Strive's common ATM can lift long-run returns by funding bitcoin purchases at a share premium. Bitcoin is historically cheap; stacking in a bear market or before the bull market begins drives the biggest gains later. But too much weekly issuance can blunt upside, exhaust investors and cap mNAV expansion; share scarcity matters. The ATM is crucial, but caution is preferable. Cole Macro said preferreds should help keep dilution below Strategy's levels on the way up. x.com  x.com  x.com 

Heavy inflows could lift Strive's mNAV above Strategy's for periods because they have more impact on the smaller company. Strive could do even better than 6x versus Strategy's 4x, as investors seek the faster Bitcoin treasury stock. x.com  x.com  x.com 

Crypto treasury companies are stalling because the buyers of last resort have stopped buying and started paying out. Strategy trades below the value of its own bitcoin and is now selling BTC to cover dividends. BitMine is down 86% and $9 billion underwater on its Ethereum, no longer raising capital, just paying out. Neither was ever a clean crypto bet; each was a leveraged premium dressed up as one. x.com 

Strive's bitcoin treasury is scaling at a striking pace. It bought 6,182 BTC in a week to reach 43,000, up 17%; holdings are up 54% less than a month into the quarter and 5.6 times since the start of the year. Effective common shares outstanding also rose from 124.1 million to 127.3 million during the week. x.com  x.com 

Bitcoin treasury companies are a much better risk-adjusted play than AI stocks because buying Bitcoin avoids the constant innovation burden of competing businesses. Perpetual debt to own an asset that has already won beats maturing debt taken on to compete. x.com 

Bitcoin treasury company equity like Strive's should trade at a discount to NAV, so its 59% premium is mispriced and declining as shareholders realize they pay up to take on lots of incremental risk. Only a rising bitcoin price increases bitcoin per share. Shareholders can collapse the premium by doing what the company does: sell the stock and buy bitcoin directly. x.com  x.com 

Strive's live SATS preferred has raised $630m, advancing its Bitcoin accumulation case and making Strive shares super, super bullish. It offers a 15% annualized return paid daily. Strive is most likely now the world's second-largest corporate Bitcoin holder, though that has not yet been announced. x.com 

Strive's completed $630 million perpetual preferred IPO gives it capital to add more Bitcoin to its reserves. The preferred traded $89 million on day one and pays a 15% dividend in daily installments; expect more Bitcoin in Strive's corporate reserves. x.com 

Bitcoin treasury companies will and should trade at a discount to NAV, since money in a double-tax structure has no reason to trade at a premium to money. Participants are harvesting the premium against each other in a zero-sum game until it flips to a discount, in bull or bear markets. Since tracking began, bitcoin rose 4.9% and Strive's bitcoin holdings 4.7%, yet Strive shares fell 14.8%, leaving bitcoin 19.7% ahead. x.com  x.com 

Agent payments and AI infrastructure make AI crypto one of the strongest early-bull-market narratives. Coinbase's x402 is the clearest signal: agents made 138 million-plus Base transactions, mostly under 10 cents. Bittensor subnets earn outside revenue; Render and Akash supply GPU power; NEAR builds agent rails. Grayscale's AI crypto sector rose 54% in September vs roughly 24% for the broader market. Still early and volatile; rotation may follow if Bitcoin holds a base and the narrative sticks. … Show more