What's New With Strive? | The Hurdle Rate Podcast | Ep. 69

— Strive delivered a 23.9% Bitcoin yield in Q2 2026, marking the third consecutive reporting period of substantial positive yield since becoming public in May 2025.

— Despite Bitcoin declining ~31% since the strategy's announcement, Strive common equity (ASST) has generated a 2.3% positive return, outperforming Bitcoin by ~34 percentage points.

— Strive retired all debt in Q2, eliminating margin requirements and encumbered Bitcoin; SEDA began paying daily dividends on June 16 and has now completed 44 consecutive payments.

— The company refreshed its website and launched a comprehensive treasury dashboard displaying new metrics including treasury asset value, dividend coverage, amplification ratio, and investor protections.

— Management shifted reporting focus from Bitcoin notional value to total dividend coverage and perpetual liability frameworks, drawing parallels to insurance and pension fund accounting.

— Six key investor protections for SEDA include rate-reduction safeguards, cumulative dividends with step-ups, voting rights after missed payments, a $100 issuance floor, and management compensation tied to dividend payment.

— Bitcoin-focused investors evaluating amplified equity exposure should examine multiple metrics simultaneously—Bitcoin yield, SATs per share, amplification ratio, and investor protections—rather than relying on a single valuation measure, as institutional fixed-income managers assess duration and yield across multiple frameworks.

— The perpetual liability structure of SEDA (daily dividends with no bullet maturity) creates a more predictable obligation profile than traditional debt, allowing management to focus risk assessment primarily on the asset side and justifying the transparent dashboard of coverage metrics and reserve details.

— Monitor dividend coverage metrics—currently 14.7 years total and 1.5 years in cash/securities reserve—and track ASST trading volume coverage (95 days of daily dividends per single trading day) to assess sustainability of daily distributions independent of Bitcoin price appreciation alone.