All In On Bitcoin | The Hurdle Rate Podcast LIVE | Ep. 76

— One year retrospective on the Semler-Strive acquisition at the Bitcoin Treasuries Conference, which merged two companies' ~11,000 Bitcoin combined and enabled SEDA's launch.

— Game theory behind daily dividend design: SEDA pays equal Monday–Friday dividends (no weekend accrual) to optimize algorithmic volume during U.S. trading hours, unlike Strategy's competing product.

— Strategy's separate strategy focuses on becoming the world's largest company; Strive pursues higher amplification ratios within a smaller scale, positioning them as complementary rather than fiercely competitive.

— Amplification ratio, not dividend yield or Sharpe ratio, drives ~90% of total returns in a bull market; Strive targets 60–70% amplification as Bitcoin appreciates.

— Balance sheet composition of Bitcoin and cash provides optionality to transform collateral into new financial structures (e.g., SEDA as preferred equity) without requiring derivatives trading that caps upside.

— Future evolution of Bitcoin balance sheet companies: multifaceted collateral design, cash position management, and scale enabling larger institutional allocation and market power.

— Understand the structural differences between SEDA and Strategy's daily dividend products: both pay daily but differ in weekend accrual policy and issuer strategy; trading arbitrage between instruments may increase market liquidity and offer tactical opportunities.

— Amplification ratios matter far more than dividend yield in bull markets: if Bitcoin does 50% annually through 2030, every 10% increase in amplification likely outweighs a 1–2% change in dividend cost, making high-amplification structures core to total return.

— Scale and trust are non-negotiable: Strive's ability to increase amplification from 30% (IPO) to 50–60% (current) hinged entirely on executing during bear market; institutional investors reward proven execution with larger allocations, directly increasing company power and optionality.