
Follow for Bitcoin & capital markets insights. CEO of The Bitcoin Bond Company, Steward of @CatholicBitcoin, host of the @BitcoinForCorps Show, Board @Strive
Austin, TX
Joined December 2021
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This afternoon I testified at the Texas Senate Committee on Business and Commerce hearing in favor of SB 21, to establish a Texas Strategic Bitcoin Reserve.
Thank you @DrSchwertner for introducing the bill, @LtGovTX for making it a legislative priority, and @DonnaCampbellTX for asking great questions about Bitcoin custody and security.
Pierre Rochard retweeted
Replying to @ONagel33303
No, it definitely won't. I personally spent several years building SHA-256 as a Boolean circuit and then using all the most sophisticated techniques known to math and cryptography to try to invert that function (to execute a preimage attack). I know the math of SHA-256 more deeply than most people on this planet. It's exceptionally well-defined as a trapdoor function, and inverting it is most certainly NP complete.
I also spent over 30 years trying to prove that P = NP, and threw my entire 30 years of knowledge of this problem at frontier LLMs to try to crack it. What they ended up doing was to thoroughly and convincingly refute every single line of reasoning and "clever" trick I came up with over those decades, which has now left me believing for the first time that actually P≠NP.
Pierre Rochard retweeted
Most people can’t afford to be speculators.
@Werkman says households have bills to pay and institutions have mandates to meet. Strive’s $ASST approach is to take $BTC volatility on its own balance sheet and build income products for those investors.
“We’ll take on the volatility of Bitcoin... and transform that into something far more stable that’s providing a very attractive income for people.”
Pierre Rochard retweeted
Today, @anduriltech and @Qualcomm unveiled BlueChip to help rebuild American computer manufacturing. Snapdragon X Series powers the first laptop, designed and assembled in the U.S., delivering advanced and power-efficient computing and on-device AI. Proud to be part of this effort. qualcomm.com/news/releases/2…
Pierre Rochard retweeted
Why Holding Bitcoin Is Not a Financial Plan | Morgen Rochard SLP785
@MorgenRochard of Origin Wealth Advisers explains why holding Bitcoin is not a financial plan, from fiat emergency funds and rentals to debt, taxes and trusts.
Timestamps
00:00 — Intro
00:21 — Why She Wrote Bitcoin Personal Finance
01:11 — Holding Bitcoin Isn't a Financial Plan
02:45 — What the Fiat World Gets Wrong
04:02 — Hot Trades vs Your Actual Goals
05:40 — Chasing Returns vs a 20% Savings Rate
08:23 — Match Assets to When You Need Them
11:31 — How Big a Fiat Emergency Fund?
15:52 — Is Your Home a Store of Value?
18:02 — Rentals vs REITs vs Bitcoin
19:31 — Leverage and Single-Property Risk
24:06 — Debt Is Like a Campfire
27:16 — When Bitcoin-Backed Loans Make Sense
30:05 — Spending-Based Retirement Planning
32:12 — Tax Planning Isn't Tax Preparation
35:09 — Trusts and Trusting Your Kids
36:58 — No One-Size-Fits-All Allocation
Pierre Rochard retweeted
Masterclass by @ColeMacro on @Strive capital market approach for ASST. Thank you.
Replying to @TheSamsPodcast
Our capital markets decisions are driven by what we believe will maximize our *long-run* total returns. We have been consistent that we believe the most powerful and sustainable engine to power total returns in excess of Bitcoin is our amplification ratio.
We've built a leading amplification ratio today at over 60%, but maximizing our amplification ratio over the long-run requires continuing to support our Digital Credit products. Demonstrating continued access to capital markets during drawdowns and slower periods has been provably helpful in building a track record of success for the credit strength embedded in those instruments. I expect the importance of this track record, specifically how Strive executed during this bear market, to increase in the coming years.
I respectfully disagree that a "honeymoon" period is over for Strive as I believe we've only now built an amplification engine that has a durable moat along with no PIPE warrants remaining. I don't think most investors even understand the value of our amplification engine yet, which makes sense as amplification is designed to generate returns when Bitcoin moves up, and its been largely flat this year.
When Bitcoin slows down, our base case is patience, and we've demonstrated that several times during this past year, but we've also demonstrated we're always ready to take bold actions on a moments notice.
