Matt Cole @ColeMorco

Strive acquired an additional 469 $BTC for $36.6M at an average cost of $77,954 per bitcoin, bringing total holdings to ₿25,000. 100% of the capital raised came from SATA, which now has over $1B notional outstanding. We increased amplification ratio to 53.5%. $ASST $SATA

I agree with @SecScottBessent that he is the house but IF AND ONLY IF he takes bold action. My best guess is he will decide to actually be the house somewhere between 5.25% - 5.75% on the 10 year UST, but to date he has not done nearly enough. I'm talking Strive's book because it would likely benefit Bitcoin greatly, but for the health of the US treasury market and the monetary strength of the United States, his bold action is truly needed. Fade him at your own peril.

Matt Cole @ColeMacro

a month ago

Another very long macro post, but I don't write these often. We are watching the most interesting macro backdrop of the last several decades take shape in real time. One important piece of the long-term dollar view I wrote about last week is what happens at the long end of the

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The first billion’s the hardest.

Thankful for the free @Strive advertisement to over 100,000 people at the @OhioState @TexasFootball game tonight. If you saw it, the tickers are $ASST and $SATA. You’re welcome.

The Constitutionalist 🇺🇸 @WeWillBeFree24

3 weeks ago

Texas is playing Ohio State tonight in Austin. Vivek who has said publicly that Ohio is not the best state moved his business Strive management to Texas that was funded with Peter Thiel, Bill Ackman, and Joe Lonsdale stating Texas is more "business-friendly." They also required

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Sorry Dr. Acton, you’re lying about this again. I’m the CEO and made the decision to move to TX. That was my decision, not Vivek’s. And if you ever come near leading Ohio, a lot of other companies will do the same.

Dr. Amy Acton @amyactonoh

3 weeks ago

Ramaswamy moved his business to Texas. Go Bucks.

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Give Dario, Elon, and Altman two choices: 1. Nationalize all three companies 2. No constraints on any of them Reject the concept of lifting up the ladder behind them, but if they truly believe what they say, their response will be simple.

My self interested position is that I hope the Fed tries to play Mr. tough guy with interest rates and finds out.

Eric Balchunas @EricBalchunas

3 weeks ago

Increased interest payments (which is already like second biggest expenditure of gov) is another reason why I think the Rate Hike Camp is going to be wrong (again). The more obvious one tho is rate hikes bad for all financial assets and economy and POTUS clearly doesn’t want

