Strive was one of the best performing stocks in the Russell 2000 over the past month, and Chief Risk Officer Jeff Walton says the company is on pace to double its Bitcoin holdings roughly every 12 weeks. In this conversation with Grace Remington and Sean Hagan, Walton explains how Strive manages its liquidity position while scaling that fast, why the balance sheet just crossed $2.5 billion in total strength, and how the common stock and preferred ATMs actually fund Bitcoin accumulation. He also breaks down the $700 million in warrants expiring October 13 and what their exercise would mean for leverage and future products. Walton closes with the systemic credit risk he thinks the entire market is underpricing.
Chapters:
00:00 — Jeff Walton Brings a Reinsurance Risk Playbook to Bitcoin
00:33 — Why a 24/7 On-Chain Market Is Easier to Model Than Equities
01:36 — Strive’s Russell 2000 Run and the $2.5 Billion Balance Sheet
02:15 — How the Common Stock and Preferred ATMs Fund Bitcoin Buys
03:54 — Staying Simple While Strategy and Metaplanet Stack Products
04:59 — Dividends, Cost of Capital, and Buying Bitcoin Near $86,000
06:19 — Why the Four-Year Bitcoin Cycle Is Fundamentally Breaking Down
08:26 — Trust as Capital Market Infrastructure and the Liquidity Test
10:28 — Inside Strive’s 25 to 50 Percent Bitcoin Hurdle Rate
12:07 — The Systemic Credit Event the Market Is Underpricing
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