CoinDesk Podcast Network Blockspace Podcast: Why Most Bitcoin Treasury Companies Are Struggling — and the One That's Getting It Right
Nov 26, 2025
Matt Cole, Chairman and CEO of Strive, a Bitcoin treasury company and asset manager, dives into the challenges and strategies of corporate Bitcoin treasuries. He highlights Strive's structural edge, allowing for amplified Bitcoin exposure through preferred equity. With expectations of 30% annual returns, he discusses the normalcy of volatility and why capital gains taxes hinder Bitcoin's role as actual money in the U.S. Matt emphasizes the need for Wall Street to innovate in Bitcoin credit ratings, making a strong case for a bullish future.
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Bitcoin As The Ultimate Hurdle Rate
- Matt Cole argues Bitcoin is a dominant long-term hurdle rate and likely impossible to beat if his bull thesis holds.
- He expects 30%+ average annual returns over 10–15 years despite high volatility.
Prioritize Long-Term Bitcoin Thesis
- Position corporate strategy around a long-term Bitcoin thesis instead of timing short-term moves.
- Use structures with no margin requirements to ride out volatility and avoid forced liquidations.
Personal Journey Into Bitcoin Treasury
- Matt Cole kept nearly his entire net worth in Bitcoin since 2016–2017 and pivoted Strive from anti-ESG asset management to Bitcoin treasury strategies.
- Conversations with Michael Saylor helped convince them to amplify corporate Bitcoin exposure.