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I was not planning to write a long post about Flock cameras, much less become what is likely one of the only public-company CEOs in America speaking out against them. A firm Joe founded was a seed investor in Strive, and I have historically agreed with Joe on many issues. That connection at least made me question whether I should say more publicly. But Joe’s response to my initial comment in this thread has stayed with me. I said that I oppose Flock and license-plate cameras and would rather accept more crime than further the surveillance state. Joe responded by asking what I had previously done about speed and parking cameras, and whether the left had simply found a seam to exploit. I could not disagree more with the viewpoint behind that response, and staying quiet about it would be inauthentic. Joe’s challenge seems to be that because people did not previously speak out against speed, parking and older license-plate cameras, the current concern over Flock must be the product of a left-wing psy-op and imply I'm part of it, which is actually funny. I agree that Americans should have opposed those systems more forcefully. Some did, while many probably had no idea how broadly license-plate data was being collected, stored and shared. But COVID was a major wake-up call for many Americans about government power, after many of those systems were already in place. It is normal and healthy for people to learn what their government is doing and then speak out. It is wild to suggest that failing to recognize an earlier intrusion means we must accept a much larger one. The only reasonable response to having been insufficiently vigilant before is to be more vigilant now. Flock is also not simply another camera. A traditional speed or red-light camera is generally tied to an alleged violation at a particular location. Flock records every vehicle passing within its view and turns those individual sightings into a database that can be searched retrospectively and across jurisdictions. That is different in both kind and scale. The value, power and danger of a database also grow exponentially as AI becomes capable of connecting it with other databases, identifying patterns and drawing inferences that no human analyst could. That capability will only become more powerful from here. The wrong question is whether Flock cameras can reduce crime. Of course they can. Even if I took every claim in a16z’s San Francisco video as holy truth rather than marketing, it would not change my view. A government can reduce many bad outcomes by monitoring more movement, restricting more choices and eliminating more freedom. We could reduce automobile deaths to nearly zero by outlawing automobiles. That would improve one statistic by making society less free and less functional. San Francisco spent years pursuing policies that tolerated open-air drug use, theft and disorder, weakened law enforcement and prosecution, undermined personal responsibility and frustrated immigration enforcement. I want criminals punished, the border secured and illegal immigrants removed from the country. But the principled response to bad public policy is to reverse it, not to ask every law-abiding citizen to surrender civil liberties to manage its consequences. You do not correct government failure by giving government more power. It is wild to suggest that my conviction on this could have come from the left. I have spent my professional career, in the beginning at considerable personal cost, as one of the leading voices pushing back against ESG and DEI. But more importantly, this conviction came from living in Northern California during COVID, when Gavin Newsom deemed churches “non-essential” and ordered them closed while “peaceful protests” were encouraged. My wife and I attended a church that opened in defiance. We believed its pastor might be arrested, but he and the people who filled that building refused to surrender their faith. I watched businesses operate behind covered windows because ordinary life had effectively been made unlawful. Somehow, that became one of the best and most meaningful periods of my life. My wife and I found Christ, a church and lifelong friends among people willing to stand against government overreach. Charlie Kirk’s support for that church is what brought us through its doors. On the one-year anniversary of his assassination, I wrote about how that experience changed the course of our lives: x.com/ColeMacro/stat… If Flock cameras had been everywhere during COVID, making it possible to identify who drove to a church openly defying the governor, I do not know that my wife and I would have walked through those doors. We may never have found the church that led us to Christ. This is not a theoretical civil-liberties concern to me. It could not be more personal. That is why I do not judge a government power by how people I presently agree with promise to use it. Cameras installed today and databases connected today will remain for the next administration, the next emergency and the next definition of who constitutes a threat. Written rules, good intentions and promises of restraint are not enough. An audit log may document abuse after it occurs, but it cannot restore the privacy, livelihood or liberty that was taken. Yes, a free society accepts risk. I would rather accept more crime than live in a society that records the movements of millions of innocent people in the hope of catching the guilty. Freedom has costs because eliminating every risk requires eliminating freedom. Thomas Jefferson wrote, “I prefer dangerous freedom over peaceful slavery.” The point is not that liberty is safe. It is that liberty remains preferable even when it carries danger. This is not left versus right, and no citizen needs a résumé of opposing every earlier government camera before objecting to the next expansion. Calling resistance to a surveillance state a left-wing psy-op substitutes a theory about the messenger for an answer to the argument. What I find dangerous is a movement among people who call themselves conservatives that will surrender freedom whenever surveillance is marketed as a weapon against criminals or illegal immigration. The machinery will not remain confined to today’s targets. Reverse the policies that create lawlessness. Enforce the law. Secure the border. Remove illegal immigrants. Punish criminals. But do not build a surveillance state and call it freedom.

Joe Lonsdale @JTLonsdale

3 weeks ago

Don’t fall for the psy-ops. Think for yourself!

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It’s Friday and $SATA is at $100. Time to turn the volume up and have some fun. Next week is going to be electric. You’re not going to want to miss the next Hurdle Rate. Enjoy the weekend.

We are expanding our Bitcoin Stewardship Commitment to support @OpenSats' Red Team Fund, which backs researchers red teaming critical Bitcoin software. This joins our ongoing support for @bitcoinpolicy on sound Bitcoin public policy and @bitcoinbrink on open-source Bitcoin development. AI capabilities are advancing rapidly, making vulnerabilities in Bitcoin software easier to find and exploit. Bitcoin’s defenders need access to the best available AI models and the compute required to use them at scale, helping them find and fix vulnerabilities before attackers can exploit them. We are grateful to @Rob1Ham, @callebtc, and the broader Bitcoin Red Team for their critical work to date. Protecting the network that underpins our most important asset is prudent long-term stewardship and part of our fiduciary responsibility. For additional context, see the @Strive Bitcoin Stewardship Commitment:

Matt Cole @ColeMacro

2 months ago

x.com/i/article/2079…

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Going live with @scottmelker to talk macro, Bitcoin, Strive, compensation philosophy, and more.

