Christian, Husband, Father x2. Risk Advisor at the intersection of institutional capital & digital assets. Opinions are my own.
United States (CST)
Joined June 2022
- Tweets488
- Following483
- Followers952
- Likes1.5K
Pinned Tweet
My latest thoughts on digital credit and the intersection with traditional financial markets.
“The one thing more scarce than bitcoin is institutional trust”
Welcome back to The Bitcoin Treasuries Podcast.
Today's guest is Garrett Johnston, Senior Vice President at Marsh.
We discuss his career in insurance, risk based capital, Digital Credit in a bear market, talking to retail versus institutions, institutional grade Digital Credit, and more.
Here's my conversation with @garrettoj.
0:00 - Intro
0:10 - Garrett’s career in insurance
6:12 - How institutions evaluate risk
18:00 - What is Risk Based Capital?
25:13 - What would be concerning to an institution?
37:05 - Par, peg, and de-peg
40:14 - Digital Credit in a bear market
45:14 - How do Bitcoin Treasury company executives talk to retail vs institutions?
54:00 - Why haven’t Bitcoin Treasury executives been more public in their conviction?
1:03:19 - Institutional Grade Digital Credit
Agree with this … and it is so under appreciated. This has very important implications for the cyber insurance market and cybersecurity in general.
This quoted post is unavailable.
This…100%. As someone in the insurance space managing risk for clients… this dynamic is still very under appreciated and mis-understood by most of the insurance community.
This framework applies directly to cyber-insurance. Bitcoin is the security layer.
This quoted post is unavailable.
I’ve been saying this for a while now… every move they are making makes perfect sense if you put it through the lense of positioning towards an Investment Grade rating for $STRC in the future.
That opens up a massive capital pool. They are playing the long game. Selling $MSTR towards this goal is in the long-term interest of common shareholders. The amount of BTC in $ terms they will be able to acquire through $STRC will dwarf what they have done in the past.
Short term - yes… it’s not ideal for the price…. If your goal is short-term “number go up”… this is not the stock to own. But if your time horizon is long term (min 5yr+ hold imo) - then this is a very compelling stock to own.
Not financial advice, do your own research, opinions are my own.
@TNorth @BTCtreasuries @saylor @phongle @btc_overflow @PunterJeff
Strategy increased USD Reserve to $5.10B, established additional USD Cash of $1.59B, and repurchased $136M of $STRC. As of 8/23/26: Strategy holds ~4% of Total BTC Supply and has ~0% Net Leverage. $MSTR strategy.com/press/strategy-…
teapawt.org/garrettoj/status/20695…
As I stated in my recent podcast with @TimKotzman. Every move that @Strategy has made over the past 6 months markets a deliberate and calculated march toward what the road to investment grade rating looks like with the credit rating agencies.
When you look at it through a IG invesment grade lense - all their moves make sense.
Another great step by @saylor and the Strategy team toward building a capital markets framework that will be positively recieved by the rating agencies - they are a key part of tapping into the much larger capital allocator pools that require investment grade ratings.
#DigitalCredit $MSTR $STRC $ASST $SATA
Strategy announces a Digital Credit Capital Framework designed to strengthen Digital Credit, enhance liquidity, preserve long-term Bitcoin exposure, and support long-term value creation. $MSTR $STRC strategy.com/press/strategy-…
Garrett Johnston retweeted
Strategy announces a Digital Credit Capital Framework designed to strengthen Digital Credit, enhance liquidity, preserve long-term Bitcoin exposure, and support long-term value creation. $MSTR $STRC strategy.com/press/strategy-…
Garrett Johnston retweeted
Welcome back to The Bitcoin Treasuries Podcast.
Today's guest is Garrett Johnston, Senior Vice President at Marsh.
We discuss his career in insurance, risk based capital, Digital Credit in a bear market, talking to retail versus institutions, institutional grade Digital Credit, and more.
Here's my conversation with @garrettoj.
0:00 - Intro
0:10 - Garrett’s career in insurance
6:12 - How institutions evaluate risk
18:00 - What is Risk Based Capital?
25:13 - What would be concerning to an institution?
37:05 - Par, peg, and de-peg
40:14 - Digital Credit in a bear market
45:14 - How do Bitcoin Treasury company executives talk to retail vs institutions?
