Matt

Chairman & CEO @Strive
Christ, Liberty, Bitcoin
$ASST $SATA @hurdleratepod

[Matt Cole @ColeMacro]

This matrix explains one of the most important concepts in Bitcoin treasury strategy: amplification ratio is what drives total returns. Over 99% of the variation in modeled total returns shown here is driven by amplification ratio. Cost of capital matters far less than investors realize.

Strive’s objective is to outperform Bitcoin by maximizing total returns for common shareholders. Our base case is that Bitcoin compounds at roughly 50% annually through 2030, but the principle applies more broadly. If any Bitcoin bull thesis plays out, building and sustaining a high amplification ratio will be the most important determinant of success. That is why we spent the bear market intentionally building liquidity, earning investor trust in SATA and Strive, deepening our access to capital, and building the foundation required to support a high amplification ratio at scale.

Maintaining amplification as Bitcoin compounds will require increasingly large amounts of capital and sustained investor trust, and will be extraordinarily difficult to achieve. If possible, I would like to bring Strive’s amplification ratio above 60% later this year. If our warrants exercise over the next few weeks, getting there will require elite execution from our team. It becomes even more difficult if Bitcoin rallies further. I believe our team can achieve that goal, and that Strive is uniquely positioned to sustain a high amplification ratio at scale. The math tells you what matters, and our strategy follows the math.

If I were analyzing Strive as a Bitcoin bull seeking to amplify Bitcoin returns, these are the questions I would be asking: What is Strive’s current amplification ratio? What are our goals for amplification? And to achieve those goals, do we have the capital access, liquidity and investor trust required to maintain a high amplification ratio throughout a bull market? There is real alpha in understanding the answers to those questions. Study the matrix carefully.

[Matt Cole @ColeMacro]

“Show me the incentive and I’ll show you the outcome.”

- Charlie Munger, non-founder of Berkshire Hathaway

[Matt Cole @ColeMacro]

Fun fact: I first heard the term “Bondfire” from @jefmacrostrat in the context of Japanese bond-market intervention and QE, which he supported.

He even made this hat.

Today he joined the US Treasury to work with Bessent. Great move for Treasury and bullish for Bitcoin.

[Matt Cole @ColeMacro]

@jefmacrostrat Link to the 2017 presentation: https://t.co/oTgCndjaXz

[Matt Cole @ColeMacro]

Strive acquired 1,107 $BTC for $94.5M at an average cost of $85,396 per bitcoin, bringing total holdings to ₿27,462.

Warrant exercises generated another $12.4M. Including those proceeds, 85% of total capital raised came from SATA.

$ASST $SATA

[Matt Cole @ColeMacro]

See our 8-k for additional information: https://t.co/AXCY2Du2Pj

[Matt Cole @ColeMacro]

Naval’s point about playing long-term games with long-term people articulates why I’m max bullish on what we’re building at Strive.

Our capital structure, amplification ratio, capital markets activity, hiring, compensation philosophy, and transparency are intentional, grounded in trust and long-term shareholder primacy.

Trust earned through consistent execution and transparency compounds over time. I believe this is a durable moat for Strive, driving deep liquidity, access to large pools of institutional capital, the ability to maintain a high amplification ratio without restrictive covenants, and will result in sustained premium over our Bitcoin holdings.

https://t.co/NB5kculTnE

[Matt Cole @ColeMacro]

Turn amplification up some more.

[Matt Cole @ColeMacro]

I need one of these.

[Matt Cole @ColeMacro]

https://t.co/EO4JUs5zUd

[Matt Cole @ColeMacro]

Tuttle Capital Management (TCM), together with sub-adviser Strive Asset Management (SAM), today announced the launch of the T-Strive Digital Credit Preferred Income ETF (CBOE BZX: DCAP), an actively managed, structured credit ETF that seeks current income by investing in preferred securities issued by Bitcoin treasury companies.

“Digital Credit is a young and developing market, and we've already seen meaningful periods of price dislocation that we believe reflect market inefficiencies," said Alex Xethalis, Head of Distribution at Strive Asset Management. "In normal markets, we expect DCAP to primarily own Digital Credit without leverage. But if substantial price declines create what we believe are attractive entry points, our institutional financing capabilities give DCAP the flexibility to deploy leverage opportunistically and buy into those dislocations. The goal is to generate excess returns over a simple buy-and-hold strategy by systematically taking advantage of those opportunities if they arise."

Read the full press release here:
https://t.co/PrPipQjtIu

[Matt Cole @ColeMacro]

Joined Bloomberg @crypto to discuss Bitcoin’s path to $500K, the Bitcoin treasury model, and how @Strive plans to outperform Bitcoin.

TIMESTAMPS
0:00 Bitcoin’s Path to $500K
2:10 Buying Bitcoin at Higher Prices
2:59 What Has to Break?
4:10 Is the Treasury Model Back?
5:22 Tokenized Equities vs. Treasury Companies
6:04 How Strive Outperforms Bitcoin

$BTC $ASST $SATA

[Matt Cole @ColeMacro]

Strive acquired an additional 18 $BTC for ~$1.2M at an average cost of ~$64,028 per bitcoin.

$ASST $SATA

[Matt Cole @ColeMacro]

Gradually, then suddenly

[Matt Cole @ColeMacro]

A discussion between @macroleverageTP, @PhongLe, and me on why Bitcoin Treasury Companies exist, what the first real stress test for Digital Credit taught us, and the opportunity ahead for Bitcoin-backed financial innovation.

TIMESTAMPS
0:04 - Why Bitcoin Treasury Companies Exist
7:22 - Financial Engineering Vs. Financial Innovation
14:24 - What Makes Bitcoin Treasury Companies Durable
18:42 - Does Bitcoin Need Treasury Companies?
22:20 - Addressing Bitcoin Treasury Company Criticism
26:46 - Growing Demand For Bitcoin-Backed Products
30:11 - What Has Surprised The CEOs Most
36:06 - The Evolution Of Digital Credit Products
45:10 - Lessons From The First Market Stress Test
53:10 - Bitcoin Market Depth And Liquidity
55:21 - Why Selling Bitcoin Is Not A Contradiction
1:03:37 - The Future Of Bitcoin Treasury Companies

$MSTR $ASST $STRC $SATA $BTC

[Matt Cole @ColeMacro]

@macroleverageTP @phongle Watch the full conversation on YouTube and read Bob Dewey’s companion essay:

YouTube:
https://t.co/z72H1ZI0SO

Essay:
https://t.co/eURCCdZb9M

[Matt Cole @ColeMacro]

STRIVE BITCOIN UPDATE

Strive purchased 17.76 Bitcoin last week and now holds ₿19,882.

More importantly, during 2Q26 @Strive acquired 6,236 Bitcoin, achieved 24.0% BTC Yield, generated ₿3,264 of BTC Gain, and ended the quarter with an amplification ratio of 67.2%.

$ASST $SATA

[Matt Cole @ColeMacro]

@Strive See our 8-k for additional information: https://t.co/1P4On5zVqC

[Matt Cole @ColeMacro]

American capital markets remain undefeated.

[Matt Cole @ColeMacro]

I know not what course others may take; but as for me, give me liberty, or give me death!

🇺🇸