ASST and what's living and breathing in the Data: Warrants are what everyones looking at so let's see how the last few months have looked and how significant Monday through Wednesday were. 4 Slides showing: How Far It Moves, What Changed, What the Premium Buys , and What Happened This Week $BTC $ASST $SATA $MSTR $STRC cc. @GrainofSaltSF @AdamBLiv @ZynxBTC @PunterJeff

My model on ASST was a 10X , from $30, until the below post from @ColeMacro, I’ll be updating my models. Plan accordingly!

MSTR vs. ASST: Strive's CEO Says ASST Wins by 2X Amplification! -> The Amplification Math Behind the Fastest Horse -> What Institutions Actually Want From Digital Credit -> Ratings, Moats and the Premium Question This was a fun one with @ColeMacro

I've been putting my agents to work on the data but there's a lot priced in and ASST options chain is still relatively thin in general so proper fills are a battle field. Oct 13th Warrants expo and Oct 16th Options expo is creating an interesting dynamic. Anything calls sold short harvesting premium against warrants needs to come off by the 13th or the position becomes a naked short for 3 days. I've picked a few slides to share out of the decks my agents put together for me. I understand this is a big event and people want to trade it but the real trade was Already being in position and enjoying the fireworks 😉 $BTC $ASST $SATA $MSTR $STRC @GrainofSaltSF @BritishHodl @Micro2Macr0

@BritishHodl says Matt Cole hasn't gotten enough credit. Saylor spent six years teaching people Bitcoin per share. Strive shifted the conversation to total returns, and British thinks MSTR ends up pivoting there too. Next up in his view: Bitcoin treasury companies vs Bitcoin digital credit companies.

Inflation is so much more than what the government tells you.

The 10-year bond yield is continuing to climb and is at decades highs because smart money doesn't believe 5.3% is going to beat inflation. $SATA is bringing in more and more volume against a multi-decade high yield. $ASST is getting more amplified and the money printer hasn't even turned on yet. You are not bullish enough.

Super Intelligence

"Goal: Access the $70 Trillion+ investment-grade institutional capital pool currently unable to hold unrated BTC-preferred instruments." - @PunterJeff

37 Episodes of Alpha y'all are sleeping on. Lots of us have both Bitcoin and Real Estate and if you're not looking to add to the over supply of sellers right now maybe it's a good time to realize how Bitcoin turns your real estate holdings into an absolute machine. $BTC #Bitcoin @GrantCardone @TimKotzman

"Create an image of what the world would look like if I were in charge (based on my posts)" Giving @nayibbukele vibes and I'm very ok with that ✌🏻 @PunterJeff @TimKotzman $BTC $ASST $MSTR $STRC $SATA

"Our analysis shows how plausible interpretations could disadvantage emerging, strategic industries before they have the chance to compete." - Bitcoin Policy Institute Great article and diligence from BPI, And I'm genuinely left thinking one thing. The interpretation MSCI cares about is that of their own and they've said it plainly without regard for other plausible interpretation or widely reproducible frameworks. It's a means to an end for an agenda from men in high towers deciding their "well planned" economies for us simpletons with the veil of authority and safety many have used before them.

Gold can now be made in a lab. 🧪 That’s not theory. It’s real science. CERN already turned lead into gold inside the Large Hadron Collider. The amount was microscopic about 29 trillionths of a gram and it existed for only a fraction of a second. Now Marathon Fusion has proposed something much bigger: using future fusion reactors to turn mercury into gold, potentially producing 2–5 tonnes per gigawatt per year. The catches? Commercial fusion doesn’t exist yet, and the resulting gold would initially be radioactive and need roughly 14–18 years before it could be safely handled. So this isn’t happening tomorrow. But labs aren’t the only challenge to gold’s scarcity. 🤖 AI and robotics are making exploration and mining more efficient. Autonomous equipment already operates around the clock, while AI can help identify deposits humans previously missed. 🚀 Space is getting cheaper to access. SpaceX continues advancing reusable rockets and lowering launch costs, while other companies are developing asteroid-mining technology. SpaceX isn’t mining asteroids, the point is that cheaper access to space makes previously impossible ideas increasingly possible. And even without any of that, new gold is mined every year. Its supply is not permanently fixed. Look at diamonds. 💎 For generations, natural diamonds were prized for their rarity. Then humans learned to manufacture nearly identical diamonds in laboratories for a fraction of the price. Scarcity that depends on technological limitations can eventually be challenged by better technology. Labs get better. AI gets smarter. Robots get more capable. Space gets cheaper. Bitcoin is different. There’s no Bitcoin mine underground. No asteroid containing another 50 million BTC. No laboratory that can manufacture more. And throwing more mining power at Bitcoin doesn’t make the network suddenly produce twice as much Bitcoin. The 21 million cap is enforced by Bitcoin’s protocol rules and network consensus. Gold’s scarcity depends on how difficult it is to obtain more. Bitcoin’s scarcity exists at the protocol level. ₿

