The Wolf Den #1193 - The Infinite Fiat Standard
Companies are buying Bitcoin...
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In This Issue:
The Infinite Fiat Standard
Bitcoin Thoughts And Analysis
Altcoin Charts
U.S. Futures Rise On UK Trade Deal, Eased Chip Restrictions
Treasury Secretary Bessent Praises Digital Assets
Revolut Will Integrate Bitcoin Lightning Network
Robinhood Is Expanding In Europe
Bitcoin Nears $100K! Is An Explosive Surge Coming Next?
The Infinite Fiat Standard
Another company is adopting the Bitcoin Standard – and Michael Saylor is quietly winning.
The 2025 thesis is simple: corporations will soon be competing for Bitcoin, and Saylor’s massive stash – still growing – will be worth exponentially more. After years of preaching Bitcoin to boardrooms, his playbook is finally being copied.
Yesterday, Ben Pham, CFO of Strive Asset Management, made the most important announcement of the week:
There’s a lot to unpack here.
First, a quick primer: a hurdle rate is the minimum return a company or investor expects before deploying capital. If a project can’t clear that bar, it’s not worth doing.
So when Strive says, “We believe that Bitcoin is the hurdle rate and we intend to evaluate all corporate capital deployment on whether it outperforms Bitcoin,” what they’re really saying is: Bitcoin is now the benchmark. Every investment, acquisition, and buyback will be judged against the projected returns of simply holding Bitcoin. If it doesn’t beat Bitcoin, they pass.
In other words, Bitcoin isn’t just part of Strive’s treasury – it’s the new standard for capital allocation.
This is exactly what I’ve been saying for years: Bitcoin is the gold standard. Everything else should be measured against it.
From their press release, here are the key details – simplified and stripped of jargon:
Strive is a $2 billion firm that uses shareholder engagement to promote financial freedom. That’s no small operation.
They’re the first company to let investors exchange Bitcoin for public company stock in a structure designed to be tax-free under Section 351 of the U.S. tax code. This deal is capped at $1 billion.
They plan to acquire cash at a discount by merging with publicly traded companies whose stock is worth less than the cash they hold – creating a unique opportunity to buy Bitcoin in a way that benefits shareholders.
They’re using leverage, and likely a lot of it, with the help of in-house fixed income and derivatives expertise to scale their BTC exposure.
This third point is the real innovation – and CEO Matt Cole explained it perfectly during his talk at Strategy World 2025:
“There’s an interesting issue in capital markets here: many publicly traded companies are actually trading below the net cash that they hold. Even after you take out the liabilities of these companies, the net cash, these companies are valued less than the net cash.
And so, Strive sees a multi-billion-dollar opportunity here to merge those companies into our Bitcoin treasury company and to basically acquire a dollar for 90 cents on the dollar or less and use that money to buy Bitcoin in a way that is accretive to the common equity shareholders, right?
Because to me, there isn’t a better way to benefit common equity shareholders than to buy Bitcoin for 90 cents on the dollar or less. And so, that’s something we are actively engaged in right now, and our hope is that we can announce something before the close of our transaction or shortly after.
I think it’s a very innovative and repeatable strategy that is a multi-billion-dollar opportunity we are bringing to the table.”
I’d love to see this play out.
Imagine a wave of underpriced companies – absorbed by Strive, liquidated or restructured for cash, then turned into Bitcoin. It’s not just good capital allocation. It’s a playbook. And if it works, others will follow.
I want to circle back to something Strive’s CFO said that deserves a closer look:
“We are thrilled to combine with Asset Entities (Nasdaq: ASST) to create the first publicly traded asset manager on the Bitcoin Standard.”
At first glance, that doesn’t seem quite right. What about Twenty One Capital? What about Strategy? Didn’t one of them already check this exact box?
The key phrase here is “the first publicly traded asset manager on the Bitcoin Standard.”
Twenty One Capital comes close, but just misses the technicality. It’s currently trading under the ticker ‘CEP’ and will switch to ‘XXI’ once its merger closes. Strategy, while heavily exposed to Bitcoin, is still fundamentally positioned as an AI and business intelligence company – not an asset manager.
So yes, by a strict interpretation, Strive may have found a narrow lane to claim this particular “first.” But let’s be real – you can bet Saylor is reading that press release, hearing the chatter, and sipping a margarita with his 555,450 BTC – not breaking a single sweat over who's doing what first.
Word play is word play.
The next Bitcoin acquisition company will also call itself “the first of its kind” – just with a slightly different spin. And the one after that will do the same. Because when you’re playing the narrative game, you don’t want to look like a copycat – you need to sound like a pioneer.
But strip away the positioning, and there’s only one real mission here: Accumulate Bitcoin.
Fast.