Less macro than the above, but we think $SATA has continued to trade very strong with strong demand. Even with the significant spike in $SATA short interest reported on 10/15, which was shortly after the announcement of $SATS, $SATA remains not much below $99, without a single dollar of buybacks. There are index rebalances coming up which should put in some decent size orders for $SATA. We've generally leaned towards increasing the interest rate over buybacks, but have also demonstrated multiple times that patience (doing nothing) can do the trick as well, as these are very attractive products.
Lastly, there is an interesting, but large divergence in the viewpoint among many retail investors vs institutional shareholders in terms of common equity ATM usage. The institutions overwhelmingly want more common equity ATM usage with any premium, many retail investors want less or none.
Our view has consistenly been in the middle, and I believe taking the extreme on either side would raise our overall cost of capital. We recently explained this to several of our large institutional shareholders asking for more common equity ATM usage during the $SATS IPO, and I want to offer the same to the retail investors asking for the opposite.
During the last bull market, the vast majority of excess returns for MSTR over Bitcoin were driven by accretive common equity issuance. We've been consistent in our belief that it wasn't a sustainable model because there was no amplification engine, but also believe it was the rational decision at the time, as a high mNAV without amplification wouldn't have been sustainable either.
The ideal scenario has always been having an amplification engine that has scarcity and sustainable growth while also being able to issue common equity accretively. Importantly, accretive common equity issuance isn't a requirement, as the amplification drives the majority of returns, unlike the last bull market, but it's a potential return amplifier.
What this means in practice is likely less relative common equity ATM issuance than what investors saw MSTR do during the last bull market. That said, it will probably be more common equity issuance than some retail investors would want, and less than many institutional investors want, driven by what we believe will maximize total returns based on all of the data and information we have access to.
Pierre Rochard retweeted
Replying to @TheSamsPodcast
Our capital markets decisions are driven by what we believe will maximize our *long-run* total returns. We have been consistent that we believe the most powerful and sustainable engine to power total returns in excess of Bitcoin is our amplification ratio.
We've built a leading amplification ratio today at over 60%, but maximizing our amplification ratio over the long-run requires continuing to support our Digital Credit products. Demonstrating continued access to capital markets during drawdowns and slower periods has been provably helpful in building a track record of success for the credit strength embedded in those instruments. I expect the importance of this track record, specifically how Strive executed during this bear market, to increase in the coming years.
I respectfully disagree that a "honeymoon" period is over for Strive as I believe we've only now built an amplification engine that has a durable moat along with no PIPE warrants remaining. I don't think most investors even understand the value of our amplification engine yet, which makes sense as amplification is designed to generate returns when Bitcoin moves up, and its been largely flat this year.
When Bitcoin slows down, our base case is patience, and we've demonstrated that several times during this past year, but we've also demonstrated we're always ready to take bold actions on a moments notice.
Less macro than the above, but we think $SATA has continued to trade very strong with strong demand. Even with the significant spike in $SATA short interest reported on 10/15, which was shortly after the announcement of $SATS, $SATA remains not much below $99, without a single dollar of buybacks. There are index rebalances coming up which should put in some decent size orders for $SATA. We've generally leaned towards increasing the interest rate over buybacks, but have also demonstrated multiple times that patience (doing nothing) can do the trick as well, as these are very attractive products.
Lastly, there is an interesting, but large divergence in the viewpoint among many retail investors vs institutional shareholders in terms of common equity ATM usage. The institutions overwhelmingly want more common equity ATM usage with any premium, many retail investors want less or none.
Our view has consistenly been in the middle, and I believe taking the extreme on either side would raise our overall cost of capital. We recently explained this to several of our large institutional shareholders asking for more common equity ATM usage during the $SATS IPO, and I want to offer the same to the retail investors asking for the opposite.
During the last bull market, the vast majority of excess returns for MSTR over Bitcoin were driven by accretive common equity issuance. We've been consistent in our belief that it wasn't a sustainable model because there was no amplification engine, but also believe it was the rational decision at the time, as a high mNAV without amplification wouldn't have been sustainable either.
The ideal scenario has always been having an amplification engine that has scarcity and sustainable growth while also being able to issue common equity accretively. Importantly, accretive common equity issuance isn't a requirement, as the amplification drives the majority of returns, unlike the last bull market, but it's a potential return amplifier.
