This afternoon I testified at the Texas Senate Committee on Business and Commerce hearing in favor of SB 21, to establish a Texas Strategic Bitcoin Reserve. Thank you @DrSchwertner for introducing the bill, @LtGovTX for making it a legislative priority, and @DonnaCampbellTX for asking great questions about Bitcoin custody and security.

My most “controversial” takes this week: 1. The Nazis were the bad guys. 2. Leftists killed Charlie Kirk. 3. The Indian pilot that stopped Islamic terrorism is a hero. God help us.

Thomas Paine shows what happens when one's outlook is defined by being "contra" When that was what was called for, he was inspiring When it was time to get to business and make the Revolution a success, he was just a tiresome kvetcher wracked by despair and godless atheism, hence his support for the French Revolution...which also found him too tiresome to bear You can see this now in the people who can only be contra whatever it is they think they're fighting, and refuse to get down to considering how best to use the opportunity we have to govern well and remake the country as we want it to be The administration has evidently stopped listening to that lobby/segment of the online right for the same reason the Founders blacklisted Paine: they're tiresome and unserious in the extreme, and to listen to them is to fall into a pit of despair and hopelessness

A few principles I believe in when it comes to peers in the Bitcoin treasury industry: 1. Our first duty is to our own shareholders. Every management team has a fiduciary responsibility to make its company as successful as possible. 2. Every company is trying to win. We all want to generate the best returns, build the best products, recruit the best people, and execute better than our competition. That’s capitalism. 3. Competition makes the entire industry better. Bitcoin benefits from companies challenging each other, innovating faster, and forcing one another to improve. Mostly friendly competition is still competition. 4. A large Digital Credit market requires multiple winners. Building Digital Credit into the massive asset class it can become will require issuers with different risk/return profiles, capital structures, investor bases, and access to markets around the world. 5. We must hold ourselves and each other to a high standard. This is a young industry still earning the trust of investors and the broader capital markets. When something is wrong, we need to be willing to say so. 6. Competing and collaborating are not mutually exclusive. We can compete for capital and performance while sharing ideas, helping each other, and working together to grow the overall market. 7. Competition is fun! Let’s normalize companies openly wanting to win. It doesn’t mean we don’t respect each other, aren’t rooting for each other, or willing to help each other succeed.

The long-awaited @RobinSeyr debate is here. We discuss why I believe $ASST will be the fastest horse at least through 2030, why our industry should work together to build Digital Credit into a massive asset class & more. TIMESTAMPS 00:00 Strive As The Fastest Horse 11:53 The Amplification Engine Powers The Horses 19:46 How High Can Amplification Safely Go 29:19 What Institutions Actually Want From Digital Credit 38:36 Can New Issuers Catch Up? 56:56 Ratings, Moats and the Premium Question 1:11:48 Is Strive Just Copying Strategy? 1:21:53 The Case for $500K Bitcoin $ASST $SATA $BTC

No bad outcome, but an enormous range of possibilities with hundreds of millions in potential warrant proceeds plus massive open short interest in $ASST. We’re ready for any hand we’re dealt, with plans to make the highest expected-value move & push our Amplification Ratio higher as fast as possible. The rest of 2026 will likely be electric.

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

Strive for Amplified Bitcoin.

