This afternoon I testified at the Texas Senate Committee on Business and Commerce hearing in favor of SB 21, to establish a Texas Strategic Bitcoin Reserve. Thank you @DrSchwertner for introducing the bill, @LtGovTX for making it a legislative priority, and @DonnaCampbellTX for asking great questions about Bitcoin custody and security.

Bukele saves France.

This is good.

Cicero said, “The safety of the people shall be the highest law.” A government reveals how much it values its citizens' lives by the price it makes others pay for threatening them What an extraordinary gift Bukele has given his people; the confidence that their lives are worth defending, wherever in the world they may be

A new source of BTC demand is emerging. BTC-focused perpetual preferred stocks have accumulated more than 135,000 BTC in just over a year, despite representing only a fraction of the global fixed income market. What could happen if adoption expands? 🔗 Read our latest research: go.fidelity.com/ernlPz

Strive upsized $SATS while CCC credit spreads were blowing out. @PunterJeff says the deal drew roughly $700M of demand for $500M issued. “They know exactly what we’re going to do with it when we get that money in the door.”

The offering got bigger, and some investors still got less than they asked for. @Werkman says those allocation cuts showed just how deep the order book was. “We ended up with a very, very full book... and a lot of them had to get cut back on what we could actually offer to them.” $ASST $SATS

Why hold 18 months of dividend cash? @PunterJeff says Strive $ASST underwrites for the longest $BTC bear market in history with zero access to capital markets. The recent downturn was different. Strive maintained access throughout. “We are taking a very conservative approach.”

Join members of the Strive team in Austin next Wednesday, 10/28, to celebrate the 100th dividend of $SATA. $21 gets you food, drinks, and gift bag with limited-edition swag. Only 65 spots available. To register, visit luma.com/nbcsxjph

If you’re in Austin next week, come talk amplified Bitcoin and Digital Credit with us.

What will 2027 bring for bitcoin and tokenised securities? Blockstream CEO @adam3us, Twenty One Capital CEO @RaphaZagury and Strive CEO @ColeMacro look back at 2026 and ahead to what's next. Lugano, 22 October. Don't miss it: thefutureofcapitalmarkets.co…

$ASST is on fire 🔥

$SATS is now available on Robinhood!

A new BTC demand driver is emerging. Our latest research piece from analyst Zack Wainwright examines the rise of perpetual preferred stocks -- another transparent demand driver we can observe for BTC. He puts their growth in the context of Bitcoin ETPs, examines why they may appeal in a world of expanding fiat and debt, and closes with a comparison to the Pyramids of Giza to illustrate the market's potential scale. fidelitydigitalassets.com/re…

The most watched Bitcoin Youtube channel will not be live on YouTube today. Live episode still censored. Watch us on X, Rumble and for the first time on Facebook for the boomers. #FreeSimply

94% of Strive’s $ASST warrants were exercised. @Werkman says the warrants some feared would weigh on the company ended up becoming fuel for its next stage of growth. “It became a massive asset to the company.”

C’est même de la faute des extraterrestres. Emmanuel Macron, premier complotiste de France.

I love Job for many reasons, but mainly because it does a very clever jujitsu move on you as a reader. You start out thinking you've seen behind the curtain -- the scene in heaven w/ God & Satan making bets about Job. So then after Job's trials, as his four friends come visit him to give their theories of why Job is in the predicament he's in, you've got your own little theory based on the opening scene, right? You're essentially the fifth friend who has their own read of the situation. Then God comes in at the end and is like, "all your theories are wrong. None of you were there at The Beginning, and none of you know enough of the real backstory to really understand what's happening here. None of you can actually tame the chaos monster and organize all the things into a coherent whole. Only I can do that." You, the reader, think God is calling out Job and maybe his four friends. But He's calling you out, too. You, the reader, are in the same boat as Job and his four friends. You think you have enough info about what is going on with Job because you saw the opening scene in heaven, but actually you're just as clueless and limited as the story's characters. So the opener of the story is actually a trap, and the conclusion springs it on you. You think you have the backstory via some special perspective, but you're just like all the other confused people in the story. You don't really know and you're not ever going to know, either. Job's lesson is that not only does God not owe you a theodicy (so stop expecting one), but even if you could see into the unseen realm you still wouldn't have a clue. You're never going to have enough information to put the whole, chaotic picture together in some satisfactory way. It's never going to all hang together in a coherent way that makes sense. In some ways, I think Job is a coming of age story. This is one of things you learn in midlife -- that the pieces actually didn't ever fit together like you once thought they did, and the fact that it used to make coherent sense to you says more about who you were in that phase of life than it does about any larger meaning behind the events themselves. The Job story is literally yelling at you that you cannot organize the chaos of life events into a coherent "why" -- it's simply beyond you. That you once thought you could was the arrogance of youth. God is actually the only one strong enough to tame the chaos monster & split its carcass into a neat, ordered, coherent structure. This isn't the answer anyone wants, but it's the only answer that's telling you like it is. Anyway, Job is a great book. The haters are wrong. I like it because I don't like to be lied to.

TRACKED CHANGES: A Louisiana appeals court bought two servers to build its own AI. The two judges behind the plan shared their blueprint on Substack, saying they want the custom system to check filings, flag fake citations and screen briefs for hidden AI prompts.

Within roughly 48 hours: JPMorgan formally modeled Bitcoin outperforming traditional asset classes over the long term. Fidelity published research presenting Bitcoin-backed preferred stock as an emerging capital-market demand channel. BlackRock pursued another Bitcoin investment product while IBIT experienced exceptional inflows. Imagine showing a Bitcoiner from October 2023 these headlines. They would’ve assumed you were crazy. And now it’s just a random Tuesday.

Joined @watchbmtv today to discuss our new product $SATS, which launched on Nasdaq today, along with other perspectives on the Bitcoin capital markets. Full clip below w/ timestamps ICYMI Timestamps: 00:00 Strive’s SATS IPO 00:31 Bitcoin Buying And Warrant Capital 01:38 Why The SATS Deal Was Upsized 04:48 Amplification And SATS As A Capital Tool 08:23 Dividend Coverage And The 18-Month Reserve 10:41 Balancing Cash And Bitcoin 13:41 Strategy’s Daily Dividend Vote 15:17 Competing Demand For Bitcoin 18:27 Credit Market Stress And Rated Capital 21:58 MSCI Index Exclusion $ASST $SATA $SATS