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PODCAST

The Hurdle Rate Podcast

thehurdleratepod

Join Matt, Ben, Jeff, and Tim for an entertaining and informative weekly podcast cutting through conventional wisdom on Bitcoin, investing, and macroeconomics. Every Wednesday, this forward-thinking team delivers unique perspectives and innovative insights that challenge mainstream financial narratives, empowering listeners to make more independent decisions for their corporate or personal financial lives. Is Bitcoin your hurdle rate? New episodes every Wednesday!

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All Episodes

61:41

Bitcoin Is Cheap. Amplify Now. | The Hurdle Rate...

The Hurdle Rate Podcast ·

2026/10/06

In this week's Hurdle Rate, the crew breaks down Strive's latest 2,000 Bitcoin purchase, a Q3 that delivered a 99% total return, and the new $500 million SATA repurchase facility. They also discuss the goal of pushing amplification above 60% while Bitcoin is under $100K, why the market is too focused on the downside, and why US capital markets are the major leagues. The episode closes with a recap of the Bitcoin Treasuries Conference and why Luke Gromen's "paper gold" comparison doesn't fit digital

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28:01

All In On Bitcoin | The Hurdle Rate Podcast LIVE |...

The Hurdle Rate Podcast ·

2026/09/29

The Hurdle Rate goes LIVE at the Bitcoin Treasuries Conference in New York, back where the Strive and Semler deal started a year ago. The panel looks back on that deal, which brought the two companies' roughly 6,000 and 5,000 Bitcoin together, and explains why getting bigger was what made SATA possible. Matt explains the game theory behind SATA's daily dividend now that Strategy is following suit, and why the two companies are playing different games. The panel also covers why Strive is aiming for

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55:19

Growing Trust Grows Liquidity | The Hurdle Rate...

The Hurdle Rate Podcast ·

2026/09/22

In this week's Hurdle Rate, the crew breaks down Strive's latest 1,355 Bitcoin purchase, Bitcoin's breakout, and why short-term traders may miss the move. They also discuss how digital credit could reshape the next bull market, why liquidity is the clearest measure of trust, and what Michael Saylor and Warren Buffett teach about building balance-sheet companies. The episode closes on the affordability crisis and why Bitcoin may be the new American dream.Here's the latest with Matt Cole, Jeff

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66:31

Podcasters Per Share | The Hurdle Rate Podcast | Ep. 74

The Hurdle Rate Podcast ·

2026/09/15

This week on The Hurdle Rate: Adam Livingston joins Strive as VP of Investments, Strategy buys back $139 million of STRC with stretch back near 99, and Strive adds 469 Bitcoin at an average cost of $77,954 while hitting an all-time high market cap of $2.75 billion. Jeff makes the case that trust is the real infrastructure of capital markets, and why Bitcoin makes that trust legible. We get into the Clarity Act, AI doomerism, and why the crew thinks the frontier labs are using fear to build a moat

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62:45

The Billion Dollar Wall | The Hurdle Rate Podcast |...

The Hurdle Rate Podcast ·

2026/09/08

In this week's Hurdle Rate, the crew discusses SATA hitting $999 million outstanding, Strategy doubling its STRC repurchase facility to $2 billion, and Strive adding another 1,000+ Bitcoin. Ben breaks down the art and science of running the desk and why amplification stays on. Matt makes the case that we've never seen a bull market with a perpetual preferred model in place. We also get into executive comp and shareholder alignment, and close on macro: what happens if the 10-year breaks 7%.Here's

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62:57

Building on Digital Credit | The Hurdle Rate Podcast...

The Hurdle Rate Podcast ·

2026/09/01

In this week's Hurdle Rate, the crew unpacks a market that has come roaring back to life, from Strategy returning as a Bitcoin buyer at 0% net leverage to Strive growing its stack 14.4% in two weeks to 23,156 Bitcoin. Jeff brings back lessons from Bitcoin Asia, where investors are building structured finance on top of Bitcoin and digital credit faster than the US, and we dig into why STRC hasn't snapped back to par, how amplification and liquidity have to be earned rather than dialed in, and why

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51:53

Liquidity Is The Moat | Hurdle Rate Podcast | Ep. 71

The Hurdle Rate Podcast ·

2026/08/25

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55:14

Digital Credit Is The Product | The Hurdle Rate...

The Hurdle Rate Podcast ·

2026/08/18

In this week’s Hurdle Rate, the crew reacts to Strategy’s latest investor Q&A and breaks down why the company is prioritizing STRC, building cash reserves, and treating Bitcoin as flexible capital. We dig into why Bitcoin has held firm despite Strategy selling, the Coldcard self-custody exploit, and broader market stress, and what that resilience could signal about the bear market. The conversation then turns to NVIDIA’s massive structured-finance deal, how the company is lending its balance

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51:13

What's New With Strive? | The Hurdle Rate Podcast |...

