Strive has become one of the Russell 2000’s top performers over the past month, and its Chief Risk Officer, Jeff Walton, indicates the firm is on track to double its Bitcoin holdings approximately every 12 weeks. In a discussion with Grace Remington and Sean Hagan, Walton details how Strive balances liquidity while scaling rapidly, why its balance sheet has surpassed $2.5 billion, and the mechanisms by which common stock and preferred ATM instruments finance Bitcoin purchases. He also analyzes the $700 million in warrants set to expire on October 13 and the implications of their exercise for leverage and future product development. Walton concludes by highlighting the systemic credit risk he believes the broader market is underpricing.
Chapters:
00:00 — Jeff Walton Brings a Reinsurance Risk Playbook to Bitcoin
00:33 — Why a 24/7 On-Chain Market Is Easier to Model Than Equities
01:36 — Strive’s Russell 2000 Run and the $2.5 Billion Balance Sheet
02:15 — How the Common Stock and Preferred ATMs Fund Bitcoin Buys
03:54 — Staying Simple While Strategy and Metaplanet Stack Products
04:59 — Dividends, Cost of Capital, and Buying Bitcoin Near $86,000
06:19 — Why the Four-Year Bitcoin Cycle Is Fundamentally Breaking Down
08:26 — Trust as Capital Market Infrastructure and the Liquidity Test
10:28 — Inside Strive’s 25 to 50 Percent Bitcoin Hurdle Rate
12:07 — The Systemic Credit Event the Market Is Underpricing
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