Institutional diversification and investor preference leave room for multiple Bitcoin-treasury companies to sell digital credit. The $350T fixed-income market dwarfs today's $20B digital-credit market. Digital credit will become a multi-trillion-dollar industry within a decade, with multiple new issuers offering preferreds like Strategy's STRC and Strive's SATA in 3-5 years. If Bitcoin does well, their large holdings and structures will let them all do well and outperform it. x.com  x.com 

Bitcoin's near-term macro backdrop is not yet favorable because the Fed balance sheet is stuck at $6.75 trillion, so patience is warranted. The Fed will eventually have to step in for debt markets. ETF inflows leave time for October to turn positive, while Bitwise raised its 2036 target to $1.6 million and says institutions may allocate 1% to 5% as adoption and debasement-hedge demand rise. A U.S. Strategic Bitcoin Reserve may start buying very soon once crypto rules are settled. x.com  x.com  … Show more

High interest rates curb leveraged Bitcoin speculation while new investment opportunities compete for limited capital. AI companies are taking on heavy debt, SpaceX recently went public and Anthropic is preparing an IPO; many beaten-down AI stocks may offer a better chance of doubling than Bitcoin. With Bitcoin below $80,000, $70,000 is more likely than $90,000 from here. x.com 

ICE's investment in Trade[XYZ] could widen Bitcoin's buyer base through regulated, 24/7 perpetual futures. More participants, deeper liquidity and better hedging may lower barriers to investing; derivatives do not automatically create spot demand, but some participants could become long-term BTC owners. If adoption produces net buying, Bitcoin's fixed 21M supply means price must adjust. x.com 

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 

Bitcoin's rebound faces constrained upside from dealer hedging and weak US spot demand. Seventy percent of dealer gamma sits at $75,000-$82,000 ahead of Friday's $11B options expiry; the Coinbase premium had no positive days in October and an $83,000 fakeout keeps traders defensive. The Fed hold spurred relief, ETFs added $110.34M and $176M, and record US debt drives long-term accumulation. A hot PCE print would raise December hike odds and pressure Bitcoin through higher yields. x.com  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 

Strive's new preferred and warrant proceeds give it capital to expand its bitcoin treasury. Holdings rose from 27,462 to 36,818 BTC in three weeks; the upsized $630M SATS IPO, its second preferred with a 15% coupon paid every business day, and another $369M from warrants are not in that count yet. The bullish case is 100,000 BTC by summer 2027. x.com 

Bitcoin may need sustained demand above all to outweigh selling pressure, since even favorable catalysts have coincided with declines. BTC fell despite rate cuts, a pro-crypto president, institutional adoption and rising liquidity; it now faces rate hikes, war in Iran, inflation, AI-bubble fears, quantum risks and AI-driven crypto hacks. x.com 

Bitcoin could draw a wave of client liquidity as asset managers move beyond offering access to ranking it as a top investment prospect. JPMorgan projects it as the highest-performing asset over the next ten years, a major shift in how finance views it. Other managers are likely to follow, and many investors take their advice. x.com