Welcome back to The Bitcoin Treasuries Podcast. Episode 21: The Intelligent Leverage Trade: Winter Isn't Coming Back. The crew is back with the latest on the @Strategy earnings call recap, ATM adjustment, Bitcoin per share, leverage ratios and more. Here's the Hurdle Rate for the week of August 4, 2025 with @BenWerkman, @ColeMacro, @PunterJeff and @TimKotzman. 0:00 - Welcome Back to The Hurdle Rate 1:34 - Recapping MSTR Earnings Call 9:49 - Strategy’s ATM Adjustment 21:00 - MSTR’s Bitcoin Per Share 30:03 - Only Look at Leverage Ratio 45:08 - Could Bitcoin Treasury Companies Lead to the Next Bear Market?

The market has trusted us with another $18 billion for purchasing $BTC so far this year.

₿ridge to Tomorrow

Today, @cvpayne and I break down why Bitcoin is a swarm of hornets, how to outperform $BTC with $MSTR, beat $USD money markets with $STRC, and ride the wave of crypto innovation.

Sequans has purchased an additional 85 bitcoin for ~ $10.0 million at an average price of ~ $117,360 per bitcoin. As of 08/01/2025 we hodl ~ 3,157 bitcoin acquired for ~ 368.5 million at an average price of ~ $116,708 per bitcoin. $SQNS

Metaplanet has acquired 463 BTC for ~$53.7 million at ~$115,895 per bitcoin and has achieved BTC Yield of 459.2% YTD 2025. As of 8/4/2025, we hold 17,595 $BTC acquired for ~$1.78 billion at ~$101,422 per bitcoin. $MTPLF

Winter is not coming back.

Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy.

$MSTR is Amplified Bitcoin.

In the short term, Bitcoin is a trading asset. Over the long term, it’s a treasury asset.