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# ![@hillery_dan Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1593430331008376832.png) @hillery_dan Dan Hillery

Dan Hillery and others are discussing a new financial product, Strive, which offers a preferred equity investment in Bitcoin credit. This product is seen as a game-changer, providing a stable fixed income with investor protections, and potentially driving Bitcoin's growth. The product's launch is considered a significant development in the Bitcoin investment landscape.

### Engagements: XXXXXX [#](/creator/twitter::1593430331008376832/interactions)
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### Mentions: XX [#](/creator/twitter::1593430331008376832/posts_active)
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- X Month XXX +6.10%
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### Followers: XXXXXX [#](/creator/twitter::1593430331008376832/followers)
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- X Week XXXXXX +0.69%
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### CreatorRank: XXXXXXX [#](/creator/twitter::1593430331008376832/influencer_rank)
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### Social Influence

**Social category influence**
[finance](/list/finance)  XXXXX% [cryptocurrencies](/list/cryptocurrencies)  #1129 [stocks](/list/stocks)  XXXX% [currencies](/list/currencies)  XXXX% [exchanges](/list/exchanges)  XXXX% [countries](/list/countries)  XXXX% [technology brands](/list/technology-brands)  XXXX%

**Social topic influence**
[bitcoin](/topic/bitcoin) #455, [$mstr](/topic/$mstr) #104, [strd](/topic/strd) 6.35%, [dividend](/topic/dividend) 6.35%, [strk](/topic/strk) #40, [$strd](/topic/$strd) #8, [$strc](/topic/$strc) #9, [fixed income](/topic/fixed-income) #200, [liquidity](/topic/liquidity) 4.76%, [products](/topic/products) XXXX%

**Top accounts mentioned or mentioned by**
[@wubbabtc](/creator/undefined) [@z06z07](/creator/undefined) [@sr_11ss](/creator/undefined) [@strategy](/creator/undefined) [@mattxh](/creator/undefined) [@fly_over_guy](/creator/undefined) [@truenorthclips](/creator/undefined) [@therealplanc](/creator/undefined) [@nithusezni](/creator/undefined) [@_j64_](/creator/undefined) [@gratiattitude](/creator/undefined) [@atlasharmony](/creator/undefined) [@cryptodonalt](/creator/undefined) [@orangepill](/creator/undefined) [@punterjeff](/creator/undefined) [@saylors](/creator/undefined) [@tesla](/creator/undefined) [@saylor](/creator/undefined) [@bloombergtv](/creator/undefined) [@philmcktrader](/creator/undefined)

**Top assets mentioned**
[Bitcoin (BTC)](/topic/bitcoin) [Strategy (MSTR)](/topic/$mstr) [Stride (STRD)](/topic/$strd) [Strike (STRK)](/topic/$strk) [Strategy Incorporated (STRF)](/topic/$strf)
### Top Social Posts
Top posts by engagements in the last XX hours

"Agreed. Now that the MNAV is sitting around 1X and people (institutions) are comfortable with the idea that the equity will hover around X MNAV balance sheet expansion near book value is a good tactic"  
[X Link](https://x.com/hillery_dan/status/1998050302008922585)  2025-12-08T15:21Z 20.6K followers, 14.8K engagements


"It's extremely encouraging to see the stock react positively to this news even at levels near 1x MNAV. This is a sweet-spot imo. If they can keep cranking common lever at 1.15MNAV without falling below book value it expands the collateral for the prefs which are starting to look like they will eat the world. It's a big idea"  
[X Link](https://x.com/hillery_dan/status/1998140197133750642)  2025-12-08T21:18Z 20.6K followers, 28.4K engagements


"I use this as my northern star. Concentrated economy. Very few long term successful assets. Backbone should consist of such assets. Trade and rotate into BTC doing XX% cagr instead of trade and rotate into dollars taking annual hit"  
[X Link](https://x.com/hillery_dan/status/1983557015936078057)  2025-10-29T15:30Z 20.5K followers, 2970 engagements


"STRD at it's current distressed prices represents a levered BTC play with strong collateral backing and a hefty dividend. I will be waiting for MSCI index decision on January 15th to make a large decision. Nevertheless correlation between STRD and BTC remains high. This image of the may options chain shows both the illiquidity and high payoff if STRD retakes it's liquidation preference set at 100/share. IMO the upside potential on these calls is actually greater than that of any MSTR or IBIT calls in the short term if you want BTC beta"  
[X Link](https://x.com/hillery_dan/status/1992391380971270332)  2025-11-23T00:34Z 20.5K followers, 7113 engagements


"Non Cumulative Pref Stocks: STRD Is XX% yield sustainable Will Strategy get liquidated ----------------------------------------------------------- Cumulative vs. Non Cumulative Pref Stocks "With cumulative preferred stock if the company fails to pay a dividend on the preferred stock the missed dividends accumulate." "With non-cumulative preferred stock if the company fails to pay a dividend that dividend payment is forfeited forever." If a non-cum payment is missed it is lost forever if a cumulative div is paid it accumulates and remains an obligation for the issuing corporation."  
[X Link](https://x.com/hillery_dan/status/1992704520061964655)  2025-11-23T21:19Z 20.5K followers, 5929 engagements


