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?