind-higher week for the stack, and a buyback milestone. 👀 @Strategy keeps retiring paper... 🔴 $MSTR • Finished up +3.0% w/w at $158.61. Net mNAV grew from 1.20x vs 1.16x a month ago. • The addition of 950 BTC was announced with the treasury finishing the week with a $7.0B unrealized gain. 🔴 $STRC • Ended at $98.54 (flat w/w), 12.2% effective yield. The $174M repurchase announced this week pushed the buyback program past $1B retired, and short interest is down to 1.9% of float. • Next up: daily dividends go to a shareholder vote on Oct 28, with STRC first in line. @Strive the shorts came back... 🔵 $ASST • Closed -2.2% w/w at $29.44. Net mNAV stood at 2.16x, and the short trade re-loaded: 28.1% of float, 2.3 days to cover. • The $27 warrants expiring Oct 10 remain a potential overhang to watch. 🔵 $SATA • Held par at $100.01 (flat w/w), 13.0% effective yield. Another 1,355 BTC funded by the ATM takes the treasury to 26,355 BTC, +54.5% BTC yield YTD. The SATA short is nearly extinct: 1.6% of float, 0.3 days to cover, still paying 26.5%/yr to stay on. Where digital credit closed, updated daily:

Tuttle Capital Management (TCM), together with sub-adviser Strive Asset Management (SAM), today announced the launch of the T-Strive Digital Credit Preferred Income ETF (CBOE BZX: DCAP), an actively managed, structured credit ETF that seeks current income by investing in preferred securities issued by Bitcoin treasury companies. “Digital Credit is a young and developing market, and we've already seen meaningful periods of price dislocation that we believe reflect market inefficiencies," said Alex Xethalis, Head of Distribution at Strive Asset Management. "In normal markets, we expect DCAP to primarily own Digital Credit without leverage. But if substantial price declines create what we believe are attractive entry points, our institutional financing capabilities give DCAP the flexibility to deploy leverage opportunistically and buy into those dislocations. The goal is to generate excess returns over a simple buy-and-hold strategy by systematically taking advantage of those opportunities if they arise." Read the full press release here:

Tuttle Capital Management (TCM) @TuttleCapital, together with sub-adviser Strive Asset Management (SAM)@Strive @Strivefunds, today announced the launch of the T-Strive Digital Credit Preferred Income ETF (CBOE BZX: DCAP), an actively managed, structured credit ETF that seeks current income by investing in preferred securities issued by Bitcoin treasury companies. “Digital Credit is a young and developing market, and we've already seen meaningful periods of price dislocation that we believe reflect market inefficiencies," said Alex Xethalis, Head of Distribution at Strive Asset Management. "In normal markets, we expect DCAP to primarily own Digital Credit without leverage. But if substantial price declines create what we believe are attractive entry points, our institutional financing capabilities give DCAP the flexibility to deploy leverage opportunistically and buy into those dislocations. The goal is to generate excess returns over a simple buy-and-hold strategy by systematically taking advantage of those opportunities if they arise." Read the full press release here: Tuttle Capital and Strive Asset Management Launch the First US Digital Credit ETF ($DCAP) For more information, including risks and to view a prospectus, visit

BREAKING: The FULL agenda for the #Bitcoin# Treasuries Conference is now live and locked in. ⚡️ Over 50 speakers ⚡️ Over 20 talks and panels ⚡️ Over 1,000,000 BTC on the balance sheet Sept. 28. New York City. 8am ET 🔥

Strategy is proposing daily dividends on $STRF, $STRC, $STRK, and $STRD, accruing every calendar day, including weekends and holidays, and paid the next business day, with economics unchanged. The proposed changes aim to support price stability, liquidity, and demand.

