Tagged: treasury

MacroSaylor Is Now a Sovereign Wealth Fund. He's Not Even Hiding It Anymore.

Strategy stopped behaving like a corporate treasury years ago. In 2026 it has stopped pretending. The financing pattern, the holding policy, the public messaging, and the way credit markets price the paper now match a sovereign wealth fund more closely than they match a company. The implications run further than most institutional investors are willing to say out loud.

PoliticsEl Salvador Quietly Sold. Bhutan Quietly Bought.

The country that made Bitcoin legal tender is quietly winding down its program under IMF pressure. The country that never held a press conference is now sitting on one of the largest sovereign Bitcoin positions in the world. The sovereign adoption story is real. It just isn't where you were looking.

MacroJapan's Carry Trade Unwind Isn't Over

The August 2024 yen carry trade unwind was not a one-off event. It was the first tremor. The Bank of Japan is still the largest buyer of Japanese government bonds and the second-largest foreign holder of US Treasuries. Every time the yen rallies, that position becomes a source of forced selling. The next tremor is closer than the market is positioned for.

MacroThe 10-Year Yield Is Telling You Something

The Fed has been signaling rate cuts for six months. The long end of the curve will not cooperate. When short rates fall and long rates rise, the bond market is telling you the central bank has lost control of the part that actually matters. That is happening now, and it is bullish for exactly one asset.

PoliticsUS Strategic Bitcoin Reserve: Executive Order 14178 Six Months In

Six months after Executive Order 14178 established the Strategic Bitcoin Reserve, the US holds 207,000 BTC from seizures. The debate: whether to buy more.