David Riggs

[David Riggs @DavidWRiggs]

@ColeMacro Day 2 of the Controlled Burn Department

[David Riggs @DavidWRiggs]

@ColeMacro @BabyHedgehog9 @TimKotzman the controlled burn continues tomorrow.

[David Riggs @DavidWRiggs]

@ColeMacro That's my team right there--burning the short underbrush to let the long SATA sequoia Strive to the sky.

[David Riggs @DavidWRiggs]

@SRS207279 @ColeMacro Thanks but I can't take credit for the analogy. @ColeMacro is the fire chief.
https://t.co/aN2X6zui5J

[Matt Cole @ColeMacro]

The more stable and predictable an instrument is, the more likely excess risk taking will occur, whether that is leverage or shorting.

Having optionality to purposefully increase volatility short term can likely reduce long term volatility.

It's a similar concept to controlled forest burns to prevent massive forest fires when a situations gets out of hand. I'd rather not have to do a controlled burn, but it is likely better than the alternative.

[David Riggs @DavidWRiggs]

@carlabitcoin Yes, there’s joy in their sense of accomplishment. Imagine the pride our daughter had when she peed a heart. The whole family had to gaze at the achievement. 🤣

[David Riggs @DavidWRiggs]

Great post, Adam.

Are you familiar with Thomas Sowell’s A Conflict of Visions? In Sowell’s framework, you operate from the Constrained Vision, which holds that human nature is inherently flawed and largely unchanging. By contrast, the anarchist-leaning side of Bitcoin aligns with the Unconstrained Vision: it demands systemic perfection before accepting any practical progress.

Bitcoin works because politics is fallen and humans cannot be trusted with discretion, not because it will magically make power disappear.

[David Riggs @DavidWRiggs]

@andylaverty @APompliano @ColeMacro Strive launched in November 2025, when Bitcoin was at $105,000. We are now in a significant market downturn.

Despite this, Strive has paid dividends every month, raised the annual dividend rate from 12% to 13%, and increased its dividend cash reserve from 12 months to 18 months.

[David Riggs @DavidWRiggs]

@LukeGromen @TheAnon1776 @TMTLongShort Indeed, she is. As a patriot, you may have accepted. As a subscriber, my Saturday mornings of coffee, sunshine, and Tree Rings would've diminished a lot.

[David Riggs @DavidWRiggs]

@LukeGromen @TheAnon1776 @TMTLongShort I remember you doing a 2-3 hour pod with Nicole Shanahan back when Bobby was still running for prez. I felt at the time that they were interviewing you for a role in his admin. Would've been sweet.

[David Riggs @DavidWRiggs]

@ColeMacro Matt Cole is the Billy Beane of Bitcoin.

https://t.co/6nXYEpoJa4

[David Riggs @DavidWRiggs]

Parker Lewis does not accept Michael Saylor’s layered framework. In Saylor’s model:
Digital Capital = Bitcoin
Digital Credit = STRC and SATA
Digital Money = Stable, near-zero volatility, liquid instruments built on top of digital credit.

Parker bypasses this framework entirely and simply defines Bitcoin itself as digital money.

He argues that widespread adoption requires people to truly understand Bitcoin. However, most people will never reach that level of understanding. They have families to support, jobs to do, and lives to live.

For example, my 80-year-old mother owns both STRC and SATA. She knows these investments are backed by Bitcoin, but she doesn’t deeply understand Bitcoin, nor did she deeply understand the traditional investments she held before. What she does understand is that she is now earning significantly higher income with lower volatility. She is gradually becoming comfortable with “that new thingy called bitscoins.”

Parker approaches this from a neoclassical economics perspective: the assumption of the rational actor who must first understand Bitcoin before using products tied to it. While STRC and SATA may help some people learn about Bitcoin, they won’t educate the majority.

What they will do is help Bitcoin become truly ubiquitous. By offering simple, attractive products, they increase awareness and comfort with Bitcoin — even among people who never study or fully grasp the underlying technology.

[David Riggs @DavidWRiggs]

Good post, Mike. Before the daily dividend announcement, was SATA heavily shorted?

I'm curious how SATA's anti-short structure affects aggressive shorting of ASST, and whether it enables a structurally higher mNAV as a result.

I asked Grok and the results were encouraging: https://t.co/47JUuqUm0d

[David Riggs @DavidWRiggs]

@mikewmunz Great write up. Both companies are truly pioneers in their own way. I think Metaplanet is the third head on this beast. Can't wait to see what they do in the US as well as Japan.

[David Riggs @DavidWRiggs]

@RoaringRagnar yea, I think 2, and the headline should be BTC Yield YTD increases even further past today's 12.6%. Subtitle is last week was a net accumulation of ~5,000 BTC.

[David Riggs @DavidWRiggs]

@btc_overflow And so retiring CBs reduces dilution, increasing BTC per share? With $1.5B in CBs retired will the Monday headline from Strategy be increased BTCPS and a net positive BTC purchase (BTC buy via STRC minus selling of high-cost basis BTC)?

[David Riggs @DavidWRiggs]

@STRC_live Bought 21,000 BTC via STRC.
Sold 18,000 high-cost basis BTC to payoff $1.5B debt.
Net 3,000 BTC purchase for the week.
The headline will be BTC per share spikes higher (because reducing convertible debt reduces shares outstanding).

[David Riggs @DavidWRiggs]

@IIICapital @ColeMacro @Strive You might say Strive was mustard seed and now it’s beginning to move mountains. Congrats to whole team! You’re the daily dividend company that executes.

[David Riggs @DavidWRiggs]

@TimKotzman @Strive @ColeMacro @PunterJeff @Werkman @LoganBeirne @IIICapital so freaking awesome. I've loved watching this company grow and evolve.

[David Riggs @DavidWRiggs]

@PunterJeff Wow, I wasn't expecting that today for SATA.

Great job, Jeff, on the daily dividends. I know you were pounding the AI to create that outcome. It's an incredible innovation.