Exploring services like these before we come to a quick conclusion is helpful to understand how the industry is evolving. I think the absolute main qualm many will have is you don't own any Bitcoin till the last payment. That's definitely real and material and is probably disqualifying for many but I don't think all or that the conversation should end there. The premium may seem high on its face but I'm still finding this interesting to think about when running the math compared to regular DCA and Bitcoin 's long horizon. If Bitcoin beats a 18.2% CAGR you do end up with more Bitcoin at a better price than standard DCA would provide. There's a lot of strong opinions but I do see a customer base that if they stick with the rules of the service could benefit. I've put together a slide showing the BNPL vs DCA with some different scenarios and considering our current location in the Bitcoin cycle I think some cases are more likely than others cc. @BTCNowHQ @TimKotzman @BritishHodl #Bitcoin $BTC

We're going to have some gems this cycle for sure. Enjoy. 🤣 Update on my Bitcoin Cycle Oscillator. We closed out of the Deep Bear and are in the transition period to Bull. Don't let FOMO creep, hopefully you used the past 34 weeks to allocate. If you're utilizing call options consider your duration and a reasonable Delta during this period first, looking at price first is just a juicy carrot on a long stick. $BTC $ASST $MSTR $SATA $STRC

This will be one of the most important aspects for management and investors to understand regarding Amplification and as a shareholder you are expecting the team to know when to press the gas AND push the brake through Bitcoins cycles. Hearing Matt's comments you realize with specifically the way Strive is driving it's amplification that the Amp they attain is what the market is Allowing them to have. If SATA investors consider the amp too high they respond with less volume lowering ability to ATM. If they consider it low we see more volumes, more ATM and amp rises. In essence Stives amp can tell us a lot regarding the markets confidence in the balance sheet and management during the current state in Bitcoins oscillations. $BTC $ASST $SATA

I have reversed engineered the formulas in @ColeMacro table, which I will not be providing, and graphed the resulting convexity. It reveals three very different regimes: LOW AMPLIFICATION -> 0–35% Returns rise, but the curve remains relatively flat. Amplification adds value, but it has not yet become the dominant driver of common-shareholder returns. Conservative CONVEXITY ZONE ->35–70% The curve begins bending upward rapidly. Each additional unit of amplification produces progressively greater incremental return. This is where amplification starts overwhelming relatively small differences in cost of capital. SWEET SPOT ASYMPTOTIC ZONE ->70–100% This is not merely “parabolic.” Mathematically, it is asymptotic. As amplification approaches 100%, the remaining denominator approaches zero and modeled returns accelerate dramatically. The curve approaches a vertical asymptote at 100% amplification but never reaches it. RISKY That distinction matters. A parabola simply gets steeper. An asymptotic function is approaching a mathematical boundary. And that matches @PunterJeff risk observation: 100% amplification is effectively unattainable because the denominator cannot practically be driven to zero. So the objective is not simply: maximize amplification. It is: Operate as far up the convexity curve as the capital structure can sustainably support and return to ASST shareholders. That is where the mathematics and the risk management meet. @Strive is working on a different level. Plan accordingly. BULLISH

Opus 5.5 is going to make Bitcoin education easier . Creating a visual in the middle like this a few years ago would have taken a professional many hours to create.

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.

EVERYONE IN BITCOIN IS FOLLOWING SELFISH INCENTIVES. THAT'S EXACTLY WHY IT WORKS. Miners want bitcoin. The work they do to earn it makes Bitcoin's history expensive to rewrite. Users want to keep the rules they signed up for. In 2017, the businesses and pools claiming over 80% of the mining power still couldn't make them accept a hard fork. Governments can restrict mining, but miners go wherever they're welcome. When China restricted mining in 2021, the miners moved, and Bitcoin's issuance schedule didn't change. Nobody has to agree on what Bitcoin is for. All that and more ...in today's OUTSIDE MONEY!

Bitcoin, Treasuries, Digital Credit , and a comradery I am truly grateful to experience. So much of this journey was spent as a solo journey and sharing with this space has been incredibly fulfilling. It's rare to be in a room full of people taking action like today. To friends old and new 🫡 @GrainofSaltSF @PunterJeff @BritishHodl @TheSamsPodcast @AdamBLiv #Bitcoin $ASST $MSTR