Sam Callahan

I joined @kgreifeld and @RomaineBostick on Bloomberg today to discuss Strategy’s evolution into a Digital Capital platform, our $3B cash reserve, $STRC, balance sheet resilience, and our long-term commitment to Bitcoin. 01:17 - Strategy’s evolution from Bitcoin Treasury Company to full Digital Capital platform 01:25 - Over 840,000 BTC, $10.5B of $STRC, and Strategy’s responsibilities 01:45 - Why Strategy built a $3B cash reserve after listening to preferred shareholders 02:30 - The path for $STRC: build USD reserves, return $STRC to par, issue more $STRC, and buy $BTC 04:22 - $MSTR’s goal: outperform Bitcoin over time while managing volatility through bull and bear markets 05:41 - Balance sheet resilience and why debt risk is low 06:50 - Strategy’s long-term Bitcoin commitment: “We’re not going anywhere” 07:04 - Bitcoin is bigger than Strategy: 4% ownership, $30–40B of daily volume, and bitcoin sales that did not move the market 08:46 - Software, AI, Bitcoin, and the maturity of a 25-year public company operating inside digital finance

TEM PRESENTE EXCLUSIVO NA ORANJE.MAIL DESTA SEMANA. Quer se manter atualizado sobre o mercado global, Bitcoin, as novidades da OranjeBTC e ainda ganhar UMA CAMISA BITCOPA exclusiva ou UM INGRESSO PARA O @blockchain_rio ? Se inscreva na Oranje.mail, nossa newsletter gratuita, e descubra na nossa próxima edição, quinta-feira (16/07), como conseguir um desses dois presentes incríveis que a OranjeBTC quer dar pra você. Inscreva-se agora pra não perder!! 👇

The train is out of control… The first nine months of FY 2026 produced a deficit of $1.37 TRILLION. That’s more than the same period last fiscal year. The deficit and debt are only going up.

Introducing the Bitcoin Bank Adoption Index. Adoption of Bitcoin and the related digital asset ecosystem across major banks and financial institutions is accelerating, but still early at 32%. Methodology and updates to follow. Institutions with questions, corrections, or additional public information: ir@strategy.com.

This is the first @hack4_freedom we’re running in Brazil! It certainly won’t be our last :) So excited to see what this talented group of ladies build over the next 2 weeks! 💕👩‍💻🇧🇷 Thank you @btrustteam @Vinteum_org @SoapboxTech @Breez_Tech for backing this mission and helping more women become builders in bitcoin and freedom tech ✊

JUST IN: @OranjeBTC adds 8 BTC to its treasury, while repurchasing 70,000 shares during the week.

Today’s conversation is with Sam Callahan (@samcallah). Sam has spent years educating investors on Bitcoin’s role as a monetary asset and is the current Director of Strategy & Research at @ORANJEBTC. In this episode of @ProofofThoughtX, Sam explains why Bitcoin solves the broken money problem, addresses one of the biggest misconceptions investors have about Bitcoin, and shares why volatility should not be confused with risk. We also discuss the accelerating wave of corporate Bitcoin adoption, whether institutions threaten Bitcoin’s original values, and why Sam believes Bitcoin treasury companies are only in the early stages of their evolution. Later, Sam gives an inside look at OranjeBTC, explaining its strategy, treasury operations, and long-term vision for helping more companies and investors understand Bitcoin. We then explore whether products like STRC and Bitcoin-backed yield will play an important role in the next phase of adoption. Finally, we close with a discussion on the assumptions Bitcoiners should challenge before the next cycle, what Sam has changed his mind about over the years, what he believes will drive Bitcoin's success over the next decade, and why he remains deeply optimistic about Bitcoin's future. Stick around until the end—Sam shares timeless insights on Bitcoin, adoption, corporate strategy, and where the network is headed over the coming years. Thank you to Sam for coming on the show! Follow his work: @samcallah @ORANJEBTC Timestamps: 00:00 – Intro 00:44 – Sam’s Background, His Bitcoin "Aha" Moment & the Work He's Doing Today 08:05 – Why Bitcoin Solves the Broken Money Problem 16:15 – Volatility ≠ Risk: Clearing Up Bitcoin’s Biggest Misconception 21:49 – Corporate Bitcoin Adoption & the Michael Saylor Effect 27:21 – Does Institutional Adoption Threaten Bitcoin’s Original Values? 31:13 – OranjeBTC: Building Latin America’s Largest Bitcoin Treasury Company 35:44 – Sam’s Role at OranjeBTC: Education, Strategy & Treasury Operations 39:44 – Will More Corporate Treasuries Adopt STRC & Bitcoin-Backed Yield? 49:02 – The Biggest Misunderstanding About Bitcoin Today 51:53 – What Bitcoin Idea Sam Has Changed His Mind On 59:53 – Assumptions Bitcoiners Need to Challenge Before the Next Cycle 1:04:45 – What Will Drive Bitcoin’s Success Over the Next 10 Years? 1:07:32 – What Gives Sam the Most Hope About Bitcoin

@PumpCapitalLLC Well if we don’t agree on that, then we won’t agree on much. 🤝

@samcallah Bitcoin is not sound money; it's not money at all. There are very few transactions occurring in Bitcoin

the problem with this kind of analysis is a year ago the average house in the US was 4.7 Bitcoin today it is 8.44... so homes are twice as expensive as they were a year ago on the Bitcoin unit of account

The average U.S. home keeps getting more expensive in dollars. But priced in Bitcoin, it has collapsed. That’s the power of changing your unit of account to BTC. It reveals what fiat debasement tries to hide.

