Liquidity Is The Moat | Hurdle Rate Podcast | Ep. 71

Bye.

Welcome back to The Hurdle Rate.

This is episode 71 for the week of August 24th, 2026.

I'm Tim Kotzman.

We've got Jeff Walton in Hong Kong, Matt Cole, and Ben Workman.

The headline this week, strategy has 0% net leverage.

Strive has had SATA at 100%.

More than one out of every thousand Bitcoin that will ever exist is now owned by Strive.

Strive acquired an additional 1,110 Bitcoin for 81.5 million at an average cost of 73,409 per Bitcoin, bringing Strive's total holdings to 21,356 Bitcoin.

Strategy increased their USD reserve to 5.1 billion, repurchased 136 million of STRC.

And as of August 23rd, strategy holds about 4% of the total Bitcoin supply.

And again, has 0% net leverage.

Topics on the table.

We've got the Treasury Secretary of the United States with nearly a trillion dollars in the general account.

Ready to do a buyback program.

Again, we have SADA in or around $100.

Jeff, how's Hong Kong? Are you getting any sleep? What's your take?