The Hurdle Rate Podcast

In this week’s Hurdle Rate, the crew reacts to Strategy’s latest investor Q&A and breaks down why the company is prioritizing STRC, building cash reserves, and treating Bitcoin as flexible capital. We dig into why Bitcoin has held firm despite Strategy selling, the Coldcard self-custody exploit, and broader market stress, and what that resilience could signal about the bear market. The conversation then turns to NVIDIA’s massive structured-finance deal, how the company is lending its balance sheet and creditworthiness to accelerate OpenAI’s infrastructure buildout, and what it reveals about the growing convergence of AI, credit, and capital markets. We close with OranjeBTC’s DIGY11 ETF and the expansion of Bitcoin-backed digital credit into Brazil.
 
Here's the latest with Tim Kotzman, Matt Cole, Joe Burnett, and Ben Werkman.
 
0:00 - Welcome Back to The Hurdle Rate2:26 - Strategy Q&A: Bitcoin and Digital Credit11:27 - Bitcoin Treasury Companies Face a Stress Test13:15 - Is Michael Saylor Buying High and Selling Low?17:00 -  MSCI and Bitcoin Treasury Companies20:08 - Understanding Amplified Bitcoin Volatility30:45 - The Macro Backdrop and Bitcoin’s Next Move35:44 - NVIDIA’s Massive OpenAI Financing Deal53:11 - OranjeBTC’s DIGY11 ETFFollow us on X: https://x.com/HurdleRatePod
All episodes now live: https://tnorth.com/shows/hurdle-rate/
 
True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*
 
Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

 
In this week’s Hurdle Rate, the crew breaks down Strive’s Q2 results, including a 23.9% Bitcoin yield and how the company’s incentive structure supports its broader Bitcoin treasury strategy. We then turn to Strive’s refreshed website and redesigned Bitcoin Dashboard, exploring how the new tools improve transparency, make key treasury metrics easier to understand, and give investors a clearer view of the company’s performance.
 
Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, and Joe Burnett.
 
Timestamps:
00:00 Welcome Back to The Hurdle Rate00:47 Strive’s Q2 Results05:52 The Redesigned Strive Website10:56 Treasury Dashboard Walkthrough50:11 Closing Thoughts
 
True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*
Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

In this week's Hurdle Rate, the crew breaks down the Coldcard self custody exploit and how the Bitcoin community responded to it, before turning to what the event revealed about how few people understood the cryptography they were relying on. We dig into the yen hitting its weakest level in forty years and what a fragile treasury market means for everyone holding dollars, Strategy'sdecision to sell Bitcoin and build a cash reserve, and the game theory behind buybacks. We close with a deeper look at the traditional capital that is starting to fill gaps this market used to fill on its own.
Here's the latest with Tim Kotzman, Matt Cole, Jeff Walton, and Ben Werkman.
Timestamps00:00 - Welcome To The Hurdle Rate02:03 - The Weekend That Tested Self Custody03:34 - Look For The Helpers07:48 - Why A White Hat Could Not Have Saved This13:11 - A Humbling Event For The Whole Market17:09 - What People Did Not Understand About Cryptography20:58 - Bitcoin Recovers From The Drop23:24 - The Yen At Forty Year Lows28:38 - Who Actually Buys Treasuries Now33:48 - Fragile Markets And What Props Them Up36:42 - Strategy Sells Bitcoin And Builds Reserves41:33 - The Game Theory Of Buybacks42:37 - Traditional Capital Fills The Gap46:38 - What The Clarity Act Would Open Up
Follow us on X: https://x.com/HurdleRatePodAll episodes now live: https://tnorth.com/shows/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 Tim Kotzman, Matt Cole, Jeff Walton, and Ben Werkman.
 
Timestamps:00:00 - Welcome to The Hurdle Rate01:30 - Why Digital Credit Is a Trillion-Dollar Opportunity03:00 - Consolidating Liquidity Around STRC07:30 - Building an Ecosystem Around Digital Credit10:30 - Reading the Market and Maintaining the 12% Dividend13:30 - STRC, Short Interest, and Minimizing Volatility16:30 - The Risks of Borrowing and Derivative Strategies22:30 - MSTR’s Long-Term Leverage and Holding Period24:00 - Bringing Digital Credit to Hong Kong Investors30:00 - Why Strive Rejects the “DAT” Label33:00 - Strive’s Balance Sheet Growth Despite Bitcoin’s Decline34:30 - Bringing Bitcoin to Wall Street42:00 - Fed Policy and Kevin Warsh’s Communication Strategy45:00 - Closing Thoughts
 
Follow us on X: https://x.com/HurdleRatePodAll episodes now live: https://tnorth.com/shows/hurdle-rate/
 
Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.
 
True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*
 
Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.
 