54:00 - Why haven’t Bitcoin Treasury executives been more public in their conviction?
1:03:19 - Institutional Grade Digital Credit
The 3 year track record can not be emphasized enough. Those building now in the bear market will be the ones that see outsized institutional adoption post 2029.
…and there’s a good chance the rating agencies will look at the products much more favorably in 3 years.
At the current dividend pace, $SATA will pass Realty Income $O in Spring 2029 as the security with the most consecutive dividends paid in U.S. capital markets history.
The record matters. The timing matters even more.
Realty Income is the benchmark for dividend consistency. $O is not a small or obscure income product. It is an S&P 500 company with a market cap of approximately $58 billion, and it built its identity around being “The Monthly Dividend Company.” It has paid 672 consecutive monthly dividends, and that streak continues to grow every month.
$SATA is on a completely different cadence. $SATA has now paid its 9th consecutive dividend and is paying dividends on business days going forward, which works out to about 250 dividend payments per year.
Both streaks are still moving, but at very different speeds. $O adds 12 dividends per year. $SATA adds about 250 dividends per year. That means $SATA is closing the current 663 dividend gap by about 238 dividends per year.
At that pace, $SATA passes $O in Spring 2029. Around that point, $SATA will be near dividend payment #706, while Realty Income will be near #705. That is when $SATA will likely take the consecutive-dividend record.
The timing is important because Spring 2029 is also when $SATA will have existed for roughly 3.5 years. That lines up with one of the most important thresholds in institutional adoption: a real multi-year track record.
Large institutions do not all move at the same speed. Faster-moving institutions can underwrite new products earlier. Others need policy approval, consultant coverage, mandate fit, liquidity history, operational history, and enough realized performance to satisfy internal diligence requirements. Three years is where that conversation changes.
That is what makes the Spring 2029 setup so important. Digital Credit and $SATA are already seeing exponential demand growth. Faster-moving institutions are already buying. Retail adoption is already happening. We expect both trends to continue.
But many slower-moving institutions will be forced to wait, not because they are uninterested, but because their process requires the track record to develop first. That is the key point: the institutions that move the slowest are often the ones with the most capital to invest.
The largest pools of capital typically have the longest diligence processes. Pension funds, insurers, endowments, consultants, large platforms, and other institutional allocators often need seasoning, committee approval, policy clearance, liquidity history, and a multi-year track record before they can move at scale. They are not the first buyers, but they are often the biggest buyers once a product clears their process.
By Spring 2029, $SATA will not just be a daily dividend security. It will have hundreds of consecutive payments, a 3.5-year operating history, exponential demand growth, and the most consecutive dividends paid in U.S. capital markets history.
That will likely make for one of the most fascinating investment stories large institutions have ever seen. Today, $SATA looks interesting but novel to many traditional investors. By Spring 2029, it becomes much harder to dismiss: a daily-dividend security with high income, institutional seasoning, a multi-year track record, and the longest consecutive dividend streak in market history.
Garrett Johnston retweeted
At the current dividend pace, $SATA will pass Realty Income $O in Spring 2029 as the security with the most consecutive dividends paid in U.S. capital markets history.
The record matters. The timing matters even more.
Realty Income is the benchmark for dividend consistency. $O is not a small or obscure income product. It is an S&P 500 company with a market cap of approximately $58 billion, and it built its identity around being “The Monthly Dividend Company.” It has paid 672 consecutive monthly dividends, and that streak continues to grow every month.
$SATA is on a completely different cadence. $SATA has now paid its 9th consecutive dividend and is paying dividends on business days going forward, which works out to about 250 dividend payments per year.
Both streaks are still moving, but at very different speeds. $O adds 12 dividends per year. $SATA adds about 250 dividends per year. That means $SATA is closing the current 663 dividend gap by about 238 dividends per year.
At that pace, $SATA passes $O in Spring 2029. Around that point, $SATA will be near dividend payment #706, while Realty Income will be near #705. That is when $SATA will likely take the consecutive-dividend record.
The timing is important because Spring 2029 is also when $SATA will have existed for roughly 3.5 years. That lines up with one of the most important thresholds in institutional adoption: a real multi-year track record.