Stroke of a Pen I told Opus 5.5 to read my Bitcoin & monetary-history wikis & make a music video with code only. it used ElevenLabs for the track. Then a swarm of agents storyboarded and coded a 3:23 portrait reel. ~75 shots cut on the beats. Had to do 2 revisions - first the people looked like poorly animated stick figures & it rewrote the rigs. Then I said use matrix code to make it more interesting. Impressive!

The age of Digital Assets and Digital Intelligence needs a bill of digital rights. My policy prescriptions for prosperity from a fireside chat with @BitcoinConner at @BitcoinPolicy’s Freedom Tech DC summit.

$STRC and $SATA are among the two most liquid preferred equities issued to date. 18-month distribution reserves. Tax-advantaged distributions. Governance protections. Digital credit sits between traditional fixed income and common equity. DCAP is built to own it. For more information, including risks and to view a prospectus, visit Distributed by: PINE Distributors LLC

BDO, the world’s 5th largest accounting network, notes industries are built on assets: airlines deploy aircraft, banks allocate capital, and software firms monetize IP. Bitcoin can similarly be a foundational asset around which businesses are built.

On Tuesday, I joined @BitcoinConner for a fireside chat at @bitcoinpolicy’s Freedom Tech DC summit to share my policy prescriptions for prosperity in the age of Digital Assets and Digital Intelligence. Individuals and companies need a bill of digital rights, not a bill of restrictions. I believe regulators are better positioned than Congress to advance those rights. 02:24 - Digital assets taxonomy and the path from $3T to $100T 03:03 - Digital tokens, capital formation, and 10 million new companies 05:46 - Digital currency rights: stablecoins, yield, and competition 08:07 - Bitcoin as Digital Capital: bank custody, credit, and fair rules 11:25 - $1.6T of unbanked Bitcoin capital and why bank adoption matters 12:59 - Tokenized securities, self-custody, and competitive credit 15:59 - Clarity as a bill of restrictions vs. a bill of rights 18:43 - The next 24 months: CFTC, SEC, Treasury, and White House leadership 27:14 - AI agents, 24/7 markets, and 20th-century financial rails 32:03 - Why AI agents need pure digital money and digital assets

The Berkshires of Bitcoin | True North Podcast | Ep. 80 Featuring @PunterJeff, @IIICapital, and @AdamBLiv. Timestamps: 00:00 Intro 03:27 Episode Overview: Market close, balance sheets, Berkshire, derivatives 05:47 Meet the Crew: Adam Livingston joins Strive 11:29 Strategy $MSTR Balance Sheet: $BTC holdings, cash, converts, $STRC buybacks 15:23 Strive Balance Sheet: $ASST $SATA, dividend coverage, warrants, amplification 26:13 Risk Management and Volatility: Four-year cycle, drawdowns, credit flows 29:09 Traditional Credit vs. Digital Credit: Probability of outcomes, tail risk 40:35 Berkshire Hathaway Parallels: Capital, insurance float, risk taking 51:39 Strategy vs. Berkshire: Float growth, digital credit engine 58:55 Derivatives Market: ASST warrants, options open interest 1:04:26 MSTR and $IBIT Options: Open interest, hedging, liquidity 1:08:02 STRC Options Market: Puts, strikes, yield enhancement 1:15:01 Final Thoughts

We brought X to The Media tab now features a live feed of the latest Strategy posts, alongside our latest Presentations, Keynotes, Interviews, and more.

$STRC is Digital Credit for everyone. After one year, it has grown to $10B. It is designed to be high yield (currently 12%), high liquidity ($143M average daily trading volume), and low volatility (10%), trading between $99 and $100. It is supported by strong collateral coverage: $72B of $BTC (6.4X BTC rating) and $6B of USD (3.8 years of dividend coverage). Digital Credit addresses the $300 trillion credit market. $STRC has also become the platform for innovation in the digital assets ecosystem, including yield-generating stablecoins and tokens. These products, built on STRC, have already grown to $500M. Get ready for year two of $STRC. I discuss the potential with @natbrunell.