Welcome Back to The Hurdle Rate Episode 78: Bitcoin Fell, We Grew 6x In this week’s Hurdle Rate, the crew breaks down the $700M SATS IPO, Strive’s first year as a public company, and growing from 5,886 to 36,818 $BTC through a bear market. They also discuss why $SATS is a 15% fixed rate preferred junior to $SATA, how the $ASST amplification engine was built, and what TradFi investors asked during a high yield selloff. Here’s the latest with @ColeMacro, @PunterJeff, @Werkman, @IIICapital, and @AdamBLiv. Timestamps: 00:00 - Intro 00:54 - Strive’s First Year 06:58 - 6x the Bitcoin in a Bear Market 14:40 - The Amplification Engine 22:18 - The Dream Bear Market 25:22 - Why SATS Is 15% Fixed 34:32 - Designing SATS 42:27 - Treasury Breakeven ARR 46:40 - The Digital Credit Bubble 55:54 - Pricing Through a High Yield Selloff 01:01:13 - What’s Your LTV? 01:06:30 - The 18-Month Dividend Reserve