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