Matt Cole prefers being all in over diversification. But for investors focused on risk-adjusted returns, he points to a 10-40% $BTC portfolio allocation. “I do not like diversification. I like being all in.” - @ColeMacro

Strive upsized $SATS while CCC credit spreads were blowing out. @PunterJeff says the deal drew roughly $700M of demand for $500M issued. “They know exactly what we’re going to do with it when we get that money in the door.”

$SATS could give Strive another way to raise capital when it cannot issue $SATA. @PunterJeff walks through a hypothetical day when $BTC falls 10% while the preferred falls 1-2%, and how an expected at-the-market program could help.

Why hold 18 months of dividend cash? @PunterJeff says Strive $ASST underwrites for the longest $BTC bear market in history with zero access to capital markets. The recent downturn was different. Strive maintained access throughout. “We are taking a very conservative approach.”

Some institutions aren't allowed to buy Bitcoin or a Bitcoin ETF.   Their mandates require common stock. Companies like Strategy $MSTR and Strive $ASST give those portfolio managers a way to get Bitcoin exposure within those rules.   @ColeMacro @jtevelow bitcoin:native

Matt Cole thinks $BTC treasury mergers could help smaller firms reach institutional scale. He puts the minimum digital credit issuance around $200M. “If you consolidated a couple companies... you start getting to that scale faster.” - @ColeMacro He says that probably wouldn’t make sense for Strive $ASST.

Matt Cole avoids option income because he wants Bitcoin’s full upside. Covered calls can sacrifice the biggest rally days. Cash-secured puts can tie up dividend reserves during a $BTC drawdown. “If you’re underwriting a real Bitcoin bull thesis, you get a yield, but you get less return.” - @ColeMacro

Some of Strive’s $ASST largest holders can’t buy Bitcoin. @ColeMacro says certain institutions are restricted to equities or income products, even when the people running the portfolios are Bitcoin bulls. “Our largest holders cannot and will never be able to buy $BTC.”

Banks want your deposits. @ColeMacro says they don’t want to compete for them. He argues stablecoins could challenge the model by putting dollars into short-term Treasuries and passing more of that yield back to users. “They don’t want to pay anything.”

If $BTC doubles, the financing needs look very different. @ColeMacro puts Strive $ASST at just over $1B of new $SATA issuance to stay 50% amplified, versus over $20B of $STRC for Strategy $MSTR to stay near 25%. “Because we’re SATA only, it’s easier. Because we’re smaller, it’s easier.”

A historic reversal is unfolding in corporate finance. After two decades dominated by share repurchases, 2026 is turning into a year of net equity issuance. Large scale IPOs and aggressive corporate secondary offerings are flooding the market with new stock to raise capital. When corporate behavior shifts from buying back shares to issuing new stock, capital flows shift with it $BTC $SATA $STRC

“The 60/40 portfolio is fundamentally broken.” - @ColeMacro Matt Cole says the problem is the 40% bond allocation during a debt crisis. As that trade becomes less attractive, he sees more room for $BTC to absorb capital.

You can earn staking income and still fall behind Bitcoin. @ColeMacro puts Ethereum's total return, including staking rewards, below Bitcoin's since staking began. The ability to fund a dividend depends on what the whole investment earns. Either asset can outperform over any given 1, 2 or 3 years. $ETH $BTC

A weaker dollar could put Bitcoin near $500K by 2030. @ColeMacro expects Treasury and Fed intervention to cap long-term yields, with the dollar taking the hit. A 20–30% dollar decline is part of his case. At 50% annual Bitcoin growth through 2030, his scenario lands just under $500K. $BTC $ASST

Volume isn't just trading activity. It's capital engine velocity. Historically, $SATA averaged $12.5M in daily volume. Over the last 10 days? Average volume surged to $58M. A 4.6x increase above the 90 day baseline. As track records build, these structures evolve from simple preferred equity into high powered capital raising engines. Liquidity follows proven execution. @PunterJeff $BTC

Price breakouts are backed by fundamental macro shifts. When the Treasury and Fed step in to manage long term interest rates, the long term path for the dollar becomes clear. Steady weakness. As fiat purchasing power erodes, capital naturally flows toward hard, supply capped assets. And when compared to gold, $BTC remains the fastest horse in the race.

Comparing Strategy's $STRC with JPMorgan's 6.5% Series OO preferred. @AdamBLiv

Treasury execution in full motion. Strive acquired 1,355 BTC for $107.7M. Bringing total holdings to 26,355 BTC. Warrant exercises generated $21.2M in gross proceeds. $SATA supplied 57.7% of total capital raised. $STRC added 950 BTC last week and repurchased $174M of preferred stock. Strategy now holds 846,000 $BTC. Capital markets keep feeding corporate balance sheet expansion. @TimKotzman

Bitcoin doesn’t need clarity. Washington does. Asked whether the midterms change Bitcoin’s trajectory, his answer was simple: they don’t. The CLARITY Act stalled, but Matt says regulatory clarity mainly gives institutions more comfort around crypto. He doesn’t see it unlocking much for $BTC itself. “Bitco benefits from dysfunction. And I think we continue to see dysfunction out of D.C., regardless of who wins in the midterms.” - @ColeMacro

Matt Cole says the market misreads the Bitcoin treasury strategy as a get-rich-quick scheme. He underwrites $BTC over a full 4-5 year market cycle and views the common equity through an even longer time horizon. $SATA offers the more stripped-down exposure: a perpetual preferred paying 13%, while the common equity carries the amplified Bitcoin thesis. “There’s never in anything a way to get rich quick unless you get lucky, unless you gamble. And we are not gamblers.” - @ColeMacro