"STRD Calls still printing. I was only able to get my hands on 5k of them but still performing as hoped"  
[X Link](https://x.com/hillery_dan/status/1994492881583915235)  2025-11-28T19:45Z 20.5K followers, 2683 engagements


"The conclusion I usually reach is "not enough" Especially considering that they are effectively levered BTC exposure from these prices"  
[X Link](https://x.com/hillery_dan/status/1994493725096235318)  2025-11-28T19:48Z 20.5K followers, 4419 engagements


"@_orange_pill It's on an exchange in Luxembourg that is largely fixed income and is not available on most retail brokerage platforms unfortunately"  
[X Link](https://x.com/hillery_dan/status/1994494384998621245)  2025-11-28T19:51Z 20.5K followers, XXX engagements


"@WubbaBtc Great point"  
[X Link](https://x.com/hillery_dan/status/1994494482566500643)  2025-11-28T19:51Z 20.5K followers, XX engagements


"My MSTR models for 2030. Pref market Cap around $178B. Lots and lots of Money will flow into the MSTR pump and continue pushing BTC along a power law adoption curve. To keep BTC following a power law you need exponentially more capital to enter the network. I believe that the bond market is the facility for this capital. Bitcoin is not a stock or an equity it's it's own asset class. Stable Fiat yield being filtered out of the BTC cagr is something that is appealing to many investors. A collateral cushion derived from a massive balance sheet is the only way to make this a reality"  
[X Link](https://x.com/hillery_dan/status/1994501783167586720)  2025-11-28T20:20Z 20.5K followers, 47.8K engagements


"Ponzi = relying on new entrants to pay out old. Return of Capital = Selling capital on the balance sheet to fund dividend obligations. This is the exact opposite of a ponzi whether or not you believe it will be effective over the long term"  
[X Link](https://x.com/hillery_dan/status/1995181768274477287)  2025-11-30T17:22Z 20.5K followers, 6993 engagements


"Interesting how the use of BTC derivatives keeps being mentioned"  
[X Link](https://x.com/hillery_dan/status/1995513498672222627)  2025-12-01T15:21Z 20.5K followers, 3016 engagements


"In the game of stabilizing these short duration preferred equities liquidity matters a lot. The chart below highlights the difference in volume as a percentage of market cap for both Strategy's STRC and Strive's SATA. Clearly SATA's relative liquidity is quite deep and provides the foundation for a product that will likely trade up to par in the near future"  
[X Link](https://x.com/hillery_dan/status/1996323978760364515)  2025-12-03T21:01Z 20.5K followers, 4356 engagements


"There is a reason both the US government is shifting issuance to the short end of the curve and Strategy is shifting preferred issuance to shorter duration instruments like STRC. In a world where BTC plays a major role as a dominate form of Energy backed internet native money there is a high likelihood that the monetary debasement of the US dollar is quite significant. If this is the case it will be difficult to control the cost of capital on long duration instruments like STRF when long end yields blow out (think US XX year at 6%+). In such an environment the US can control the interest rate"  
[X Link](https://x.com/hillery_dan/status/1997001513839841331)  2025-12-05T17:53Z 20.5K followers, 3628 engagements


"Why is STRC's volume so high X. Market Making and Liquidity Provision HFTs and prop firms often act as voluntary market makers in instruments like STRC posting continuous buy and sell quotes to capture the bid-ask spread Prop firms like Citadel Jane Street or Optiver (known for market making in equities and options) are probable participants as they handle similar high-volume low-vol products.Their involvement boosts overall turnover: As liquidity deepens (e.g. from Robinhood listings drawing retail flow) algorithms tighten spreads further attracting more volume in a self-reinforcing loop."  
[X Link](https://x.com/hillery_dan/status/1997021172962414876)  2025-12-05T19:12Z 20.5K followers, 2504 engagements


"Why is STRC's volume so high X. Market Making and Liquidity Provision HFTs and prop firms often act as voluntary market makers in instruments like STRC posting continuous buy and sell quotes to capture the bid-ask spread Prop firms like Citadel Jane Street or Optiver (known for market making in equities and options) are probable participants as they handle similar high-volume low-vol products.Their involvement boosts overall turnover: As liquidity deepens (e.g. from Robinhood listings drawing retail flow) algorithms tighten spreads further attracting more volume in a self-reinforcing loop."  
[X Link](https://x.com/hillery_dan/status/1997021240763338987)  2025-12-05T19:12Z 20.5K followers, 3709 engagements


"Remarkable stability"  
[X Link](https://x.com/hillery_dan/status/1997021889315635289)  2025-12-05T19:14Z 20.5K followers, 7469 engagements


"Great analysis by Climb on Prefs"  
[X Link](https://x.com/hillery_dan/status/1997053571922010139)  2025-12-05T21:20Z 20.5K followers, 9505 engagements


