What are Bitcoin bonds? Strive CEO @ColeMacro explains and also shares why he believes the way @saylor designed them is so genius.

Texas Hits BlackRock, Banks with ESG Probe Last week, Texas, joined by nine other states, launched an investigation into BlackRock, JP Morgan, Bank of America, and other U.S. banks over their potentially illegal ESG practices. Starting with a Bang: The letter begins, Each of you—BlackRock, Goldman Sachs, Morgan Stanley, JPMorgan Chase, Bank of America, and Citigroup—....appear to have embraced race- and sex-based quotas and to have made business and investment decisions based not on maximizing shareholder and asset value, but in the furtherance of political agendas. We, the undersigned Attorneys General, are concerned this may violate federal and State laws. Zoom In: The prosecutors allege: • Quotas in Exchange for Lower Interest Rates: The banks and BlackRock allegedly colluded to amend revolving-credit agreements "so that BlackRock will save or pay millions of dollars based on whether BlackRock meets race- and sex-based employment targets." • "Optics Only" Retreat from Net Zero: The letter accuses the targets of leaving some net zero groups, while remaining members of other climate-focused organizations and making "public statements of continued, independent commitment to the net-zero agenda." As the prosecutors explain, "[t]hese actions raise serious concerns as to whether your exodus is an optics-only effort." • Discriminatory Supplier Quotas: The letter alleges that the targets use illegal set-asides, making minimum spending commitments for suppliers owned by members of certain races or genders. Next Steps: The letter contains dozens of detailed questions for BlackRock and the banks to answer, including why the asset managers voted for climate measures and whether they've ever conducted any financial analysis to determine whether their diversity policies add to, or subtract from, shareholder return. The letter also indicates that the prosecutors are interested in speaking with key employees once responses are received. Those responses are due March 12.

Bitcoin miners plan their evolution Nashville is the place Donald Trump chose to deliver his landmark speech promising to make the US the crypto capital of the world. It’s also the home of Bitcoin Park, a small campus where over a hundred Bitcoin mining insiders, experts, and fans gathered last week to discuss the future of their industry. The theme was clear: pure-play mining is evolving into hybrid business models combining Bitcoin treasury operations, grid energy services, and AI compute infrastructure. This evolution is partly driven by competition with artificial intelligence for electricity resources. As AI data centers outbid miners for power capacity, some are adapting by joining the AI revolution, converting facilities into hybrid operations that can switch between mining and AI compute based on market conditions. Others are focusing on renewable energy and grid services, selling power back to the grid during peak demand periods. A recent report found that Bitcoin miners have already saved Texas $18 billion by removing the need for expensive gas peaker plants. Many miners are also following Strategy's playbook, raising capital through share offerings and convertible notes to build Bitcoin treasuries. However, this strategy presents a complex trade-off: while buying Bitcoin immediately increases Bitcoin-per-share, it dilutes the mining business itself, potentially reducing future Bitcoin acquisition from mining. One alternative is to adapt Strategy’s tactics by investing bond proceeds in mining more Bitcoin, not buying it. With industry-leading mining costs around $35,000 per Bitcoin, this approach allows them to accumulate Bitcoin at a discount. The Bitcoin treasury strategy ties into a broader industry trend of miners becoming more sophisticated capital allocators. Leading companies are using innovative structures to limit dilution, conducting share buybacks when the market undervalues their mining capabilities, and timing their Bitcoin sales to maintain operations throughout market cycles. The days of miners simply accumulating Bitcoin and hoping for price appreciation are over. For investors, the key is finding miners who truly understand these dynamics. The winners won't just be those who can mine Bitcoin efficiently—they'll be companies that can optimize their capital structure, maximize their operating leverage to Bitcoin, and build competitive advantages in energy markets and digital infrastructure. Those who get it right hope to offer shareholders something more valuable than Bitcoin itself: leveraged exposure to its upside with built-in growth potential.

Strive CEO @ColeMacro will be speaking at @MoneyShow Masters Symposium this April in our new hometown — Dallas, Texas. Matt will cover Bitcoin bonds, why we believe Bitcoin belongs as a core portfolio holding, and how this new asset class is expanding during his presentation – Bitcoin Bonds: Better Risk-Adjusted Exposure to Digital Gold? Register now to attend the symposium and hear Matt:

Strive is taking Bitcoin to the masses because it aligns with everything we stand for: capitalism, meritocracy, and financial freedom. 🎥 Watch CEO @ColeMacro break down why Bitcoin became a core focus for Strive on The Pomp Podcast. Full episode:

RT @ColeMacro: Satoshi embedded in Bitcoin’s first block: “Chancellor on brink of second bailout for banks.” A direct response to a broken…