The Wolf Of All Streets @scottmelker

3 weeks ago

Bitcoin DROPS As Treasury’s $6 BILLION Bond Rescue BACKFIRES | Matt Cole x.com/i/broadcasts/1…

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One year ago today, I wrote this after Charlie Kirk was murdered. Two days later, Strive became a public company. It was one of the biggest moments of my professional life, and yet I could not get my mind off Charlie, his family, and what his life had meant to mine. If you look back at what I was talking about publicly during those days, it was mostly about Charlie, because that was where my mind and heart were, and it felt inauthentic to spend that moment talking only about Strive. During COVID, my wife and I were living in Northern California. @GavinNewsom had deemed churches “non-essential” and ordered them closed while “peaceful protests” were encouraged. In May 2020, @destinyrocklin church, which was close to where we lived at the time, opened its doors in defiance of those orders. We believed at the time that its pastor could potentially be arrested for taking that stand. He did not care, and neither did the people who filled that building, including my wife and me. We were there because church is essential and because nothing is more important than our faith in Christ. We had never been to Destiny and probably never would have walked through its doors that weekend without Charlie. We heard on The Charlie Kirk Show that he would be there supporting the church, so my wife and I went. We found a church full of Christians on fire for God, unafraid to live their faith publicly, and that experience helped set my family on the Christian journey we have been on ever since. It also directly gave my wife and me the conviction to take a stand against the ramifications of ESG and DEI, which we came to believe represented not only breaches of fiduciary duty, but a broader cultural movement increasingly hostile to Christian conviction. We would not be where we are in our Christian journey without Charlie, and I am certain I would not be at Strive without Charlie Kirk. When Strive was founded in 2022, Charlie was a seed investor. He supported Strive from the beginning in its fight against ESG and DEI, and he was excited about Strive’s evolution into a Bitcoin-focused company. Charlie understood that these fights were about much more than markets or business, and his energy and conviction were unmistakable. I spend a lot of time talking about Bitcoin, the debt crisis, markets and Strive, and I have always promised myself that I will be authentic about what is actually on my mind and speak what I believe to be true. I could not live my life any other way. Make no mistake about what sits beneath all of it for me: Christ comes first. My faith is my foundation, my inspiration and ultimately my why. Charlie blessed this country with an extraordinary amount of energy during a tragically short life. It is fitting to me that his final book was about honoring the Sabbath. Of all the subjects Charlie could have chosen to write about, his final message pointed people back toward God. A year later, what I wrote that day remains true: Charlie changed my family’s life, and his legacy lives on in our home and in countless others. We will never forget Charlie Kirk.

Matt Cole @ColeMacro

a year ago

Heartbroken that Charlie Kirk has passed away. Charlie literally changed my family’s life. He played a role in our faith journey, he led us to fight for our country and to fight for freedom. That directly led to many things, including my wife and I joining Strive. Anastasia and I

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Eleven months after 10/10/25, Strive is the only “DAT” in B. Riley’s coverage to have outperformed its underlying asset. Encouraging start. Job’s not finished.

Enjoying the warmth of the bondfire this morning. Exactly the macro environment $ASST was built for.

BLAKE⚡️ROGUE MONEY USER @bleighky

3 weeks ago

Matt Cole @ColeMacro recently dropped three long-form posts explaining: 1. Why the dollar is in structural decline 2. How interest rates and the Treasury market are setting up 3. Why Bitcoin’s strength against gold could signal its strongest cycle yet Essential reading for

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Listen to the @HurdleRatePod at 48:21 to get the zoomed out perspective of what this might look like so you're prepared for any volatility. x.com/HurdleRatePod/…

The Hurdle Rate Podcast @HurdleRatePod

3 weeks ago

Welcome Back to The Hurdle Rate Episode 73: The Billion Dollar Wall In this week's Hurdle Rate, the crew discusses $SATA hitting $999 million outstanding, Strategy $MSTR doubling its $STRC repurchase facility to $2 billion, and Strive $ASST adding another 1,000+ bitcoin:native.

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Mamba mentality.

The Hurdle Rate Podcast @HurdleRatePod

3 weeks ago

Matt Cole says the right mentality for Strive $ASST and the broader Bitcoin $BTC industry is similar to Kobe Bryant’s approach to competition. You can deeply respect the people building alongside you and want to see them succeed, while still competing to win. Mamba mentality.

