AMPLIFICATION MASTERCLASS W/ GoS $ASST $MSTR

Grain of Salt joins Treasury Talks with host Jody Flournoy and co-host Halston Valencia for a masterclass on amplification, the math behind how bitcoin treasury companies turn a bitcoin move into a bigger move for common shareholders. Grain walks through his amplification explainer, Strategy's aggregate cost of capital versus Strive's, SATA's dividend, Matt Cole's 1% allocator mandate and room for a third digital credit issuer. They also cover whether Metaplanet can become Japan's largest company, share count math for $ASST, Nakamoto and Metaplanet versus $MSTR, how Grain positions in Strive options, and why execution is what Saylor copycats missed. This podcast is powered by Scanley, AI visibility for banks and credit unions. Get your 1st month free with code DAILYSTACK at https://meetscanley.com Taking a BTC loan? Our friends at Ledn are offering .25% off their lowest rates with our link: https://www.ledn.io/partner/dailystack Chapters: 0:00 Cold open 0:32 Welcome: Treasury Talks with Grain of Salt on Amplification 2:02 Why Grain Built an Amplification Explainer 4:02 Bitcoin Up 30%, Common Up 34%: How Amplification Really Works 8:44 The House Analogy: a 10% Gain Becomes a 50% Return 11:24 Strategy's 2.24% Aggregate Cost of Capital 14:01 Strive's True Cost of Capital vs SATA's 13% Dividend 15:47 Matt Cole's 1% Mandate and the Dual-Vendor Strategy 20:14 Is There Room for a Third Digital Credit Issuer? 26:41 Reverse-Engineering Matt Cole's Table: Convexity Curves 29:11 2008 No-Money-Down Loans vs Strive's 50% Amplification 31:41 Can Metaplanet Become Japan's Largest Company? 39:39 Share Count Math: Metaplanet 63x Strategy, ASST 7x 48:08 Positioning in Strive Options: Delta Ramp and Full Gamma 57:00 Execution Is the Hard Part: What Saylor Copycats Missed Key takeaways: - Grain of Salt's house analogy: put $200,000 down on a $1,000,000 house, and if the house rises 10%, the $100,000 gain is a 50% return on the cash you put in. That is amplification. - In Grain's worked example, bitcoin rises 30%, the preferred holders take their 13% on their $2 claim (26 cents), and the common keeps $2.74 on $8, a gain of about 34%. - Grain puts Strategy's aggregate cost of capital at 2.24%, so bitcoin has to rise about 2.24% a year to cover it. - On share count versus Strategy, Grain said $ASST is about 7 times after its 24 for 1 split, Nakamoto about 8 times, and Metaplanet 63 times. Listen and follow The Daily Stack: Spotify: https://open.spotify.com/show/0JQzqfVmkKiXuwSA6hyoDs Apple Podcasts: https://podcasts.apple.com/us/podcast/the-daily-stack/id1831884653 Website: https://dailystackhq.com X: https://x.com/dailystackHQ Not financial advice.