The Wildest Case Yet for Twenty One and Tether

Welcome to the Bitcoin Balance Sheet. Each Friday, we recap key insights from our podcast hosted by our very own Tyler Rowe

This week Tyler Rowe sat down with Matt Tuttle, who runs roughly $4 billion at Tuttle Capital, to unpack why 1-2% Bitcoin exposure doesn't move the needle, why the IBIT launch killed the last honest bear case, and why he has filed with Strive for a leveraged ETF on SATA and Stretch that aims to turn an 11% yield into 14 or 15. Meanwhile, the panel took Twenty One's Berkshire pivot in two directions, with Parker arguing 21 should buy a slice of Tether to become its only public-market proxy, and Chase Palmieri making the case for a roll-up of treasury companies trading below 1x mNAV.

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$4 Billion Asset Manager Reveals The Bitcoin Argument Wall Street Can No Longer Make

One or two percent Bitcoin doesn't move the needle. Matt Tuttle, who runs roughly $4 billion at Tuttle Capital, holds 6.25% and argues the IBIT launch killed the last honest bear case - before a BlackRock wrapper you could call Bitcoin a Ponzi headed to zero, and after it you can't. He is scathing on covered calls, wanting all of Bitcoin's upside rather than most of it, but he does like digital credit as the bond replacement he otherwise refuses to own: he sold puts on STRC when it fell into the $70s, and has now filed, with Strive, for a leveraged ETF on SATA and Stretch that aims to turn an 11% yield into 14 or 15.

Listen and subscribe for Matt's full thoughts on the HEAT formula and why he holds zero bonds at 57.

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Saylor's Leveraged Bitcoin vs. XXI's Operating Model

Twenty One's Berkshire pivot sent the panel further into speculation than usual. Parker's pitch: 21 should buy a slice of Tether and become the only public-market proxy for it - a Yahoo-to-Alibaba trade, held under 40% of the balance sheet to avoid 40 Act status, with Tether's $180 billion of reserves anchoring a 21 preferred as buyer of last resort. Chase Palmieri's counter is a roll-up of treasuries trading below 1x mNAV, which would explain the Mallers split, while Yves-André Graf notes Strategy's USD reserve now sits roughly $2 billion, about four weeks, from netting out its entire convertible stack.

Listen and subscribe for the panel's full case on Tether, roll-ups, and whether any treasury sells below 1x mNAV.

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• AnchorWatch. AnchorWatch makes Bitcoin ownership safer and easier by combining advanced custody expertise with industry-grade insurance. As a Lloyd’s of London Coverholder, it writes specialized policies that address digital-asset risks, giving clients trusted coverage and peace of mind. Learn more: AnchorWatch

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• Orange Wheel Advisors. Orange Wheel Advisors is a strategic consulting firm that helps companies navigate Bitcoin’s impact on corporate finance and competitive strategy. With expertise spanning treasury management, payments, capital structure, mining, and investor communications, they provide executive education, tailored strategies, and execution support to guide businesses through the global monetary transition. Learn more: Orange Wheel Advisors

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