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I want every Bitcoin treasury company to recruit and retain exceptional people, and I believe strong teams should be rewarded for strong results. I also generally avoid commenting on how peers compensate their teams. But Strive has repeatedly been cited as equivalent to another compensation structure in a way that I do not believe is factually accurate. Because this concerns our company and our shareholders, I want to clarify the record. David wrote that “a perpetual non-dilutive option creates misalignment.” I agree. That principle applies at every stage, especially for a Bitcoin treasury company whose strategy includes accretive equity issuance. The comparison to Strive does not hold because it combines three fundamentally different categories: legacy founder ownership, merger consideration distributed to all legacy shareholders, and forward-looking compensation for current management. Those categories are not interchangeable. Founder equity originates at formation. The founding owners collectively own the company, then dilute alongside other shareholders as investors come in. A founder like Michael Saylor retaining 65% after an IPO holds the remainder of an existing stake after dilution. It is not a new 65% compensation award. That is fundamentally different from an ongoing award whose share count automatically increases with future issuances to preserve management’s ownership percentage. Strive’s 270.5 million pre-split Class B shares were merger consideration issued to all premerger Strive equityholders, including investors. They were not a 270.5 million-share management award. Class B was the security used for the merger consideration, not a compensation pool reserved for founders or employees. Vivek was Strive’s sole shareholder at founding, which is where his founder ownership originated. Since then, he has received no additional equity as compensation. Any additional securities he acquired were purchased by investing capital into Strive, including through private financings and SATA’s initial public offering. Vivek is not a current officer or director, and he has not had a single share vest since I became CEO in April 2023, including throughout our entire Bitcoin treasury strategy. His public-company shares reflect his founder ownership and invested capital carried through the merger, not compensation for managing that strategy. The relevant question is how current management is paid for future results. Under Strive’s current program, no management award automatically increases with future share issuances to preserve a fixed ownership percentage. Management dilutes alongside shareholders, and my current vested economic ownership is well below 1% of the company. As I laid out in my September 2 post linked below, we designed our compensation framework through a methodical process that can be clearly explained and evaluated. Under the Strive Board’s direction, we worked with Mercer to build the framework and began by benchmarking overall compensation around the 50th percentile for comparable roles. We started there because this was a new strategy and results had not yet been demonstrated. It was a starting benchmark, not a permanent ceiling. Sustained exceptional performance can justify reassessing compensation through the same disciplined process, just as underperformance should reduce compensation and bring management accountability. At the roughly $2.1 billion equity value cited in that post, target annual equity compensation for our entire 30+ person team was approximately $21 million, less than 1% by value. Long-term awards are earned over three years and tied to outperforming Bitcoin, which is our hurdle rate, alongside performance against a broad-based stock market index. Shareholders can agree or disagree with the resulting package, but its purpose, benchmarking, cost, vesting period, dilution, and performance hurdles are transparent. That clarity comes from the process used to build it. The Bitcoin treasury sector has evolved extraordinarily quickly, and Metaplanet’s prior compensation program predated its Bitcoin treasury strategy. At that earlier stage, neither the scale of its future success nor all the alignment implications at today’s size may have been apparent. Metaplanet has delivered substantial value for shareholders over the course of its Bitcoin journey, and its team deserves credit for that performance. I also recognize that Metaplanet has removed the future adjustment mechanism from its prior program and is reviewing its compensation approach. I view that as constructive, and I hope the resulting framework strongly aligns management with shareholders. That progress does not change my view that the prior structure created misalignment, nor does it make that structure comparable to Strive’s compensation framework. I believe strong management teams should have meaningful upside when they deliver exceptional long-term results. Our objective is to make that upside transparent, performance-based, and aligned with the shareholders alongside whom we are building the company. Here is my full post discussing Strive’s framework: x.com/ColeMacro/stat…

David Bailey🇵🇷 $2.0mm/btc is the floor @DavidFBailey

3 weeks ago

@ZynxBTC I had to ask grok but I think Saylor had 65% of the shares immediately after IPO in 1998. Strive was awarded 270m class b shares. It’s not the award that matters it’s the result. Paying nothing for a bad outcome is much worse than paying handsomely for a great outcome

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One of the more important Hurdle Rate episodes we’ve done. We went deep philosophically on compensation, shareholder alignment & competitiveness. Kobe told his Olympic teammates he was going to run through Lakers teammate Pau Gasol’s chest on the first play to set the tone. They were brothers, but that day they were competitors. That’s the mentality we bring to Strive.

The Hurdle Rate Podcast @HurdleRatePod

3 weeks ago

Welcome Back to The Hurdle Rate Episode 73: The Billion Dollar Wall In this week's Hurdle Rate, the crew discusses $SATA hitting $999 million outstanding, Strategy $MSTR doubling its $STRC repurchase facility to $2 billion, and Strive $ASST adding another 1,000+ bitcoin:native.

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Mamba mentality: youtube.com/watch?v=HiKOSw…

Strive acquired an additional 1,375 BTC for $109M at an average cost of $79,281 per bitcoin, bringing total holdings to ₿24,531. 70% of the capital raised last week came from $SATA, which now has $999M notional outstanding. Time to break the billion-dollar wall. $ASST $SATA