Where does Bitcoin go from here? @LynAldenContact returns to break down price action, macro, what really happened with Strategy's $STRC, and the protocol fight dividing Bitcoin right now. We get into: - Whether Bitcoin has found its floor - The lowest sentiment Lyn's ever seen - The crash in Strategy's $STRC and whether holders should be worried - Her grounded take on the protocol fight and the "existential threat" talk - Why the Big Print everyone's waiting for still isn't coming Now streaming on all podcast platforms.

@ReidTymcio can't forget about that

@samcallah You’re forgetting the $2 trillion elephant in the room. It’s the US Gov that’s crowding out the capital markets, not IPOs.

After several years of scarce equity supply, public markets now have a projected $160 billion IPO pipeline to absorb. Bitcoin now has more competition for capital.

OranjeBTC supports SUCAB Academy’s emergency campaign for those affected by the earthquake in Venezuela, using Bitcoin and Lightning to deliver direct aid to the people who need it most right now.

Broken money.

+8 BTC has been added to our balance sheet. We now have achieved a gross BTC yield of 13.07% YTD and hold 3,904 BTC. 🍊

Just a reminder: Strategy acquired 89,599 BTC in Q1 alone.

Bitcoin

@phongle 🇺🇸🧡

Bitcoin is Freedom I spent the last few weeks in my motherland, Vietnam. The country has transformed since my family escaped in 1978. It is more prosperous, energetic, and ambitious than the Vietnam I left behind. A young population, rising investment, and global aspiration have created extraordinary momentum. And yet one thing remains clear. For many in Vietnam, the ultimate dream is still America. And if they cannot make it to America, they want to wear American brands, eat American food, listen to American music, and exude American confidence. My trip to Vietnam reminded me of this, and the World Cup has made it visible on a global stage. America remains not only a country people admire, but a place people still want to reach, represent, and belong to. The United States remains the land of the free, the Wild Wild West, and the home of the American Dream. Walmart and Waffle House. Boston and Austin. Silicon Valley and Wall Street. A country where people can still rise from welfare to extraordinary success through hard work, ingenuity, risk taking, and some luck. My family experienced that promise directly. We arrived in America as refugees, sponsored by a Catholic church in Syracuse, New York. We received public assistance, food stamps, and free school lunches. My father worked three jobs. We lived frugally and dealt with poverty and racism. America was not easy, but it was open. It gave us a system where effort, education, entrepreneurship, and perseverance could compound. This is America. The world still aspires to be like us. What has made America successful over the last 250 years is not accidental. It is a principled Constitution, geographic scale, abundant resources, and a culture of liberty, capitalism, entrepreneurship, and reinvention. Other nations try to replicate the recipe, but often waver. Interventionism, bureaucracy, corruption, and ego get in the way. Which brings me to Bitcoin. Bitcoin is the United States of money. It aspires to do for money what the American Constitution aspired to do for government: create a system governed by transparent rules rather than the discretion of individuals. Built on a principled white paper, digitally enforced scarcity, and proof of work, Bitcoin is digital capital governed by code, energy, and consensus. But beyond that, Bitcoin is hope. It provides hope for those who have worked hard for their money and want to protect it from monetary inflation. It provides hope for those born in countries without reliable rule of law or economic freedoms. It provides hope for anyone seeking protection, opportunity, and a form of property that does not depend on geography, politics, or permission. I was born in the year of America’s bicentennial. Fifty years later, the future of American dominance is being questioned. I have no question. The United States of America is the greatest country in the world. My life is proof of what America makes possible. I left Vietnam as a refugee, grew up poor in America, built a career through education and hard work, and now have a wonderful wife and three children. That is the American Dream to me. It is not just wealth. It is freedom, family, opportunity, and the ability to determine your own future. That is also why Bitcoin resonated with me. I found Bitcoin because it reflected the same principles that shaped my life: clear rules, individual sovereignty, property rights, resilience, open competition, and long-term conviction. America gave my family freedom through a country. Bitcoin offers individuals monetary freedom through a network. One opened the door for me. The other opens a door for anyone, anywhere, to protect the fruits of their labor. That is why Bitcoin is freedom.

O terremoto de 24 de junho deixou a Venezuela diante de uma das maiores tragédias sísmicas de sua história recente. La Guaira foi declarada zona de desastre, com prédios colapsados, centenas de feridos e famílias precisando de ajuda urgente. A OranjeBTC está apoiando o Fundo de Emergência da Academia Blockchain, Trading & Cripto UCAB (Academia BTC), que busca levar ajuda rápida, direta e verificável a quem mais precisa. É justamente aqui que Bitcoin, Lightning e stablecoins mostram seu valor: permitem que doações cheguem rapidamente, de qualquer lugar do mundo, sem fronteiras e com menos intermediários. A campanha também traz um ponto essencial, nativo ao Bitcoin: transparência. Os valores arrecadados são públicos e podem ser verificados on-chain. As doações recebidas e os desembolsos realizados serão comunicados publicamente pela Academia BTC, permitindo que qualquer pessoa acompanhe como os recursos estão sendo utilizados. Mas sozinhos não chegamos longe. Convidamos nossos entusiastas, a comunidade Bitcoin e todos que puderem ajudar a se juntar a essa campanha: Doe para o fundo de emergência: btc.academiasucab.com/fondo-emergenc… Doe diretamente em BTC: bc1qqe9udcnhvek9h3vwl5md7yqautf87pgd8v5ywp Doe via Lightning: checkout.opennode.com/p/acdb43ac-f10… Se não puder enviar alguns Sats, compartilhe as publicações da campanha e ajude a espalhar a mensagem: X: x.com/i/status/20705… Instagram: instagram.com/p/DaDcjKIu26w Telegram: t.me/academiabtcuca… Cada sat importa. 🙏