Nate

Husband and Father of two boys. My family is my life and despite some minor complaints every now and then. I wouldn’t change a thing.

[Wayne Liang @wliang]

Oddly enough, I’d say there are more chokepoint plays for robotics outside of NA.

(Which ironically makes NA more concentrated/a better bottleneck)

For Europe...

Schaeffler (ETR: $SHA) is probably the cleanest. Precision bearings are in every humanoid joint, and they're already positioned for scaling.

SKF (STO: $SKF-B) is the other bearigs giant, similar but more diversified into auto/wind.

Kistler is the Swiss $VPG equivalent but private.

For Asia…

Harmonic Drive Systems (TYO: 6324) is closer to a true bottleneck than any European name. Harmonic reduction gears are the HBM-equivalent for humanoids... every joint needs them, and only 2-3 real global suppliers exist.

LeaderDrive (SHA: 688017) is the Chinese competitor if you want China exposure.

I personally prefer North American names. Feels more secure… definitely biased lol.

Happy to dig deeper into foreign tickers and find asymmetric picks there as well, if you guys would like?

[Frans Bakker @FransBakker9812]

For those that missed it, our $IREN space starring @mikealfred, who talked about the past, present, and far distant future of the AI Cloud space.

Also thanks to @LandoInvests for speaking & @bitcoinbutcher1 for hosting.

See you next week 🫡
https://t.co/hUj6XDD752

[One Chair @OneChairPod]

What if everyone is measuring $MSTR wrong?

In this conversation with @_Adrian, founding member of True North (@TNorth), we challenge some of the biggest assumptions in the Bitcoin Treasury space:

• Why mNAV is really a sentiment metric
• Why Bitcoin per share isn't a valuation metric
• Why Strategy shouldn't defend its mNAV
• The real story behind Strategy selling 32 $BTC
• Why $STRC and $SATA may evolve very differently than investors expect
• Why AI is attracting some of Bitcoin's capital

One of the most thought-provoking $MSTR conversations we've had.

If Adrian is right, investors may be looking at $MSTR completely wrong.

$MSTR $ASST $MPJPY

00:00 Adrian Morris' Bitcoin Journey & Why He Bought MSTR
05:02 The Real Meaning of mNAV (Market Sentiment)
10:10 Why Bitcoin Treasury mNAVs Eventually Collapse
11:22 Should Bitcoin Treasury Companies Defend Their mNAV?
15:56 The Fatal Flaw in mNAV Buybacks
17:57 Why Strategy Should NOT Sell Bitcoin to Buy Back Shares
20:15 Why Did Strategy Sell 32 Bitcoin?
23:55 MSTR Myths, Margin Calls & X Misinformation
25:38 Why Bitcoin Per Share May Be Misleading Investors
31:09 The Endgame for Bitcoin Treasury Companies
34:42 The Future: REITs, Options & Bitcoin Financial Products
36:46 STRC, SATA & Bitcoin Preferred Shares Explained
41:22 Does STRC Guidance Even Matter?
43:12 Why SATA Outperformed STRC
45:42 Daily Dividends: Innovation or Hype?
48:30 Will STRC & SATA Eventually Cut Dividends?
54:54 Is AI Stealing Capital From Bitcoin?
01:00:51 Can Bitcoin Become AI's Security Layer?
01:03:56 Adrian's Message to Bitcoin Investors

Watch the full episode 👇

[Matthew Keys @MatthewKeysLive]

Just one day after ending "The Late Show" on CBS, Stephen Colbert returned to TV — to host a public access show with rocker Jack White in Monroe, Michigan.

Appearances by Jeff Daniels, Eminem and Steve Buscemi.

[Nate @freshnater]

@TheBTCTherapist I had this thought a couple months ago as well. Those in search of yield will find it somewhere!

[The ₿itcoin Therapist @TheBTCTherapist]

If you’re an issuer of $STRC or $SATA you’ve got to be pretty fucking bullish right now

[James Tate @JamesTate121]

You see this kind of thing in struggling lower-income Southern households, and it tells a very specific story.
When life hasn't delivered much.... no wealth, no power, no real social standing.... some folks discover that white supremacy is basically a free membership card to a club that makes them feel superior without requiring any actual achievement.
It's the world's laziest status symbol.
The starter kit is always the same:
*A Confederate flag honoring a war their ancestors lost badly 160 years ago.
*A gun they'll never actually need.
*A Bible they've never actually read.
*And Fox News running 24/7 telling them they're REAL Americans.... unlike those fancy elitist Democrats who are secretly importing an army of replacement voters to steal their....
Their what exactly? Their Dollar General? Their 1987 Camaro on cinder blocks in the yard?
FOX found the formula, and they never let go of it: Take a man who has nothing, tell him the reason he has nothing is because those people are taking it.... and suddenly he's not a struggling nobody.
He's a soldier in a cultural war. He matters. He's relevant. He becomes a MAGA Warrior!
And THAT.... ladies and gentlemen.... is precisely how a twice-impeached, four-times-indicted, 34-time felon, bankrupt New York con man who golfs at his own resorts became the hero of the working man.
You genuinely cannot make this stuff up.
And I write this so that hopefully they will recognize what they have done and what they are doing and snap out of it.....
I was born and raised in Appalachia ... These very people could be my relatives ..... but ... I .... got common sense from my granny ----- "question everything". VIA~Lee Murphy

[Nate @freshnater]

@StrategyMaxi @saylor @Strategy

[Nate @freshnater]

@CharlotteAlter As a guy in my mid 40s with two kids under 5 it’s an adjustment in lifestyle, for sure. I still struggle with it at times, but it opens up a whole different world that I love. At times it’s frustrating but I’ve never felt more alive and filled with purpose.

