Nick Colletta

While everyone is focused on CLARITY, I can confidently say that the Bitcoin Policy discussion in DC is changing quickly. In the past few weeks we’ve had multiple discussions with members of Congress laser focused on the strategic implications of winning the bitcoin race as a matter of national security.

Measured in USD, Bitcoin has an $∞ TAM. We have seen nothing.

Public corporates asked the same question, evidently.

@BitcoinPierre This time is different (will delete if wrong)

This is now the best Bitcoin bear market from a drawdown perspective.

Thanks I hate it

Strive has increased our Annual Dividend on SATA to 13% On our balance sheet today, we have: Assets: 1. $1.02 Billion in Bitcoin 2. $89.7 Million in cash 3. $50.5 Million in $STRC Liabilities: 1. $10M Senior Convertible Notes (1% leverage ratio) Mezzanine Equity: 1. $437M in SATA outstanding (44% amplification ratio) Our annual interest from SATA at 13% is ~ $56.8 Million As of today, Strive has 20+ years of annual dividend coverage currently on balance sheet. In a world moving VERY fast with advancements in AI, we believe future cash flows of the enormous existing credit market to be at risk (insert any article on Private Credit). We believe Bitcoin remains the best form of Digital Capital to withstand these changing market dynamics, and Digital Credit (such as SATA) to be the most transparent & interesting credit risk instruments in the capital markets. Please see our recent SEC filings. (use your favorite AI tool to summarize). Our website strive.com has an analytics dashboard that updates every 15 seconds with metrics

Strive increased the dividend on $SATA by 25 bps to 13.00% and acquired an additional 27 $BTC. Strive now hodls 13,768 Bitcoin. $ASST $SATA

$1.56 billion of liquidity. One-cent market. Closed at par. $STRC

@IIICapital Yes

Are the bears cooked?

$1.156B of liquidity. One penny of volatility. Closed at par. $STRC

It’s race week 🏁 We’re heading to Donington Park for the opening rounds of the MINI Challenge. It’s been a serious journey to get here. Time to deliver. Powered by @vexl.

I honestly can’t think of another asset in all of human history that’s been as undervalued as much as Bitcoin is right now.

Optimized structure with $1.00B Bitcoin and growing. $ASST $SATA

@Z06Z07 @IIICapital @Strategy Lets gooo! Excited for this one

Really appreciate the shoutout Joe Joe Burnett @IIIcapital — this means a lot. 🙏 There’s a difference between: building something that works for me → cool building something others can use → powerful Seeing @Strategy historical Bitcoin acquisition work evolve into a 1 million BTC Date tracker on @TNorth tnorth.com/tools/strategy… …and hearing you walk through it is really gratifying. 🙏

But I was told by random crypto entrepreneurs that “sophisticated financial institutions would never consider investing in bitcoin treasury companies”

You’re solving for terminal return and ignoring how capital actually behaves. A 70/30 BTC/Treasury portfolio is not a substitute for Digital Credit. It still carries 70% of $BTC volatility. Since the October highs, that exact mix is down ~30%. That’s a significantly larger drawdown than the S&P 500 over the same period. Meanwhile $STRC has generated a positive return over that period from its yield. That alone explains why your comparison breaks. Significant pools of capital cannot tolerate that path, regardless of long-term assumptions. Second, your math assumes a smooth 20% BTC CAGR and treats real return as static without addressing volatility. We both agree 20% is conservative. I believe Bitcoin compounds north of 30% over the next decade. But even with that view: - Volatility is a primary constraint for many allocators - Behavior matters more than models - Many investors require income, not just appreciation The “simple trade” only works if the investor can and will actually hold through that volatility. Many won’t. Third, “zero counterparty risk” is not a free lunch. It comes with full exposure to BTC price volatility. Digital Credit introduces structured risk in exchange for: - Contractual cash flow - Lower volatility - Positive carry through drawdowns That trade-off is the foundation of credit markets. Fourth, you’re ignoring risk-adjusted returns. For a large portion of capital, Sharpe ratio matters more than raw return. Lower volatility with consistent yield will attract more capital than a higher-return, higher-volatility alternative. Digital Credit will likely have a higher Sharpe ratio than both Bitcoin and amplified Bitcoin equities, while lagging both in total return. Fifth, capital structure matters. If Bitcoin compounds above the cost of capital, financing structures around Bitcoin create positive spread that accrues to equity. $MSTR is the clearest example of this dynamic, having outperformed Bitcoin since adopting its Bitcoin strategy. If Bitcoin compounds at 20–30%+, that dynamic becomes more powerful, not less. For my own capital, given that view and my risk tolerance, I prefer to hold Bitcoin and amplified Bitcoin exposure. That’s the exposure I want. But that’s not how most capital is wired. The largest TAM across this ecosystem may ultimately be Digital Credit. Most investors cannot tolerate Bitcoin’s volatility and are more than satisfied with a double-digit, lower-volatility return. Bottom line: - Everyone should own $BTC - Digital Credit serves yield-oriented and volatility sensitive capital - Levered equity amplifies $BTC upside for volatility insensitive Bitcoin bulls - A mix of the above can create a blended portfolio to better meet the risk/return objectives of different investors Digital Credit, Bitcoin, and amplified Bitcoin equity are complementary, not substitutes. Capital will ultimately allocate based on risk tolerance and objectives, not ideology. The opportunity set expands as more solutions are built, not fewer.

crazy that Bitcoin is now being used to *prevent* boating accidents

If @nytimes misidentifies Satoshi after an 18-month investigation that selectively attends to only confirmingevidence… What are the odds they get it right on bitcoin’s energy use, utility, value, security, etc.? Wrong on all of those too. What about everything else? The news?

In the last month, Morgan Stanley, Charles Schwab, and Citadel — among the world’s largest wealth managers, broker-dealers, and hedge funds — have announced plans to build Bitcoin capabilities. Probably nothing.

He is risen. Happy Easter to all of you! 🙏🏼 ✝️