Strategy is proposing to pay STRC dividends semi-monthly instead of monthly. Same annual rate. Same obligation. Twice the cadence. Most Americans get paid semi-monthly. STRC would be on the same rhythm as the paychecks it replaces.

A new derivatives product launching this week worth understanding if you have any retirement money sitting in alternative funds, BDCs, or target date allocations. Educational content, not investment advice. #privatecredit #bitcoin #financialeducation

Reminder: if we taxed every dollar of wealth from billionaires, we’d be able to run the government for like, a year. Maybe it’s a spending problem..

Strategy raised $1 billion in a single week selling preferred stock and used every dollar to buy Bitcoin. No common stock dilution. Here is how the capital structure actually works. STRC’s dividend rate is variable and subject to change. Past performance does not guarantee future results. This is educational content, not investment advice. Not a recommendation to buy or sell any security. #Bitcoin #STRC #Strategy #investing #financialeducation

My take on private credit and the possible contagion effects into life insurance. For educational and informational purposes only. Not financial advice.

Psalm 22:16–18 “For dogs encompass me; a company of evildoers encircles me; they have pierced my hands and feet— I can count all my bones— they stare and gloat over me; they divide my garments among them, and for my clothing they cast lots.”

War is so fiat.

GM, Happy Sunday! “Be still, and know that I am God; I will be exalted among the nations, I will be exalted in the earth.” — Psalm 46:10

Powell delivers his second to last speech today. Wonder if private credit will play into their decision. Again, insane and archaic that the entire global economy hinges on the words of one man.

Again, private credit is cracking. Morgan Stanley put out an 8% default rate projection for direct lending. AI is repricing the software sector, and software companies make up 25-35% of many private credit portfolios. These are companies that borrowed at peak valuations when rates were low, and now their competitive moats are eroding faster than anyone modeled. Blackstone had $3.8B in withdrawal requests on BCRED. Cliffwater capped redemptions at 14%. Blue Owl stopped them entirely. The capital leaving private credit needs a destination. It needs yield, liquidity, and something resembling honest pricing. I think digital credit built on Bitcoin is that destination, and the reallocation hasn’t even started yet.

People aren’t bad at saving, they’re just saving in the wrong things.

GM Strategy bought 22,337 BTC last week. Over 0.1% of the total supply. $1.18 billion came from STRC. “Only” $396 million from selling MSTR common equity at a ~1.14x mNAV. The preferred instruments are now the primary engine. Strategy is layering credit on top of Bitcoin as a reserve asset. STRC pays 11.50% yield, adjusts monthly, trades ~$100 par, and is overcollateralized roughly 5x. It functions more like a fixed-income instrument than an equity position, but the collateral underneath is the hardest money ever created. Hal Finney wrote about this kind of architecture years ago. He envisioned Bitcoin transactions being rare, with most economic activity happening on layers above the base. Most people never touching the underlying Bitcoin, just interacting with instruments build on top of it. That is exactly what STRC is. A credit layer on top of Bitcoin’s monetary base. And it raised $1.18 billion in a single week while private credit funds are literally shutting their gates to prevent people from leaving. The capital reallocation from legacy credit to digital credit is not a prediction game anymore. It is happening in real-time!

Standard Oil didn’t get big because oil was valuable. It got big because Rockefeller figured out that raw crude is useless until you refine it and build the plumbing to move it through the economy. That exact ‘Strategy’ is being executed right now.

There’s a version of the Bitcoin thesis that only makes sense in peacetime, where it’s just a better savings technology in a world that otherwise functions normally. That version is comfortable and clean and easy to explain at dinner. Then there’s the version you see right now. A war breaks out. Oil spikes. The bond market seizes. Gold rallies for a week and then stalls. And Bitcoin, the thing that every allocator said was too volatile, too speculative, too correlated to risk assets, quietly climbs 12% while the rest of the financial system tries to figure out what to do next. Meanwhile, people inside the war zone are using Bitcoin to move capital out of a collapsing system. Not because they read a white paper or watched a podcast or have a financial advisor. Because their banks are frozen, their currency is losing value by the day, and Bitcoin is the only network that doesn’t ask for permission. I think about this a lot when people ask me why I built an advisory practice around a single asset. The answer is that no other asset does what Bitcoin does when things actually break. Not gold. Not real estate. Not Treasuries. Nothing else settles globally, 24/7, without counterparty risk, under any political conditions. That matters more than volatility. It always has.

If private credit funds are gating withdrawals during a downturn, what exactly makes them safer than an asset that you can sell 24/7/365 on any exchange on earth?

I have been thinking about what happens to the private credit market when transparency becomes the default expectation. PIMCO came out today and blamed sloppy underwriting for what they're calling a private credit reckoning. JPMorgan is marking down loan portfolios. The industry that grew to $1.7 trillion by promising equity returns with bond-like stability is starting to show the cracks that were always underneath the surface. The thing that made private credit feel safe was never the credit quality. It was the pricing opacity. If you only mark your book once a quarter, and you control the model that produces the mark, you can make volatility disappear. That is not low risk. It is low transparency, and the market treated those as the same thing for years. What Bitcoin-backed credit instruments are doing is removing the ability to hide behind that opacity. $STRC prices every second the market is open. The collateral ratio is visible on-chain. There is no fund manager sitting between you and the valuation, deciding what number makes the quarterly report look acceptable. I do not think most people realize how foundational this shift is. The entire traditional credit market is built on the assumption that investors will accept delayed, model-dependent pricing as a feature rather than a bug. Once you have seen real-time transparent pricing on a regulated exchange, going back to "we'll tell you what your money is worth in 90 days" feels like a different era. The private credit reckoning is not about one cycle or one set of bad loans. It is about the structural advantage of transparency, and the fact that transparent alternatives now exist at scale.

Holding an asset whose supply cannot be manipulated by any government, corporation, or institution is probably the least risky thing you can do with long-duration capital.

Twenty million Bitcoin in circulation.