Strive CEO Pushes Back Against Bitcoin Treasury Criticism
Strive Inc.'s CEO Matt Cole is pushing back against criticism over the company's large Bitcoin holdings, saying that both sides in the debate fundamentally agree on the problem of currency debasement.
Cole, who previously managed over $70 billion in fixed-income assets at CalPERS, says the disagreement lies not in recognizing the issue but rather in finding a solution. He believes Bitcoin is that solution, offering a 'hardest hurdle rate' for corporate capital allocation, meaning if a company's treasury strategy can't outperform Bitcoin over time, it should be holding Bitcoin instead.
Strive currently holds 19,921 BTC, valued at approximately $1.3 billion, making it the seventh-largest corporate holder of Bitcoin globally. The company has been acquiring more Bitcoin in recent months, scooping up 759 BTC in mid-June at prices averaging between $63,000 and $74,000 per coin.
Critics like short-seller Jim Chanos have dismissed these strategies as 'financial gibberish,' arguing that companies using debt or equity to buy Bitcoin aren't creating value but rather adding leverage and volatility to their balance sheets.