Matt Cole (@ColeMacro)

February 19 was the bottom of the bear market in $ASST. It's fun to look back at this post now because through both the pessimism then and the excitement today, our conviction in what we are building has never wavered. We understood the long-term opportunity then, we understand it now, and neither the stock price nor the prevailing sentiment changes that. We knew what we owned in Bitcoin. We knew the amplification structure we had built around it and how secure it was. We knew the team we had assembled and the chemistry we had together. Even as the vibes around Strive were about as bad as they could get, inside Strive they were incredibly high. Executives and directors were buying the stock with their own money, directors were stepping off the board to go all-in as full-time members of the company, and we had a deep conviction that we were going to win. That combination of long-term conviction, talent and chemistry is incredibly rare, and the execution that followed over the next six months came directly from that foundation. Looking back through the replies, what also stands out is that even with so much negativity around Strive in the broader ecosystem, there was a strong and dedicated group of shareholders who believed in what we were building when it was hard to do so. We won't forget who was riding with us when it was hardest. Today $ASST is ripping and the broader vibes are high, but our focus hasn't changed. Bitcoin's bull market is just getting started, we have the amplification structure built to capitalize on it, and Strive is firing on all cylinders. Still all-in.

SATA UPDATE Targeting $100 and minimizing long-term volatility remain core objectives for $SATA. But going forward, unless we communicate otherwise, investors should not assume Strive will automatically issue new $SATA shares at $100, although we expect that to remain likely under normal market conditions. To be clear, we do not view current market conditions as normal. Strive believes retaining issuance flexibility around $100 is in the best long-term interest of shareholders and the long-term stability of $SATA. We do not believe over-engineered rigidity is the best way to minimize long-term volatility. Predictable, mechanical issuance rules can invite behavior that increases volatility over time. Recent market activity suggests this risk is not theoretical. Issuance pauses or other actions will be evaluated based on what Strive management believes is in the best long-term interest of shareholders and the long-term stability of the security. The framework is transparent, but specific actions will not be telegraphed in advance. We expect to consider short interest, borrow costs, and other market data, but our analysis will not be limited to any single metric. The goal is to make the structure more resilient, not less predictable for its own sake. We asked for market feedback to pressure-test our view, and the engagement on both sides was thoughtful and constructive. We appreciate everyone who voted, commented, and reached out directly.

I was on @BloombergTV today discussing the problem Digital Credit is built to solve. Even with recent volatility, $SATA is proving its resilience as a superior income-generating asset vs. traditional income alternatives. The track record is being built in real time.

Strive acquired an additional 1,109 $BTC for ~$85.4 million at an average cost of ~$76,988 per bitcoin. STRIVE SNAPSHOT Bitcoin holdings: 16,500 QTD BTC Yield: 11.0% YTD BTC Yield: 23.4% Amplification ratio: 45.2% $ASST $SATA