Digital Credit & Investment - The company views restricting passive index investment in Bitcoin as analogous to restricting investment in oil and oil rigs in the 1900s, spectrum and cell towers in the 1980s, or compute and data centers in the 2000s [1]

Market Trends & Volatility - Crypto market experiences a selloff, with Bitcoin falling below $90,000, highlighting its volatile nature [1] - Industry anticipates natural deleveraging of Bitcoin, occurring roughly every six months to a year [1] Business Strategy & Credit Markets - Company's business model involves issuing digital credit backed by Bitcoin [2] - Company generates capital by selling credit instruments, such as $130 million in treasury credit (stretch STRC) and $700 million in European credit instrument (stream STRE) [3] - Credit instruments offer dividends, potentially at 10% at par, powered by Bitcoin [3] - Bitcoin purchases are driven by the capital acquired from selling credit in the credit markets [4]

RT Jeff Walton (@PunterJeff)True North Episode 44 - "2026 the year of digital credit" https://t.co/dbCbpD7dw0 ...