In this week's Hurdle Rate, the crew breaks down the latest corporate Bitcoin market activity and Strive's growing Bitcoin holdings, before turning to Strategy's Bitcoin sale and what the balance sheet math actually reveals about risk and permanent impairment. We dig into historical bear market scenarios, how to manage amplification ratios, and the product management and demand dynamics shaping the treasury company landscape. We close with a deeper look at what digital credit actually is and why it matters for the road ahead.

00:00 - Welcome To The Hurdle Rate

00:50 - Corporate Bitcoin Market Activity

2:42 - Strive's Bitcoin Holdings Update

04:41 - Market Transparency And Liquidity

13:11 - Strategy Sells Bitcoin: Balance Sheet Analysis

18:01 - Risk And Permanent Impairment

19:59 - Historical Bear Market Scenarios

27:36 - Managing Amplification Ratios

40:15 - Product Management And Demand

45:32 - Defining Digital Credit