In this week’s Hurdle Rate, the crew breaks down Strategy’s sale of Bitcoin to fund dividend payments and why the market’s reaction may signal growing confidence in Bitcoin as a liquid capital asset. We explore how Strategy and Strive are using balance sheet management, digital credit, and capital markets access to keep their models moving through volatility. We  also dig into SATA’s short interest, the idea of a “controlled burn,” and how Strive is thinking about protecting shareholders while allowing the market to function. We close with a broader discussion on patience, positioning, and building durable structures in the Bitcoin capital markets era.

00:00 Welcome to the Hurdle Rate

03:20 Why Selling Bitcoin Helps STRC Confidence

05:37 Matt Cole on Strategy’s Long-Term Move

09:05 Bitcoin Absorbs the Sale

13:53 Bitcoin Liquidity Compared to Real Estate

17:29 Why the Model Still Works Without Capital Markets

19:03 Bitcoin CAGR + Balance Sheet Strength

23:14 Strive’s Dividend Math Compared to Strategy

27:40 SATA Short Interest + “Controlled Burn”

34:20 Jeff Explains Controlled Burns and Wildfire Incentives

41:56 Why Strive May Let SATA Trade Freely

44:05 Patience, Positioning, and Market Discipline

45:07 Closing Thoughts