Big Three Support DEI at Costco We've reported on the many companies backtracking from DEI. Costco took a different tack, deciding to put the issue to a shareholder vote instead. All of the major asset managers—including BlackRock, Vanguard, and State Street—voted in favor of DEI, even though such programs tend to increase workplace hostility and do not help companies' bottom line. Now, the company is under investigation for illegal discrimination, with nineteen state attorney generals accusing the company of "clinging to DEI policies that courts and businesses have rejected as illegal." Costco's DEI: • C-Suite: Employs a Chief Diversity Officer, as well as other employees exclusively devoted to DEI • Hiring: Uses race and gender to make hiring and employment decisions • Suppliers: Favors racial minorities and women-owned businesses when choosing suppliers • Donations: Touts donations to several controversial activist groups, including some that have been forced to shut down for illegally discriminating based on race. The Shareholder Proposal: The proposal asked the company to evaluate the risks of its DEI policies. • It noted that Starbucks was forced to pay a $25 million verdict for a single instance of discrimination against a white employee. • Applied to Costco, the risks were staggering: if even a fraction of Costco's estimated 200,000 non-minority male employees sued, the company could be hit with a judgment in the tens of billions of dollars. The Double Down: Costco opposed the proposal, hoping to continue its DEI program unabated. The company provided limited financial analysis to justify the program, instead admitting that the company's "focus on diversity, equity and inclusion is not ... only for the sake of improved financial performance but to enhance our culture and the well-being of people whose lives we influence." The Big Three's Pro-DEI Vote: As of the time of writing, the Big Three (BlackRock, State Street, and Vanguard) have not disclosed how they voted. But Costco reported that 98% of shareholders voted in favor of DEI. Given that Vanguard, BlackRock, and State Street own 9%, 8% and 4% of Costco respectively, the only inference is that they supported the measure. Risks Materializing: The Big Three are continuing to push DEI even as legal risks mount. Last Tuesday, President Trump issued an executive order directing federal agencies to take "appropriate measures to encourage the private sector to end illegal discrimination and preferences, including DEI." Each agency must identify nine targets, including publicly-traded companies, to investigate. But federal action isn't the only threat. On Monday, nineteen state attorney generals wrote to Costco to express their concern that its DEI policies may violate the law. Costco has 30 days to drop its DEI policies or explain why it refuses to do so.

Think Trump endorsed wrapped Bitcoin? Think again. The morning of the 47th president’s inauguration, the decentralized finance startup his family is backing went on a crypto shopping spree. World Liberty Financial, which is advised by President Trump and his sons, announced it had bought over a hundred million in cryptocurrency, including $47 million in Ether and $47 million in wrapped Bitcoin tokens, wBTC. But what’s that? And why would Trump’s startup buy it instead of Bitcoin itself? The decision likely had little to do with President Trump. A “wrapper” refers to any product people place Bitcoin in to make it transferable in a financial system beyond the Bitcoin blockchain. Investors are familiar with the concept through spot Bitcoin ETFs—an exchange-traded fund is literally a standardized wrapper that makes Bitcoin tradeable in the traditional financial system. It does that by creating a regulated investment company that owns Bitcoin; investors can then own shares of that. Similarly, the wBTC tokens World Liberty Financial bought wrap spot Bitcoin in a shell of code that makes them tradeable on the Ethereum blockchain. Like the ETFs, each of these tokens is backed by an actual Bitcoin held by a custodian. That gives them tight correlation to the price movement of Bitcoin. It also gives owners the ability to buy and sell Bitcoin on the Ethereum network, which allows participants to write smart contracts that automatically execute themselves. So why did the Trumps’ crypto startup buy wrapped Bitcoin instead of Bitcoin itself? For a decentralized finance platform, the ability to smoothly move other cryptocurrency assets into Bitcoin is valuable. It also gives the company the ability to execute a variety of smart contracts like lending it out for interest, providing liquidity to decentralized exchanges, or using it as collateral for loans. There may be another factor behind World Liberty’s embrace of wBTC: crypto billionaire Justin Sun backs both. The same day World Liberty bought $47 million in wBTC, Sun, already the company’s largest investor, increased his stake by $45 million. wBTC’s developer and custodian, BitGo, recently partnered with Sun and BiT Global to diversify custody outside of the US. Concern that Sun might have influence over wBTC led Coinbase to delist it and launch a competing wrapped Bitcoin. The issue illustrates an objection to wrapped Bitcoin—do you want to hand the keys to your Bitcoin to the custodian? In this context, World Liberty’s inaugural buying spree should be seen more as Mr. Sun doubling down on wBTC than an endorsement from President Trump. But he did recently endorse regular Bitcoin again. According to David Bailey, CEO of Bitcoin Magazine, “He said he’s with us 100%, we’re going to send Bitcoin to much greater heights, and we’re going to outcompete China and other countries that want to take it from us.”