"Wed Oct XX 2025 1) Hedge Fund Performance 2) Fed Funds Target & Mortgage Rates 3) Russel 2000 and PMI's 4) AI CapEx effect on PMI's and inflation 5) BTC long term trend supported by hash rate"  
[X Link](https://x.com/hillery_dan/status/1981100360321135072)  2025-10-22T20:48Z 20.6K followers, 12.4K engagements


"Because there is more principle appreciation that is effectively BTC beta. If you want almost BTC like upside for the next XX% move STRD is a good buy"  
[X Link](https://x.com/hillery_dan/status/1995537315566157992)  2025-12-01T16:55Z 20.6K followers, 4224 engagements


"This is a great point. If that div doesn't get paid pretty much the company would be announcing it's insolvency which I don't see happening with a BTC price above $1000"  
[X Link](https://x.com/hillery_dan/status/1994493201248670048)  2025-11-28T19:46Z 20.6K followers, 7485 engagements


"BTC is not going to 50k here unless another major major black swan"  
[X Link](https://x.com/hillery_dan/status/1994532233793913235)  2025-11-28T22:21Z 20.6K followers, 11.5K engagements


"Here is a Sharpe Ratio Comparison which I am using to see of STRC can in-fact obfuscate the traditional financial system. Right now STRC's Sharpe Ratio is higher than that of all other major asset classes however this is because of it's initial principle appreciation. The second chart shows the sharp ratio of a stabilized STRC with the current yield. Regardless if Strategy is in fact successful at stabilizing the price of STRC all other traditional asset classes will be hard pressed to compete with it. The Sharpe Ratio Killer"  
[X Link](https://x.com/hillery_dan/status/1997052961126576538)  2025-12-05T21:18Z 20.6K followers, 3928 engagements


"I like the analysis but subtracting out the convertability of STRK the cash on cash STRK yield is XXXX% very close to that of STRD. So if you hold MSTR & STRD I would argue just hold STRK since you get pretty much same weighted cash on cash yield but with cumulative divs which carry much much more weight if Strategy gets rated"  
[X Link](https://x.com/hillery_dan/status/1994854345670545856)  2025-11-29T19:41Z 20.6K followers, 12K engagements


"Cash reserves are mostly for credit rating agencies and an attempt to demonstrate resilience of fixed income products to bring down yields"  
[X Link](https://x.com/hillery_dan/status/1995537521497788742)  2025-12-01T16:56Z 20.6K followers, 6043 engagements


"Wow this is evidence that USD Reserve was just an amazing proof of concept for Tradfi. Assets denominated in USD are easier to understand for some"  
[X Link](https://x.com/hillery_dan/status/1995895843119944095)  2025-12-02T16:40Z 20.6K followers, 13.3K engagements


"Totally disagree. AVG STRF and STRK cash on cash yield then find market's appetite for these products and I expect spreads to decrease for these two products and IMO just natural hedging between STRC and STRK will push STRC yield lower"  
[X Link](https://x.com/hillery_dan/status/1997056164618453036)  2025-12-05T21:31Z 20.6K followers, 7924 engagements


"IMO one of the best models for understanding BTC price probabilities moving forward. It has been historically very accurate even with only data up to 2019"  
[X Link](https://x.com/hillery_dan/status/1997830744035803219)  2025-12-08T00:49Z 20.6K followers, 109.2K engagements


"For a long time moving forward people will compare strategy prefs to covered call etfs and other BTC products that offer yield. I believe that over time people will come to realize that principle preservation is the name of the game when it comes to these income products and the prefs are already proving themselves"  
[X Link](https://x.com/hillery_dan/status/1997857561887092872)  2025-12-08T02:35Z 20.6K followers, 9294 engagements


"Let's reshare this group again with people. I really want good arb and trading strategies or just risk models from others who may be interested in these prefs"  
[X Link](https://x.com/hillery_dan/status/1998051037391855749)  2025-12-08T15:24Z 20.6K followers, 3661 engagements


"People underestimating the amount of Upside + attractive yield in the meantime for STRK IMO"  
[X Link](https://x.com/hillery_dan/status/1998056002277519583)  2025-12-08T15:44Z 20.6K followers, 5140 engagements


"I actually think it was prudent to sell STRD at these prices. While the current cost of capital to STRD is in fact high STRD carries significantly less risk for the common holder and I believe it will be the defacto instrument to take acceptable amplification ratio from XX% to 40%"  
[X Link](https://x.com/hillery_dan/status/1998085171363398145)  2025-12-08T17:40Z 20.6K followers, 4147 engagements


"For example let's say it's X years down the road Strategy has never missed a dividend payment on any of the Prefs. The vol of STRC is X. People are not going to analyze the product the way they do today. The effective div rate will likely be X% or lower and people won't think twice about settling in it"  
[X Link](https://x.com/hillery_dan/status/1998140512755138684)  2025-12-08T21:19Z 20.6K followers, 7990 engagements