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 Tim Kotzman, Matt Cole, Jeff Walton, and Ben Werkman.
Timestamps:00:00 – Welcome Back to the Hurdle Rate11:09 – Trading Volumes: MSTR vs. IBIT12:33 – Analysis of Short Interest & Derivatives Markets16:04 – Tax Treatments for Lending Shares & Manufactured Dividends20:10 – Short Squeezes & Conserved Energy in Equities28:49 – Robinhood Retail AI Trading Agents30:00 – Deconstructing Chamath’s Crypto Tweet31:59 – Unlocking Institutional & Corporate Demand for Bitcoin32:52 – Private Credit Markets, Structured Finance & Insurers51:50 – Step Function Improvements in Leverage Solutions56:28 – Battle Testing Management Teams & Risk-First Approaches
Follow us on X: https://x.com/HurdleRatePodAll episodes now live: https://tnorth.com/shows/hurdle-rate/
Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions.
True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).*
Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin. 

Shifting Institutional | The Hurdle Rate Podcast | Ep. 65 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 Tim Kotzman, Matt Cole, Jeff Walton, and Ben 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
Follow us on X: https://x.com/HurdleRatePod
All episodes now live: https://tnorth.com/shows/hurdle-rate/
Disclaimer: The content in this video is for informational and educational purposes only and should not be considered financial advice. We are not financial advisors, and you should consult with a qualified professional before making any financial decisions. All investments involve risks, and you are responsible for your own decisions. True North does not intend for anything herein to be considered an offer or sale of any securities, including those of Strive. True North encourages listeners to consult with their tax and investment advisors. Additional information on any securities or issuers referenced herein can be found in such issuers’ filings with the Securities and Exchange Commission (“SEC”), including any registration statements, prospectuses and prospectus supplements for each issuers’ securities. Listeners should read such documents and other documents incorporated by reference therein or that such issuer has filed with the SEC for more complete information. You may get these documents for free by visiting EDGAR on the SEC website at [www.sec.gov](http://www.sec.gov).* Any securities referred to herein, including those of True North’s parent Strive, are not collateralized by underlying bitcoin holdings and may be subordinated to senior claims. There are no guarantee of returns liquidity or future performance. The securities referred to herein are neither bank deposits, nor FDIC insured, nor regulated in the same way, and do not have the same regulatory and other protections as bank accounts, money market funds, treasuries, or similar investments and as a result may not be comparable investments. Current trading prices and effective yields may vary, current rates are not indicative of future rates, and in some cases rates are subject to frequent adjustments and may be significantly lower than discussed herein. Cash dividends are not guaranteed. In some cases, dividends have not been paid and may not be paid in the future. Ownership of securities referred to in herein does not confer ownership in the underlying assets, including bitcoin.

Episode 64: Building The Track RecordIn 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 Tim Kotzman, Matt Cole, Jeff Walton, and Ben Werkman.
Time Stamps:00:00 Welcome to the Hurdle Rate03:20 Why Selling Bitcoin Helps STRC Confidence05:37 Matt Cole on Strategy’s Long-Term Move09:05 Bitcoin Absorbs the Sale13:53 Bitcoin Liquidity Compared to Real Estate17:29 Why the Model Still Works Without Capital Markets19:03 Bitcoin CAGR + Balance Sheet Strength23:14 Strive’s Dividend Math Compared to Strategy27:40 SATA Short Interest + “Controlled Burn”34:20 Jeff Explains Controlled Burns and Wildfire Incentives41:56 Why Strive May Let SATA Trade Freely44:05 Patience, Positioning, and Market Discipline45:07 Closing Thoughts

Episode 63: The Digital Credit Capital FrameworkIn this week's Hurdle Rate, the crew opens with the latest on digital credit volatility and the broader market backdrop, before digging into Strategy's 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.

Episode 62: Digital Credit WeaknessFull episodes: https://tnorth.com/hurdle-rate/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 Tim Kotzman, Matt Cole, Jeff Walton, and Ben Werkman.00:00 - Welcome To The Hurdle Rate06:24 - Analyzing Volatility and Liquidation Events11:28 - Understanding Market Reactions and Investor Behavior17:23 - Comparing Digital Credit to Traditional Financial Instruments22:11 - The Future of Digital Credit and Market Innovations30:52 - Resilience in Bear Markets36:07 - Opinions on Kevin Warsh and the Fed41:48 - Navigating Economic Uncertainty51:53 - Optimism for a Super Cycle

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.Full episodes: https://tnorth.com/hurdle-rateTimestamps00:00 Welcome to the Hurdle Rate Podcast01:44 Market Acceleration and USD Reserves06:04 Holistic Capital Structure Strategy12:20 Designing Long-Term Capital Vehicles17:21 Analyzing Recent Bitcoin Flows18:11 SpaceX IPO and Major Capital Events29:18 Bitcoin on Institutional Balance Sheets36:51 Takeaways from Bitcoin Prague41:20 Onboarding New Investors via Digital Credit