The Hurdle Rate Podcast ·

2026/08/10

In this week’s Hurdle Rate, the crew breaks down Strive’s Q2 results, including a 23.9% Bitcoin yield and how the company’s incentive structure supports its broader Bitcoin treasury strategy. We then turn to Strive’s refreshed website and redesigned Bitcoin Dashboard, exploring how the new tools improve transparency, make key treasury metrics easier to understand, and give investors a clearer view of the company’s performance.Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, and Joe

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47:42

Look For The Helpers | The Hurdle Rate Podcast | Ep. 68

The Hurdle Rate Podcast ·

2026/08/04

In this week's Hurdle Rate, the crew breaks down the Coldcard self custody exploit and how the Bitcoin community responded to it, before turning to what the event revealed about how few people understood the cryptography they were relying on. We dig into the yen hitting its weakest level in forty years and what a fragile treasury market means for everyone holding dollars, Strategy'sdecision to sell Bitcoin and build a cash reserve, and the game theory behind buybacks. We close with a deeper look at

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45:08

We’re Playing For Trillions | The Hurdle Rate Podcast...

The Hurdle Rate Podcast ·

2026/07/31

Episode 67: We’re Playing For TrillionsIn this week’s Hurdle Rate, the crew breaks down Strategy’s Q2 2026 earnings call and its focus on returning STRC to par while building a trillion-dollar digital credit market. We explore why liquidity, simplicity, and preserving Bitcoin’s upside remain central to the strategy, along with the risks of borrowing against Bitcoin or using derivatives for short-term cash flow. Matt and Ben share lessons from meeting investors in Hong Kong, while Jeff explains

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59:22

Episode 66: Social Investing

The Hurdle Rate Podcast ·

2026/07/21

In this week’s Hurdle Rate, the crew breaks down the slow summer market and strategy's focus on building up its balance sheet to improve credit quality. We explore how Strategy and Strive are navigating macro uncertainty, steadying operations, and executing consistent Bitcoin buys through the summer doldrums. We also dig into the derivatives market, short interest dynamics for ASST and SATA, and how lending out shares ultimately impacts corporate dividend payments and tax treatment. We close with a

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58:25

Episode 65: Shifting Institutional

The Hurdle Rate Podcast ·

2026/07/14

Shifting Institutional | The Hurdle Rate Podcast | Ep. 65 In this week’s Hurdle Rate, the crew opens with updates from Strategy, Strive, and the digital credit market before recapping the major developments from Q2. We cover Strategy’s growing cash reserve, market feedback, and the evolution of Bitcoin-backed credit. We also explore institutional adoption, structured products, AI, intellectual property, and the limits of government intervention in the debt crisis. We close it off with thoughts on

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45:27

Episode 64: Building The Track Record

The Hurdle Rate Podcast ·

2026/07/07

Episode 64: Building The Track Record 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

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74:12

Episode 63: The Digital Credit Capital Framework

The Hurdle Rate Podcast ·

2026/06/30

Episode 63: The Digital Credit Capital Framework In this week's Hurdle Rate, the crew opens with the latest on digital credit volatility and the broader market backdrop, before digging into Strategy's capital framework and how management is navigating stress in the system. The conversation turns to institutional behavior, the realities of managing a cash balance sheet, and the dynamics of leverage and short interest within digital credit. We unpack high yield investing perspectives, what resilience

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53:45

Episode 62: Digital Credit Weakness

The Hurdle Rate Podcast ·

2026/06/22

Episode 62: Digital Credit Weakness Full episodes: https://tnorth.com/hurdle-rate/ In this week's Hurdle Rate, the crew breaks down the mechanics of volatility and liquidation events, before turning to shifting investor behavior and how markets react to sudden liquidations. We dig into how digital credit stacks up against traditional financial instruments, the innovations shaping the future of the lending landscape, and what it takes for protocols to remain resilient in brutal bear markets. We

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52:47

Episode 61: What’s Your Time Preference?

The Hurdle Rate Podcast ·

2026/06/16

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

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50:39

Episode 60: The Math of Amplification

The Hurdle Rate Podcast ·

2026/06/02

Episode 60: The Math of AmplificationIn 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

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47:33

Episode 59: Scale Like Crazy

The Hurdle Rate Podcast ·

2026/05/27

Episode 59: Scale Like Crazy 0:00 - Welcome Back to The Hurdle Rate 1:08 - Jeff’s Podcast Circuit & Strategy Retires Debt 21:27 - Strive’s Big Week 32:42 - Strategy’s Retail Q&A 41:29 - Kevin Warsh is The New Fed Chair

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54:47

Episode 58: Exponential Innovation

The Hurdle Rate Podcast ·

2026/05/19

Episode 58: Exponential Innovation0:00 - Welcome Back to The Hurdle Rate 1:30 - Strive: The Daily Dividend Company 5:32 - Ringing The Opening Bell at Nasdaq 23:50 - How Strive Paid Off Its Debt 27:00 - How Big Is This Idea? 41:21 - The Infrastructure Behind The Scenes 47:00 - How Bitcoin Will Be Involved In Strive’s Future All episodes are posted on YouTube: https://www.youtube.com/channel/UCR9Q6w9zyf_KS2ujrzhoLyA All episodes are hosted on https://tnorth.com/shows/hurdle-rate/

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