Large institutions do not all move at the same speed. Faster-moving institutions can underwrite new products earlier. Others need policy approval, consultant coverage, mandate fit, liquidity history, operational history, and enough realized performance to satisfy internal diligence requirements. Three years is where that conversation changes.
That is what makes the Spring 2029 setup so important. Digital Credit and $SATA are already seeing exponential demand growth. Faster-moving institutions are already buying. Retail adoption is already happening. We expect both trends to continue.
But many slower-moving institutions will be forced to wait, not because they are uninterested, but because their process requires the track record to develop first. That is the key point: the institutions that move the slowest are often the ones with the most capital to invest.
The largest pools of capital typically have the longest diligence processes. Pension funds, insurers, endowments, consultants, large platforms, and other institutional allocators often need seasoning, committee approval, policy clearance, liquidity history, and a multi-year track record before they can move at scale. They are not the first buyers, but they are often the biggest buyers once a product clears their process.
By Spring 2029, $SATA will not just be a daily dividend security. It will have hundreds of consecutive payments, a 3.5-year operating history, exponential demand growth, and the most consecutive dividends paid in U.S. capital markets history.
That will likely make for one of the most fascinating investment stories large institutions have ever seen. Today, $SATA looks interesting but novel to many traditional investors. By Spring 2029, it becomes much harder to dismiss: a daily-dividend security with high income, institutional seasoning, a multi-year track record, and the longest consecutive dividend streak in market history.
This is fantastic execution by the @Strive team.
They are hitting all of the important buckets that S&P ratings gave @Strategy to help build towards Investment Grade rating in the future.
- zero debt
- increased cash reserves proportionally with $SATA issuance to maintain 18mo coverage buffer.
- compressing Vol (which is going to compress further in June as the daily dividends kick in).
- increased BTC stack by 15%
… and accelerating the flywheel while BTC is trading flat - negative.
Can’t wait to see how this flywheel performs when BTC legs up again.
Congrats @ColeMacro @PunterJeff @Werkman @BenPhiat and the entire Strive team.
Garrett Johnston retweeted
Strategy to repurchase $1.5 billion principal amount of 2029 convertible notes. $MSTR $STRC strategy.com/press/strategy-…
Management team execution is separating the leaders from everyone else in the BTC Treasury space.
Huge congratulations @ColeMacro @PunterJeff @Werkman @BenPhiat and the entire @Strive team and n this innovation milestone.
Proof of work - well done!
There is a big difference between people who have done their homework, and those who haven’t when it comes to digital credit.
Jeff has done his homework.
Sat down with @coffeebreak_YT today on Bitcoin and Digital Credit.
His edit will drop soon. Posting the full raw hour for anyone who wants the unfiltered version.
Enjoy
Garrett Johnston retweeted
Sat down with @coffeebreak_YT today on Bitcoin and Digital Credit.
His edit will drop soon. Posting the full raw hour for anyone who wants the unfiltered version.
Enjoy
Garrett Johnston retweeted
JUST IN: Fed Chair Nominee Kevin Warsh approved by Senate Banking Committee and will be 1st pro-Bitcoin Fed Chair.
Garrett Johnston retweeted
Just to add some colour to this...
From the SEC filing it appears Strive sold $20 million worth of $SATA (200k shares). As well as 3,063,600 of $ASST shares via the ATM.
This makes them the first company to fully execute the Saylor playbook successfully.
Pretty big imo.
Garrett Johnston retweeted
Today Bitcoin was recognized as a strategic tool on the world stage, confirmed by the U.S.’s most senior commander responsible for our posture against China.
This is the result of years of policy work and educational initiatives. I’m beyond proud of the BPI team and the years of effort that it took to get us to this point.
This is a great illustration that puts the scale of even the largest Bitcoin Miners into perspective: They are the small fish in the pond… but have the advantage of Infrastrucure in place prior this wave… Marsh handles over 2/3rds of the hyperscalers. linkedin.com/posts/mgmoloney…
One of the most critical aspects of acceleration of Bitcoin into the legacy financial system is how it intersects the regulatory and compliance layers. If you are building in Bitcoin and want to know how to integrate into TradFi. DM for details. linkedin.com/posts/andriko_p…