government of India officially removes bitchat from the App Store

IMPORTANT POST Our industry became too focused on protecting downside risk and inadequately focused on maximizing Total Returns to the upside. In my view, the entire purpose of our structured finance business model must be to maximize Total Returns for common equity shareholders. Our industry needs more amplification. Even at Strive, where we have the highest Amplification Ratio among Digital Credit issuers, when I look at the risk embedded in our capital structure relative to our amplification, I believe we have room to take it up another notch or two. Building a rocket ship is extraordinarily difficult and requires underwriting and taking real risk. The mission requires not blowing up, but you need an engine powerful enough to reach the moon. Based on Amplification Ratio alone, I view the risk of true issuer failure from over-amplification as very low across our industry today. Amplification Ratio obviously cannot capture every risk, including debt terms, covenants, maturity walls, liquidity constraints, and other structural risks. But controlling for those risks should give issuers significant confidence to take amplification materially higher. That is exactly what we have done at Strive, and I hope others increasingly copy it. I’ve written extensively about why Amplification Ratio will be the single most important driver of outright and relative Total Returns in a Bitcoin bull market. However, I believe incentives naturally push toward under-amplification, modest Bitcoin outperformance, and the safest possible path. My goal with this post is to light a fire and push our industry to think bigger, focus more aggressively on growth and Total Returns, and push the frontier of what our business models can achieve. We have a shared mission across the industry to grow Digital Credit from a nascent asset class into a massive global capital market. That requires trusted issuers, deep liquidity, disciplined execution, and investor confidence. That is where we all should work together, but make no mistake about what will crown the fastest horse in a Bitcoin bull market: the engine. Our mandate at Strive is to build the thing we actually want to own and recruit and retain exceptionally talented people who desire that risk and return opportunity and understand the business model that needs to be built. That mindset drove our execution in building a high Amplification Ratio, helped create strong liquidity, and is also why we are not satisfied with where we are. With Bitcoin under $100,000, our desire is to take Amplification Ratio higher from here. If the Bitcoin bull thesis is right, amplification will be the most important thing. If the Bitcoin thesis is wrong, a few hundred basis points of cost of capital won’t be the difference between success and failure. The model itself will have failed. I love capitalism. I love competition. I want more competition for the fastest horse. The next 10–15 years will be the Digital Gold Rush for Bitcoin. Let’s act like it.

From March ‘23 to the top, $MSTR did a 20X in Total Return while Bitcoin was a 5X. A 5X for $BTC from current levels would put it at $424K, which is just below our 50% CAGR base case through 2030. History doesn’t repeat, but it often rhymes & you likely aren’t bullish enough.

Some of my friends will be mad I recorded this, and comms people at Anthropic objected to releasing certain parts (and delayed it). But it's important for leaders to make these conversations happen. And I have a lot of respect for these two. Over a month ago, I sat down with Anthropic's key technical leaders @_sholtodouglas & @the_marwell for an optimistic insiders’ view of the AI frontier, with hard questions too: open source, regulatory capture, slowing down USA vs China, and more.

Pretty sure this is a new record for us.

Just 20 days after publishing our Data Center Dividends report, President Trump backed the concept surrounded by the world's AI leaders.

Most of us don't have access to multi-million dollar NVIDIA gpu sleds (if you do, hit me up). But I wanted to learn how they work, so i build a 3d guide! Unified GPU / CPU systems like this are what's powering all these mega-ai DCs. Incredible what educational tools you can build with llms.

In a Bitcoin bull market, the engine driving Total Returns is Amplification Ratio. Fastest horse requirements: 1. High current Amplification Ratio 2. Ability to replenish Amplification Ratio as BTC rises (liquidity) 3. Zero BTC upside sold for Amplification That's the game.

Super Intelligence is just software and hardware, absolutely nobody is buying the argument that agents have a soul. Completely ludicrous. These are nothing more than advanced Tamagotchis.

😘

🔥🔥🔥 @DavidSacks: "I think it’s very important that we don’t use language that deflects responsibility and accountability away from the corporations that are developing these products. Again, when you speak about the agents as if they have their own mind, it sounds like it’s not the company’s responsibility. And it is. It very much is."

Trusted Infrastructure for Super Intelligence Proud of the @Dell team. The first Vera Rubin NVL72 rack-scale system, fully integrated and shipping in volume. 🚀 Thank you @JensenHuang @nvidia. The pace of this partnership is unlike anything I've seen in 40+ years.

Their attack on bitcoin mining backfired and destroyed the carbon emissions global warming hoax, so all of the “journalists” and activists had to move on to attacking AI and defending the IRGC.