As for Strive’s CEO, Matt Cole – I’ve written about him before. Any guesses where he popped up?
Back in mid-February, Cole sent a letter to GameStop, urging the company to put Bitcoin on its balance sheet. Looking back now, it’s starting to feel like Strive was already working through its own Bitcoin play – and since the firm held a sizable stake in GameStop, pushing them to move first may have seemed like a faster or more strategic path.
In his February 24 letter to GameStop CEO Ryan Cohen, Cole wrote:
“We believe GameStop has an incredible opportunity to transform its financial future by becoming the premier Bitcoin treasury company in the gaming sector.”
He also pointed to the company’s nearly $5 billion in cash reserves as a rare opportunity.
You can read the full letter below:
Here’s a fun fact worth adding to the story.
Strive – for those who don’t know – was co-founded by Vivek Ramaswamy in early 2022. He initially served as Executive Chairman but stepped down from that role in February 2023 to focus on his presidential campaign. Despite stepping back, he remains involved as a major shareholder and advisor.
While Vivek doesn’t hold an official role in the Trump administration, he’s been an outspoken supporter – yet another subtle way Bitcoin is making its way into conversations on Capitol Hill, in the Oval Office, and at Mar-a-Lago.
In other news yesterday, this happened:
and this:
Michael Saylor has definitely earned a second – maybe even a third – margarita today. Credit to him for pulling off an epic event and persuading corporations to buy Bitcoin. Every new company that joins the Bitcoin Standard doesn’t just strengthen the network – it validates Saylor’s entire thesis and pushes the value of his 555,450 BTC even higher. It’s one thing to get your own company on board. Convincing someone else? That’s next-level.
Fiat is infinite. If Bitcoin can capture even a fraction of that, the upside is enormous. Rates are expected to come down later this year, and Bitcoin is perfectly positioned to benefit. Even with Powell’s cautious tone at yesterday’s FOMC meeting, the market still sees cuts on the horizon.
“My colleagues and I remain squarely focused on achieving our double mandate goals of maximum employment and stable prices for the benefit of the American people. Despite heightened uncertainty, the economy is still in a solid position. The unemployment rate remains low, and the labor market is at or near maximum employment. Inflation has come down a great deal but has been running somewhat above our 2% longer-run objective. In support of our goals, today, the FOMC decided to keep our policy interest rate unchanged. The risks of higher unemployment and higher inflation appear to have risen, and we believe the current stance of monetary policy leaves us well positioned to respond in a timely way to potential economic developments… I think you have to just take a step back and realize, this is why we are where we are is, you know, we are going to need to see how this evolves. There are cases in which it would be appropriate for us to cut rates this year. There are cases in which it wouldn't.”
The infinite fiat standard is falling right into Bitcoin’s hands – exactly as Satoshi designed.
Bitcoin Thoughts And Analysis
Bitcoin continues to grind higher, now pushing up against the key $99,517 resistance level – the final major hurdle before entering price discovery territory above the March high.
The chart is technically strong: price is comfortably above both the 50-day and 200-day moving averages, which have acted as dynamic support during the recent move up. The consolidation we saw under $95K acted as a healthy base, and today’s candle shows a clear attempt to break out of that range with strength.
Volume has picked up slightly, but not aggressively – so while the momentum is clearly bullish, we’d want to see stronger participation on a confirmed breakout above $100K to avoid a potential fakeout or exhaustion move.
The $100K psychological level looms large and could bring volatility if reached. The next major resistances are $106,099 and $109,358 – both of which were strong rejection zones earlier this year. Until then, the trend remains intact and higher lows continue to support the bullish case.
Note - crazy how easy this was… buy around $74,000 a retest of the previous all time high.
Altcoin Charts
For those who are new here, I share SETUPS and not SIGNALS. These are ideas that I am watching - if a certain thing happens, then the trade triggers. I am not telling you what to buy or when. I am showing you how I am watching certain charts and what has to happen for me to take a trade.
Ethereum printed a textbook bullish reversal candle on the monthly chart - a strong signal that buyers may finally be stepping in with conviction. After a prolonged downtrend and a brutal April close below the 50-month moving average, this kind of recovery is exactly what bulls were hoping for.
The candle itself is notable: a long lower wick and a solid body closing near the highs of the month, which indicates strong demand at lower prices and rejection of further downside. This type of price action at support often marks a key inflection point in market structure.
It’s still early in the month, but this bounce from the ~$1,600 zone, paired with the potential reclaim of the 50-month moving average, could set the stage for a sustained move higher - especially if macro tailwinds return or sentiment improves across the broader market.
Momentum has been weak for months, and ETH has severely underperformed BTC. But reversals don’t start with euphoria - they begin when few are paying attention, and this chart is quietly showing signs of life.
SUI/USDT
Just a quick update, as I shared this two days ago… looking good.
