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The Hurdle Rate Podcast

The Hurdle Rate Podcast

Episode 61: What’s Your Time Preference?

Jun 16, 2026 · 53 min · 11 segments

In this week's Hurdle Rate, the crew breaks down the latest corporate Bitcoin market activity and Strive's growing Bitcoin holdings, before turning to Strategy's Bitcoin sale and what the balance…

In this week's Hurdle Rate, the crew breaks down the latest corporate Bitcoin market activity and Strive's growing Bitcoin holdings, before turning to Strategy's Bitcoin sale and what the balance sheet math actually reveals about risk and permanent impairment. We dig into historical bear market scenarios, how to manage amplification ratios, and the product management and demand dynamics shaping the treasury company landscape. We close with a deeper look at what digital credit actually is, and why it matters for the road ahead. Full episodes: https://tnorth.com/hurdle-rate Timestamps 00:00 Welcome to the Hurdle Rate Podcast 01:44 Market Acceleration and USD Reserves 06:04 Holistic Capital Structure Strategy 12:20 Designing Long-Term Capital Vehicles 17:21 Analyzing Recent Bitcoin Flows 18:11 SpaceX IPO and Major Capital Events 29:18 Bitcoin on Institutional Balance Sheets 36:51 Takeaways from Bitcoin Prague 41:20 Onboarding New Investors via Digital Credit

In this week's Hurdle Rate, the crew breaks down the latest corporate Bitcoin market activity and Strive's growing Bitcoin holdings, before turning to Strategy's Bitcoin sale and what the balance…

Top entities: Bitcoin×177 Prague×11 Space Exploration Technologies Corp.×24 Richard Anthony Byworth×2 Performance indicator×6

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Speakers: Ben WorkmanHostMatt ColeHostJeff WaltonHostTim KotzmanHost

Show signals: SuitabilitySafeBiasNot politicalAudience≈31k followers

Show Open & Agenda Tease0:02 – 1:42

Tim KotzmanHost

0:02

Bye.

Tim KotzmanHost

0:31

Welcome back to The Hurdle Rate, episode 61 for the week of June 15th, 2026.

Tim KotzmanHost

0:37

I'm Tim Kotzman.

Tim KotzmanHost

0:39

I'm here on the screen with Ben Workman, Jeff Walton, and Matt Cole.

Tim KotzmanHost

0:44

Since our last episode...

Tim KotzmanHost

0:46

I mean, a lot has happened, right? Strategy sold 32 Bitcoin, Strive bought 32 Bitcoin.

Tim KotzmanHost

0:51

Then this morning we had additional purchases, 73 Bitcoin announcement from Strive, 1,587 Bitcoin from Strategy for 100 million.

Tim KotzmanHost

1:02

And if note, Strategy increased their USD reserve by 100 million to 1.1 billion.

Tim KotzmanHost

1:10

Jeff, Ben, Matt, how important is the USD reserve to moving digital credit forward? Can you describe what BTC Prague, what all was going on there, especially in addition to Sailor's 10-minute answer on, you know, what is MNAV? We have SpaceX.

Tim KotzmanHost

1:28

We have capital markets activity that I think, you know, Jeff's going to dive right into.

Tim KotzmanHost

1:32

We have bi-monthly from strategy and daily dividends in play from Strive.

Tim KotzmanHost

1:37

So no shortage of stuff to To comment on so Jeff over to you

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BitcoinEntityCryptocurrency
98%177 mentions
PragueLandmarkCapital of the Czech Republic
94%11 mentions
Space Exploration Technologies Corp.CompanyAerospace company
90%24 mentions
Richard Anthony ByworthEntity
86%2 mentions
Performance indicatorEntity
82%6 mentions
Initial public offeringEntity
78%17 mentions
Tim KotzmanPerson
74%5 mentions
AnthropicCompanyArtificial intelligence company
70%3 mentions
Capital structureEntity
66%1 mention
OpenAICompanyGenerative AI company
62%2 mentions
Minimum acceptable rate of returnEntity
58%1 mention
GoogleCompanyTechnology corporation
54%3 mentions
Exchange-traded fundEntity
50%5 mentions
United StatesCountryCountry in North America
46%2 mentions
NvidiaCompanyCompany
42%3 mentions
Artificial intelligenceEntityProfessional field
38%2 mentions
MicroStrategyCompanyBusiness intelligence company
34%4 mentions
TeslaCompanyAutomotive company
30%2 mentions
Elon MuskPersonBusinessman and former Senior Advisor to the President of the United States
26%4 mentions
XEntitySocial networking service
22%2 mentions
Peter SchiffPersonAmerican stockbroker
18%1 mention
Adam BackPersonBritish cryptographer
14%2 mentions
El SalvadorCountryCountry in Central America
10%1 mention
EuropeContinentContinent
6%1 mention
Capital expenditureEntity
2%1 mention

InvestmentsFinance
Society
Market TrendsEconomics
BitcoinFinance > Investments > Cryptocurrency
CryptocurrencyFinance > Investments
Corporate ResponsibilitySociety > Economic Impact
Capital MarketsBusiness > Corporate Finance
Capital FlowEconomics > Market Trends
Bitcoin AdoptionTechnology > Blockchain > Cryptocurrency
Financial LiteracySociety > Economic Impact > Corporate Responsibility
Economic ImpactSociety
CryptocurrencyTechnology > Blockchain
Market DynamicsFinance > Investments > Cryptocurrency > Bitcoin
Economics
Technology
Business
Finance
IPOBusiness > Corporate Finance > Capital Markets
Investment StrategiesBusiness > Corporate Finance > Capital Markets > IPO
Institutional InvestmentEconomics > Market Trends > Capital Flow
Risk ManagementEconomics > Market Trends > Capital Flow > Institutional Investment
Digital AssetsTechnology > Blockchain > Cryptocurrency > Bitcoin Adoption
Investment EducationSociety > Economic Impact > Corporate Responsibility > Financial Literacy
BlockchainTechnology
Corporate FinanceBusiness

Show Open & Agenda Tease0:02 – 1:42

Tim KotzmanHost

0:02

Bye.

Tim KotzmanHost

0:31

Welcome back to The Hurdle Rate, episode 61 for the week of June 15th, 2026.

Tim KotzmanHost

0:37

I'm Tim Kotzman.

Tim KotzmanHost

0:39

I'm here on the screen with Ben Workman, Jeff Walton, and Matt Cole.

Tim KotzmanHost

0:44

Since our last episode...

Tim KotzmanHost

0:46

I mean, a lot has happened, right? Strategy sold 32 Bitcoin, Strive bought 32 Bitcoin.

Tim KotzmanHost

0:51

Then this morning we had additional purchases, 73 Bitcoin announcement from Strive, 1,587 Bitcoin from Strategy for 100 million.

Tim KotzmanHost

1:02

And if note, Strategy increased their USD reserve by 100 million to 1.1 billion.

Tim KotzmanHost

1:10

Jeff, Ben, Matt, how important is the USD reserve to moving digital credit forward? Can you describe what BTC Prague, what all was going on there, especially in addition to Sailor's 10-minute answer on, you know, what is MNAV? We have SpaceX.

Tim KotzmanHost

1:28

We have capital markets activity that I think, you know, Jeff's going to dive right into.

Tim KotzmanHost

1:32

We have bi-monthly from strategy and daily dividends in play from Strive.

Tim KotzmanHost

1:37

So no shortage of stuff to To comment on so Jeff over to you