What this means in practice is likely less relative common equity ATM issuance than what investors saw MSTR do during the last bull market. That said, it will probably be more common equity issuance than some retail investors would want, and less than many institutional investors want, driven by what we believe will maximize total returns based on all of the data and information we have access to.
Pierre Rochard retweeted
A good financial plan starts with your own numbers. Gather them and use my book to help you.
Preorder: bitcoinpersonalfinancebook.c…
A great year for Bitcoin is just getting started.
A brutal year for Bitcoin is just getting started.
Give me three minutes to explain why you should dump it now.
Outflows from ETFs are signal and will continue.
We will test the 57k low again in the next 12 months.
Why?
Because there are far too many dynamic places to put your money that are creating MUCH more value.
Why put your resources into a dead network that offers nothing beyond a store of value?
What's the point of place the BTC be if Bitcoin's Ponzi-scheme nature has gone away!?!
The viral nature of bitcoin was it's power... if you didn't own you were MOCKED!
Now? Completely reasonable, heck, SMARTER, to ignore bitcoin and place other bets!
No one is trying to convince people to buy Bitcoin anymore... the memes and NFTs are gone.
No one is saying $ BTC can change the world, because it won't — and BECAUSE AI HAS!
Just sell and shift from Bitcoin to Super Intelligence because one provides little to no value, and the other provides unlimited upside for humanity.
This should be obvious to everyone right now.
Bitcoin will never break its all-time high again.
Pierre Rochard retweeted
Abundance from Super Intelligence will create exponential value for scarce assets.
Bitcoin will be the most valuable scarce asset.
The optimal play: learn & use Super Intelligence & buy Bitcoin.
Ignore FUD from those who've been consistenly wrong.
Pierre Rochard retweeted
Saying there’s no reason to buy Bitcoin because anyone can create a cryptocurrency is like saying there’s no reason to learn English because anyone can invent a language.
Pierre Rochard retweeted
In this week’s Hurdle Rate, the crew breaks down Strive’s biggest buy ever, 6,182 BTC to reach 43,000, plus the new $1B $SATS ATM and hitting 61% amplification on $ASST. They also discuss SpaceX’s $SPCX $40B GPU deal, why perpetual Digital Credit beats time-bound chip financing, and whether capital is the last moat.
Here’s the latest with @PunterJeff, @Werkman, @IIICapital, @AdamBLiv, and @TimKotzman.
Timestamps:
00:00 - Intro
01:39 - 43,000 BTC And The SATS ATM
04:41 - Our Largest Bitcoin Buy Ever
10:35 - Engineering Amplified $BTC
14:25 - Is The Bear Market Over?
21:49 - Inside SpaceX’s $40B GPU Deal
26:57 - GPUs Vs. Bitcoin As Collateral
31:29 - Why Perpetual Beats Time Bound
39:08 - Is Capital The Last Moat?
51:25 - Will AI Labs Hold Bitcoin?
56:05 - The Future Of Income
01:00:27 - Risk Is Mispriced
Pierre Rochard retweeted
🚨Treasury Secretary Scott Bessent on President Obama mocking the Cheesecake Factory:
“This is the man who built the museum and it looks like Darth Vader’s tomb.”
Bessent also told @FoxBusiness' @FBNNicoleMac he frequents the Cheesecake Factory and always orders the French dip cheeseburger — and suggested the “Martha’s Vineyard set” should “give it a try.”
Pierre Rochard retweeted
🇺🇸The Corporate Bitcoin Trade is BACK! 🚀Interview w/@ColeMacro @Strive l $ASST $SATS
WATCH NOW👉youtu.be/XR0FkG2A0uI
Pierre Rochard retweeted
We believe the bottom is in, selling pressure has diminished, the debasement case has strengthened, and the crowd has left
Pierre Rochard retweeted
You can understand bitcoin’s monetary policy perfectly and still make a mess of your personal finances.
Save yourself a lot of trouble and preorder my book!
bitcoinpersonalfinancebook.c…
Pierre Rochard retweeted
10/26/25:
BTC held: 5,885
BTC price: $114,000
USD value: $670M
10/26/26:
BTC held: 43,000 (+630%)
BTC price: $80,000 (-30%)
USD value: $3.4 B (+413%)
In the last 12 months Strive has acquired 37,115 Bitcoin
Wake up, Strive for Bitcoin
$ASST $SATA $SATS

