U.S. Futures Rise On UK Trade Deal, Eased Chip Restrictions
US stock futures rallied Wednesday, led by technology shares, after the Trump administration said it would roll back some Biden-era semiconductor export restrictions and announced a new trade deal with the UK. Nasdaq 100 futures rose 1.4% and S&P 500 futures climbed 1.1%, with Intel, Nvidia, and Micron all gaining in premarket trading.
Positive sentiment also lifted European markets, particularly chipmakers like ASML, while Britain’s FTSE 250 reached a two-month high. Meanwhile, Treasuries and gold fell, the dollar strengthened, and Bitcoin approached $100,000.
Markets were further encouraged by the upcoming US-China trade talks, seen as a potential step back from economically damaging tariffs. The Fed kept interest rates steady but warned tariffs could drive up inflation and joblessness. Traders now see the first rate cut most likely in September.
Elsewhere, the Bank of England is expected to cut rates Thursday and may follow with another reduction in June. In corporate news, Fortinet and Arm fell on disappointing results, while crypto stocks jumped. Maersk dropped on a weaker global transport outlook, and tensions between India and Pakistan pressured regional markets.
Stocks
S&P 500 futures rose 1.1% as of 6:45 a.m. New York time
Nasdaq 100 futures rose 1.4%
Futures on the Dow Jones Industrial Average rose 0.9%
The Stoxx Europe 600 rose 0.7%
The MSCI World Index was little changed
Currencies
The Bloomberg Dollar Spot Index rose 0.2%
The euro was little changed at $1.1298
The British pound was little changed at $1.3295
The Japanese yen fell 0.6% to 144.69 per dollar
Cryptocurrencies
Bitcoin rose 3.1% to $99,795.97
Ether rose 8.2% to $1,946.34
Bonds
The yield on 10-year Treasuries advanced four basis points to 4.31%
Germany’s 10-year yield advanced three basis points to 2.51%
Britain’s 10-year yield was little changed at 4.45%
Commodities
West Texas Intermediate crude rose 1.9% to $59.19 a barrel
Spot gold fell 0.6% to $3,342.74 an ounce
Treasury Secretary Bessent Praises Digital Assets
Scott Bessent testified before Congress yesterday for over three hours on trade and the economy. For anyone who missed it, I have the full clip.
On digital assets, he made a clear and compelling case:
“We believe that the United States should be the premier destination for digital assets. And as members of this committee and the Senate are attempting to do – create good market structure around that – so the U.S. best practices are used around the world... Digital assets are an important source of innovation that can drive usage of the U.S. dollar around the world, as with stablecoin legislation. There is speculation that there may be up to two trillion dollars of demand over the next few years for U.S. government securities from digital assets.”
This is exactly the kind of framing lawmakers need to hear – not just why digital assets matter, but how they can strengthen the dollar’s global position.
Revolut Will Integrate Bitcoin Lightning Network
Revolut, the $48 billion London-based fintech giant, is teaming up with Lightspark to enable faster Bitcoin payments across the UK and parts of Europe. By integrating Lightspark’s infrastructure – built on the Bitcoin Lightning Network – Revolut can now offer near-instant BTC transfers.
They’re also plugging into Lightspark’s “MoneyGrid,” a global payment routing system designed to streamline cross-border transactions. According to Lightspark, the network reaches over 300 million users across more than 140 countries.
Lightspark CEO David Marcus - formerly of Meta’s Diem project - said the following, “For too long, traditional banks have relied on outdated, slow, and expensive payment systems - akin to dial-up when the rest of the world uses 5G. In a world with a new, open Money Grid that enables instant, seamless transactions, we’re excited to see a global fintech such as Revolut lead the way.”
Robinhood Is Expanding In Europe
Robinhood is developing a blockchain-based platform to give European traders access to U.S. financial assets, with Arbitrum, Ethereum, and Solana under consideration for the underlying infrastructure. The move is part of a broader trend of traditional finance entering crypto through the tokenization of real-world assets – a market some analysts believe could exceed $30 trillion by the 2030s.
Robinhood CEO Vlad Tenev has been vocal about the opportunity, and equally critical of U.S. regulations, which he argues are stifling the development of security token frameworks. Unlocking that framework, he believes, could open the door to a new era of accessible investing for everyday users.
Bitcoin Nears $100K! Is An Explosive Surge Coming Next?
Bitcoin is inching closer to the $100K mark as progress in the U.S.-China trade deal boosts market optimism, and the Fed is expected to keep rates steady. I'm joined by Peter Tchir, Head of Macro Strategy at Academy Securities, to break down what this means for Bitcoin and what could be coming next.
Chris Inks will join us in the second part to share some interesting trades in crypto and beyond.
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The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this e-mail constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.