Khing Oei

Founder & CEO @Treasury_BTC. Chair @cypherpunk. Founder @maicrotrader. Ex Hedge Fund Founder/CIO, @GoldmanSachs, Fortress

[Khing Oei @khingoei]

My first post ever was TradFi colliding with Bitcoin – eight years later I'm building a company at the same intersection.

Weight Watchers has since been through Chapter 11. JPMorgan now accepts Bitcoin as loan collateral.

The Overweight went on the wrong name.

[Khing Oei @khingoei]

JP Morgan initiated coverage of Weight Watchers with an ‘Overweight’ rating. At least they didn’t lose their sense of humor after backtracking on calling bitcoin a ‘fraud’. #bitcoin #BTC

[Khing Oei @khingoei]

Patient capital is becoming more demanding.

Norway's sovereign wealth fund is considering replacing Treasuries with higher-yielding agency-backed mortgages. The global hurdle rate has moved.

[Khing Oei @khingoei]

Bitcoin reclaimed $81K this morning and took $415M of shorts with it. Iran de-escalation is the headline driver, with underneath it a Fed governor saying he won't hike into disinflation with oil above $96.

Bitcoin treasury equities moved far more. $MSTR is up 15% on a 5% Bitcoin day, mNAV from 1.03x to 1.12x on $4.4B of volume against a $2.5B daily average. Amplified exposure as it's supposed to work.

[Khing Oei @khingoei]

Global bond markets are delivering the same message in different currencies: fiscal risk now carries a price.

That makes monetary credibility a portfolio question, rather than a political debate.

[Holger Zschaepitz @Schuldensuehner]

OUCH! Bessent’s bond-market victory didn’t last long. US 30y yields are back at 5.27%, wiping out the gains from Treasury’s surprise buyback expansion. And the selloff is global: UK 5.86%, Japan 4.18%, Germany 3.82%. Message from bond vigilantes: deficits + inflation > intervention.

[Khing Oei @khingoei]

@OVGNFT The "In the end" is key here. The point of the AI scenario is that it pulls the timeline forward, every productivity gain lowers the price of the reproducible and raises the premium on the 21 million. Scarcity does not have to wait for the debt to blow up to get paid.

[Khing Oei @khingoei]

Agree, with one asymmetry. If AI wins, it wins by pushing the cost of reproducible output toward zero. The growth Bessent is counting on shows up as deflation in everything a datacenter can make more of. Capital then pays up for what cannot be made more of. Every marginal unit of intelligence still buys the same 21 million.

[Matt Hougan @Matt_Hougan]

If Bessent is right and we grow our way out, you want to be long AI stocks.

If Bessent is wrong and we inflate our way out, you want to be long bitcoin.

If you want to win in either scenario, own both.

[Khing Oei @khingoei]

Global sovereign yields are back at 2008 levels, the JGB 10-year at 3% for the first time since 1996, the US 30-year above 5.25%. The consensus read is oil and inflation. The bigger question is who stept away.

The Fed and foreign central banks have cut their Treasury holdings by c 20 points of GDP since 2020, worth about 105 bps of term premium. Those were price-insensitive buyers. The marginal buyer is now private and compares Treasuries against corporate bonds and equities, so yields have to clear a market.

Since the Treasury buyback expansion on August 19, Bitcoin is up about 14% and gold is down 1%. Gold's 90-day correlation with yields is -0.38. Bitcoin's is -0.15. Gold still trades as duration. Bitcoin trades as a claim on the fiscal arithmetic that sent yields there.

[Khing Oei @khingoei]

@clinkie44 The genesis block headline was about a bank bailout. Seventeen years on, that era's bill sits on the sovereign balance sheet and the bond market is finally starting to price it. Just a different debtor this time around.

[Khing Oei @khingoei]

MSCI proposed excluding companies with 50%+ digital asset holdings in 2025, then withdrew it. The same idea is back as a "non-operating company" test, a term with no basis in US GAAP, IFRS or securities law. Strategy reports its Bitcoin business as an operating segment, consistent with its discussions with SEC Staff.

An index is a rulebook customers can audit. An undefined term is discretion, and discretion is exactly what passive money pays index providers not to exercise.

[Michael Saylor @saylor]

MSCI should be a mirror of the market, not an arbiter of it.

[Khing Oei @khingoei]

Right on schedule. $600M of ATM sales, 4,603 BTC added and $STRC retired below par, every leg accretive to Bitcoin-per-share.

Accumulation built the world's largest Bitcoin balance sheet. Active capital management is what compounds it, and with $MSTR trading over $3B a day, the funding renews every week.

[Michael Saylor @saylor]

Strategy has acquired 4,603 BTC for $370M, increased USD Cash by $29M, and repurchased $152M of $STRC. As of 8/30/26, we hold 845,050 bitcoin:native and $6.71B of USD Assets, bringing Net Leverage to 0.0%. $MSTR https://t.co/XAAEZV5Gil

[Khing Oei @khingoei]

@BTCBeliever21 @Strategy Exactly, and the premium sets the pace. At 1.00 the ATM is BPS-neutral, every point above makes the next dollar accretive, so usage scales with the spread. The Monday 8-Ks will show exactly how hard they lean into it.

[Khing Oei @khingoei]

Last week $MSTR value traded was over $16B at a VWAP of $128. @Strategy's ATM running at 10% of volume implies >$1.5B of share sale proceeds, on top of the $1.6B of USD Cash added the week before. With the USD Reserve already at the targeted 3yrs of interest and dividends, none of it is needed for the buffer. Sounds like we're indeed back with Bitcoin purchases resuming alongside $STRC repurchases.

[Michael Saylor @saylor]

We’re ₿ack.

[Khing Oei @khingoei]

@swissBTCmaxi @thebtcpharaoh @Strategy The tape keeps making that point. Bitcoin turns over tens of billions a day across spot and ETFs, a week of ATM proceeds disappears into that flow. The same math applies in reverse to the forced selling the doomers are afraid of.

[Khing Oei @khingoei]

The design means that question never has to be answered. Three years of interest and dividends already funded turns a drawdown into a waiting game, no forced Bitcoin sales, no equity printed at the lows. Whatever cash sits above the coverage line is what gets to be opportunistic.

[Khing Oei @khingoei]

@leithmarar @Strategy That's the playbook for the credit side. But shares sold above mNAV and turned into Bitcoin still grow BPS, so purchases make sense alongside the repurchases. And indeed some of the converts may convert, some are likely too deep out of the money.

[Khing Oei @khingoei]

@DavidFBailey Great news, congrats!

[Khing Oei @khingoei]

In Europe the career risk arrives before the instruments do. A US fund can express the position through ETFs, converts, prefs, a dozen listed treasury companies. A European portfolio manager facing the same question from his investors has almost nothing euro-denominated main exchange-traded to answer it with.

[Simply Bitcoin @SimplyBitcoin]

NEW: Dylan LeClair says, "In the next 24-36 months, there's gonna be career risk if you don't have a Bitcoin position in your hedge fund or Bitcoin exposure."

"If this is global money and we're directionally right on the thesis, then it's remarkably early."

[Khing Oei @khingoei]

@DylanLeClair With low rates you get a double shot 🙂

[Khing Oei @khingoei]

Every treasury company gets one balance sheet and one shot at building a capital market around it.

The European opportunity is to turn an untapped capital market into a differentiated source of funding.

[Treasury @Treasury_BTC]

"The first phase of this industry was about access. The next phase is about durability."

Today, Khing took to the Nakamoto Stage at Bitcoin Asia in Hong Kong, on The Bitcoin Treasury Reckoning, with AmericanBTC and Bitplanet Inc.