[Miles Deutscher @milesdeutscher]

I recently sat down with one of the smartest minds in crypto ( @dgt10011 ).

What he explained to me about radical portfolio theory has changed how I view my portfolio forever.

The traditional 60/40 portfolio strategy is dead - and you'll understand why after watching this:

[Nate @freshnater]

@arkham Probably bought a car with it. Or it’s a down payment for his fifth house.

[Nate @freshnater]

@glove @scottmelker Sorry this happened to you! Been a fan since ~96. Hope you can rebuild the best you can.

[Bitcoin Bay Foundation @bitcoinbaytpa]

Greatest bitcoin explanation of all time! With our founder Wesley Schlemmer ⚡

[The Rollup @therollupco]

Jeff Park (@dgt10011) lays out his Radical Portfolio Theory.

[Jesse Myers @Croesus_BTC]

Here's a little inside baseball.

TD Bank has raised $50B for Strategy. The investment banking equivalent of drilling a hole and unleashing a towering oil geyser.

They recently put out this video - signal most missed. In tradfi terms, this video is a BIG statement. A few years ago, this would never have been possible.

But now? #Bitcoin has become a vital growth segment for this large investment bank.

Bitcoiners inside the institution are being listened to (hint: ties have meaning).

TD Bank has a winning new business segment. Their top brass knows it. Their competitors see it and want a slice.

Embracing Bitcoin is good for the bottom line. And little by little, Bitcoin will win over tradfi because of it.

Bitcoiners have always disliked suits - that's fine. But the suits are here, and they will advance Bitcoin adoption on a scale that independent evangelists simply cannot achieve.

$50B deployed into Bitcoin is just the beginning.

[Cedric Youngelman ⚡️ @CedYoungelman]

When you study things that have come back from 50% drawdowns multiple times, you realize it's the best stocks on planet earth. It's AMZN, it's MSFT, it's Berkshire. Only stud things come back 3 or 4 times & that's why I gave Bitcoin respect.
@EricBalchunas

[David Lawrence @d_1awrence]

So let me get this straight...

The Clarity Act is rumoured to be announced shortly 👀

Trillions of dollars are going to flow into the crypto space and inadvertently into the Bitcoin network.

Morgan Stanley are about to launch their ETF - a 2% allocation would produce 3x the inflows that IBIT produces

Strategy have announced two $21B ATM facilities to allow them to buy Bitcoin.

$STRC & $SATA are close to par with 14 days left before the ex-dividend date

Metaplanet have announced a new credit card to give Bitcoin rewards to holders

And the US government have $9T to refinance, before we even begin to think about paying for the war with Iran.

But there's still people posting charts saying that Bitcoin is heading for $40k because of '2022's pattern'?

[MarylandHODL #BIP-110 (aka The Transition) @MarylandHODL21]

If demand becomes strong enough to reassert Bitcoin’s scarcity in the market, it may be enough to push incentives past the event horizon. That’s the threshold where participation stops being optional and becomes structurally rational. What Michael Saylor recognized is that Bitcoin’s fixed supply alone isn’t sufficient. You have to create persistent demand that locks supply away from the market. By turning MicroStrategy into a vehicle that continually raises capital and converts it into Bitcoin reserves, he is effectively manufacturing that demand. In doing so, he burned the ships. The strategy only works if the paradigm shifts, and by committing fully he is forcing the market to confront that possibility.

Trying to explain what’s happening through a traditional finance lens is a category error. TradFi assumes equilibrium, efficient markets, and rational portfolio allocation. But the current system is defined by distortions: persistent monetary expansion, negative real rates, and a financial structure built on leverage and asset inflation. In that environment, the correct framework isn’t portfolio theory but first principles incentive design. Saylor isn’t simply buying an asset. He’s exploiting the incentive mechanics of a broken monetary system. If Bitcoin appreciates faster than the cost of capital, the strategy becomes self reinforcing, and the resulting demand tightens supply further.

That’s why this moment matters. Once balance sheet strength begins to visibly accrue to those holding Bitcoin as a reserve asset, the incentives start to propagate outward, first across corporations, then institutions, and eventually sovereigns. At that point the system crosses the event horizon. The question is no longer whether Bitcoin belongs on the balance sheet, but whether you can afford to operate without it. Saylor is positioned directly at that boundary, playing for keeps and forcing the market to decide which side of the transition it will stand on.

[Bobby Tierney @chcbearsfan]

Impressive product map. Every one of these creates demand for more STRC issuance. More issuance will lead to more senior claims above common equity

The flywheel spins faster. The drag on common grows with it

CEBE tracks the cost. The equity wipeout price, the leverage curve, the drag compression have all been modeled interactively since January

https://t.co/sDElYpdOsd

[Nate @freshnater]

g