What happened to Southwest’s executive bonuses the year they cancelled 16,000+ holiday flights? Strive’s Jared Teach joined the Rich Dad Radio Show to share the unbelievable story and more. Watch the full episode, which @theRealKiyosaki said was “the most important show of all”:

Strive has officially surpassed $2 billion in ETF AUM—a testament to the power of free-market principles and the trust our clients place in us. From innovative shareholder-first products to bringing Bitcoin to the forefront of portfolios, there are many reasons to be excited about the future of Strive. Read more in our press release on breaking $2 billion:

Check out the full podcast to discover why getting crypto regulation right is so important, why Bitcoin bonds are so hard to break, and more! Watch on X: Listen on Spotify:

RT @ColeMacro: I believe we are beginning to see a trend of corporations adopting a Bitcoin Treasury strategy that will help them maximize…

RT @ColeMacro: Great conversation with @APompliano diving into why Bitcoin belongs in the portfolios of most Americans, Strive’s fight for…

Why is Bitcoin the ultimate asset for meritocracy? How are Bitcoin treasuries changing companies? And why does BlackRock need to go further with $BTC? Strive CEO @ColeMacro tackles these questions (and more!) in his interview with @APompliano on The Pomp Podcast. 📷 Watch now to see why we believe Bitcoin is reshaping modern finance!

ESG was forced onto America—without your consent and at your expense. Strive CEO @ColeMacro joined John Stossel to explain why companies went along with it—and how they’re now trying to pull a Homer Simpson.

🚨 The anticipated deregulation in Bitcoin and crypto is NOT a "sell the news" event. 🚨 Strive CEO @ColeMacro explains why during his interview with @RemyBlaireNews for @FintechTvGlobal.

What could the next four years look like for markets? Strive CEO @ColeMacro joined @MorningsMaria to share why expectations of the Trump presidency might not be as priced in as many think.

🚨🚨 Bitcoin treasuries going global 🚨🚨 You may have heard of MicroStrategy’s (MSTR) innovative Bitcoin treasury approach. Its expansion several years ago from business analytics to Bitcoin accumulation delivered outsized gains, with its stock rising 380% in 2024 to Bitcoin’s 124%. But even that pales in comparison to the 2,075% return of Metaplanet, the Japanese real estate company dubbed the MicroStrategy of Asia. Revenue from its hotel business had been declining for years, so after seeing MicroStrategy’s reinvention, Metaplanet threw a Hail Mary. It bought its first Bitcoin in April 2024. It soon doubled down, putting up its main property in Tokyo as collateral for a bond issuance to fund more Bitcoin purchases. Then it tripled down, making stock offerings to buy even more. Metaplanet’s aggressive stacking has already paid off. In less than a year, it’s amassed a war chest of 1,762 Bitcoin worth over $165 million, with its market cap surging to nearly a billion. This week, the company unveiled plans to increase its Bitcoin holdings to 10,000 in 2025, potentially amplifying its buying power by issuing convertible bonds. It’s not just small businesses betting on Bitcoin treasuries to turn their fortunes around. Some developing countries are adopting their own version of the MicroStrategy playbook, using the benefits of state power to acquire Bitcoin. Most prominent is El Salvador. As he brought crime under control by locking up the gangs that had plagued the small nation, President Nayib Bukele pinned his hopes on Bitcoin to lead an economic revival. El Salvador purchased its first 200 Bitcoins in September 2021 and made the cryptocurrency legal tender. It was in some ways a worst-case scenario. Bitcoin plummeted more than 50% over the next year, entering a multi-year bear market. But El Salvador used the volatility as an opportunity to average down, patiently adding a Bitcoin each day. It now holds over 6,000, valued around $570 million, acquired at an average price of only $45,000. International financers have been skeptical of El Salvador’s Bitcoin plans, but the winds may be changing. El Salvador just convinced the International Monetary Fund to give it a $1.4 billion loan. While the IMF attached strings to the cash—including forcing El Salvador to make Bitcoin acceptance optional for businesses—it acknowledged that the financial and legal risks that gave it pause “have not materialized.” El Salvador is now redoubling its efforts. After the loan, its national Bitcoin office director took to X to emphasize that Bitcoin remains legal tender. And the country has stepped up its Bitcoin purchases. El Salvador has spent years planning Bitcoin bonds, where part of the proceeds would be used to buy Bitcoin and part would fund Bitcoin mining powered by the nation’s abundant volcanic geothermal energy. In today’s more favorable climate, Bukele’s volcano bonds may be back on the table. Although El Salvador has gotten more attention, the tiny, landlocked Kingdom of Bhutan has quietly built up a strategic Bitcoin reserve almost twice the size. Instead of relying on tax revenue or loans to acquire its coins, Bhutan has been mining Bitcoin since 2019, partnering with miners like Bitdeer to use cheap hydroelectric power from the Himalayas. Gelephu Mindfulness City, Bhutan’s economic hub, just announced plans to create its own strategic cryptocurrency reserve including Bitcoin and Ether. Bhutan and El Salvador illustrate how Bitcoin changes the tyranny of geography in a nation’s economic prospects. For most of human history, waterways have been the gateway to trade. There’s a reason many major U.S. cities were founded upon tributaries of the Mississippi, and through it, the Atlantic. To be landlocked like Bhutan meant to be cut off from the global economy. But now, volcanos and Himalayan rivers are becoming the new ports, the geographic points of access to the Bitcoin financial system. Western investors may be waking up to the idea of Bitcoin treasuries thanks to MicroStrategy, but the tactic has already been tested by foreign companies and countries and found success. It’s only a matter of time before more players, and bigger ones, follow their lead.