[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Smooth Exit [@smooth_btc](/creator/twitter/smooth_btc) on x XXX followers Created: 2025-07-22 23:41:03 UTC My notes from @ColeMacro interview with @timevalueofbtc at @TheBitcoinLayer - Thanks guys! Forgive spelling/grammar, I gotta head to a thing Intro: X years, 2B AUM, XX ETFs XX passively managed, X are fixed income active managed Unprecedented growth ETFs akin to JPM, ARKK when they entered ETF markets Unapologetic capitalism, anti-ESG Matt is a long time Bitcoiner - Put pretty much ENTIRE net worth into Bitcoin in 2016-2017, hasn't looked back Why? Was working at CalPERS, a half trillion dollar asset manager. They are the LARGEST pension fund in the USA, also the largest buyers of US Treasuries in the USA. At CalPERS, Matt managed $XXXXXXXXXXXXXX ($70B) in assets, US Treasury portfolio and STRUCTURED PRODUCTS portfolio. Similar to $MSTR Strategy structured products - that's literally Matt's background. Could've done a SPAC but chose not to because reverse merger was the best way - mainly to be shelf eligible to offer structured products like $STRK, $STRF, $STRD out of the gate. As a SPAC you CANNOT do that until after XX months POST close. Tracking for Late Summer / Early Fall 2025 to close $ASST transaction When/Why did you become a Bitcoiner: Back then was the era of QE. The deficit was a large and a going concern, and would always ask what are the plans to get it under control. All you would hear is kicking the can down the road until default. Fiat-style. On Fiat: Thinks we're in a secular decline of the US dollar in motion for 40-50 years. Has more to lose since it's the reserve currency. Next decade, $DXY will decline / weaken thus beneficial to Bitcoin. All fiat currencies are being debased as a whole so it looks stable but it's not. Debt situation doesn't improve. Fiat won't collapse but Bitcoin will benefit. USD has been the reserve during large bear markets. The Fed is not dependent of the gov - as confidence goes down, it should weaken the dollar. AI: AI will be a massive re-distribution of power and education around the globe which will take dominance away from USA and educational systems. Stablecoins: Offshore dollar like Tether is probably what others want, not one ties to USG directly (onshore dollar which could act like a CDBC). Bitcoin Treasury Cos: $MSTR is #1, everyone fighting for #2 Taking parallels to Matt's background, earnings alpha was priority. At CalPERS, would see opportunities in $100M or $500M, but for a $70B bond port it's like a hobby. So for smaller companies there are a lot of opps to pick up alpha that would not be meaningful to giants like $MSTR. For a shareholder of a smaller company (like Strive), those returns could compete or exceed those of $MSTR Wouldn't be surprised seeing smaller BTCTC blow up cause they're taking on more risk, or leverage. Strive has X convertible debt, the only BTCTC that has no debt. [personally love this] If Bitcoin dropped 50-60%, you'd likely see some companies explode. Strive would not cause they have no debt. Strive will do perpetual preferred, alpha strategies (discounted bio tech cash acquisitions, acquire Bitcoin claims) Q: Why aren't you taking on debt? Planning on doing fixed income debt instruments. Don't want to pledge Bitcoin and be at the exposure of margin calls and downward pressure. Big fan of offering perpetual preferred if terms are acceptable. BTCTC are permanent capital vehicles making long-term plays relative to fiat currencies over time. So prefer debt to have long term duration, not short term.  XXXXX engagements  **Related Topics** [fund manager](/topic/fund-manager) [jpm](/topic/jpm) [alternative investment](/topic/alternative-investment) [fixed income](/topic/fixed-income) [intro](/topic/intro) [Post Link](https://x.com/smooth_btc/status/1947804113108103228)
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Smooth Exit @smooth_btc on x XXX followers
Created: 2025-07-22 23:41:03 UTC
My notes from @ColeMacro interview with @timevalueofbtc at @TheBitcoinLayer - Thanks guys!
Forgive spelling/grammar, I gotta head to a thing
Intro: X years, 2B AUM, XX ETFs XX passively managed, X are fixed income active managed
Unprecedented growth ETFs akin to JPM, ARKK when they entered ETF markets
Unapologetic capitalism, anti-ESG
Matt is a long time Bitcoiner - Put pretty much ENTIRE net worth into Bitcoin in 2016-2017, hasn't looked back
Why? Was working at CalPERS, a half trillion dollar asset manager. They are the LARGEST pension fund in the USA, also the largest buyers of US Treasuries in the USA.
At CalPERS, Matt managed $XXXXXXXXXXXXXX ($70B) in assets, US Treasury portfolio and STRUCTURED PRODUCTS portfolio. Similar to $MSTR Strategy structured products - that's literally Matt's background.
Could've done a SPAC but chose not to because reverse merger was the best way - mainly to be shelf eligible to offer structured products like $STRK, $STRF, $STRD out of the gate. As a SPAC you CANNOT do that until after XX months POST close.
Tracking for Late Summer / Early Fall 2025 to close $ASST transaction
When/Why did you become a Bitcoiner: Back then was the era of QE. The deficit was a large and a going concern, and would always ask what are the plans to get it under control. All you would hear is kicking the can down the road until default. Fiat-style.
On Fiat: Thinks we're in a secular decline of the US dollar in motion for 40-50 years. Has more to lose since it's the reserve currency. Next decade, $DXY will decline / weaken thus beneficial to Bitcoin. All fiat currencies are being debased as a whole so it looks stable but it's not.
Debt situation doesn't improve. Fiat won't collapse but Bitcoin will benefit.
USD has been the reserve during large bear markets.
The Fed is not dependent of the gov - as confidence goes down, it should weaken the dollar.
AI: AI will be a massive re-distribution of power and education around the globe which will take dominance away from USA and educational systems.
Stablecoins: Offshore dollar like Tether is probably what others want, not one ties to USG directly (onshore dollar which could act like a CDBC).
Bitcoin Treasury Cos: $MSTR is #1, everyone fighting for #2
Taking parallels to Matt's background, earnings alpha was priority. At CalPERS, would see opportunities in $100M or $500M, but for a $70B bond port it's like a hobby. So for smaller companies there are a lot of opps to pick up alpha that would not be meaningful to giants like $MSTR.
For a shareholder of a smaller company (like Strive), those returns could compete or exceed those of $MSTR
Wouldn't be surprised seeing smaller BTCTC blow up cause they're taking on more risk, or leverage.
Strive has X convertible debt, the only BTCTC that has no debt. [personally love this]
If Bitcoin dropped 50-60%, you'd likely see some companies explode. Strive would not cause they have no debt.
Strive will do perpetual preferred, alpha strategies (discounted bio tech cash acquisitions, acquire Bitcoin claims)
Q: Why aren't you taking on debt? Planning on doing fixed income debt instruments. Don't want to pledge Bitcoin and be at the exposure of margin calls and downward pressure.
Big fan of offering perpetual preferred if terms are acceptable.
BTCTC are permanent capital vehicles making long-term plays relative to fiat currencies over time. So prefer debt to have long term duration, not short term.
XXXXX engagements
Related Topics fund manager jpm alternative investment fixed income intro