The Hurdle Rate Podcast

A deep dive into digital credit, exploring product-market fit and why Bitcoin-backed yield products are gaining traction. A close look at private credit liquidity, redemption gates, and how commercial real estate stress amplifies risk. Discussion on correlations between private and public credit markets and how ETF wrappers change bond liquidity dynamics.

They debate using digital credit as a corporate treasury tool and a cash-management alternative. They explain a $50M Stretch purchase and how digital credit can boost yield and balance-sheet efficiency. They walk through dividend reserve planning, coverage across Bitcoin price scenarios, and liquidity advantages versus private credit. They discuss large Stretch-fueled Bitcoin buys and trading dynamics around peg-to-par mechanics.

Episode 50 - Some Pretty Good Money Printing Thank you to our sponsor, Swan Bitcoin. We buy Bitcoin at Swan.com [00:00:00] Welcome Back to The Hurdle Rate [00:03:20] Strategy’s Latest [00:12:55] 20 Millionth Bitcoin is Mined [00:37:15] The Speed at Which AI is Advancing

Discussion of Bitcoin as a freedom-preserving form of money amid geopolitical and AI-driven uncertainty. A recap of Strategy World and why digital credit products like Stretch appeal to corporations and treasuries. Talk of liquidity, securitized finance mechanics, market maturation, and why retirees and traditional investors are drawn to predictable digital credit yields.

Conversation ranges from reflections on Bitcoin events and debates to when higher leverage can make sense in bear markets. They dig into digital credit risk, underwriting methods, and why markets may undervalue these instruments. Discussion also covers AI disruption, a K-shaped economy, fiat fragility versus digital monetary tech, and how transparency could reshape credit markets.

Discussion of Bitcoin Investor Week in NYC and why conferences matter during downturns. Conversation about how bear markets change mindsets, spur building, and purge weak hands. Exploration of margin risks, treasury cracks, and unusual volatility without a single trigger. Notes on ETF flows, macro drivers like AI, and strategy shifts toward product and credit resilience.

Episode 46 -  Build The Structure Thank you to our sponsor, Swan Bitcoin. We buy Bitcoin at Swan.com [00:00:00] Welcome Back to The Hurdle Rate [00:01:05] Kevin Warsh Named Fed Chair [00:24:38] Clawdbots & Moltbook [00:32:10] The Pref Only Model & Digital Risk [00:44:05] Bitcoin as a Term Asset & What a Supercycle Means

Episode 45 - Preferred Equity Demand Thank you to our sponsor, Swan Bitcoin. We buy Bitcoin at Swan.com [00:00:00] Welcome Back to The Hurdle Rate [00:00:40] Does the Preferred Equity Present a Systemic Risk to Bitcoin? [00:21:42] Strive + Semler: The First M&A Transaction in Bitcoin Treasuries [00:33:30] IBIT Bitcoin Covered Call ETF [00:41:51] Gold & Silver Price Action [00:47:30] What is Japan Saying to the World Right Now? [00:58:54] Bitcoin in an Action-Packed 2026

Explore how digital credit could enhance retirees' income and reshape investment strategies. Delve into the implications of Coinbase's exit from the Clarity Act and the competition between tokenized stablecoin yields and traditional credit. Learn about the impact of credit spreads on sovereign risk, and why banks resist paying deposit yields. The hosts share insights on the tech stack behind their operations, emphasizing the importance of team culture and consistent communication in the fast-paced world of finance.

The hosts delve into Strategy's remarkable $1.25 billion Bitcoin purchase, exploring its implications for market dynamics. With a focus on digital credit, they discuss why these assets resonate more with high-net-worth investors than traditional Bitcoin messaging. Insights into market architecture reveal how liquidity and algorithmic trading attract institutional buyers. The implications of capping credit card interest rates and corporate Bitcoin treasuries strengthen the case for Bitcoin’s role in the future economy. Lastly, they critique Fed actions, connecting geopolitical risks to a bullish outlook for Bitcoin.