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s/chamath+ 1 others•TREASURY MOVES•4 days ago
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Strategy spent nearly 9x more on STRC buybacks than bitcoin

Strategy put far more money into buying back STRC preferred securities than into its latest bitcoin purchase. The company repurchased $193 million of STRC and acquired 267 bitcoin worth about $22.1 million, keeping both sides of its treasury strategy active.

The bigger change is where the balance is moving. Strategy increased its Digital Credit Securities Repurchase Program from $2 billion to $3 billion, creating more room to retire the securities tied to its capital structure while it continues adding bitcoin. As of October 18, Strategy held 848,517 BTC and $5.3 billion in USD assets.

Strategy put far more money into buying back STRC preferred securities than into its latest bitcoin purchase. The company repurchased $193 million of STRC and acquired 267 bitcoin worth about $22.1 million, keeping both sides of its treasury strategy active.

The bigger change is where the balance is moving. Strategy increased its Digital Credit Securities Repurchase Program from $2 billion to $3 billion, creating more room to retire the securities tied to its capital structure while it continues adding bitcoin. As of October 18, Strategy held 848,517 BTC and $5.3 billion in USD assets.

Oct 5

The core Strategy treasury update occurred, including the STRC repurchase and bitcoin acquisition.

6 days ago

Strategy reported holdings of 848,517 BTC and $5.3 billion in USD assets as of this date.

4 days ago

Strategy publicly resurfaced the update, citing the $193 million STRC repurchase, 267 BTC purchase, and increase of its repurchase program to $3 billion.

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s/chamath+ 1 others•XRP TREASURY•2 days ago
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Evernorth takes 473 million XRP public on Nasdaq

Evernorth began trading on Nasdaq as XRPN after completing its merger with Armada Acquisition Corp. II, putting a large XRP treasury into a public-market vehicle. The listing made it the first publicly listed XRP treasury company, according to reports.

The Ripple-backed company brought approximately 473 million XRP and $300 million in cash to the market. It is also described as the largest publicly traded pure-play XRP treasury company, and prepared to ring the Nasdaq closing bell on October 14, 2026.

Evernorth began trading on Nasdaq as XRPN after completing its merger with Armada Acquisition Corp. II, putting a large XRP treasury into a public-market vehicle. The listing made it the first publicly listed XRP treasury company, according to reports.

The Ripple-backed company brought approximately 473 million XRP and $300 million in cash to the market. It is also described as the largest publicly traded pure-play XRP treasury company, and prepared to ring the Nasdaq closing bell on October 14, 2026.

Oct 10

Evernorth closed its SPAC merger, bringing 473 million XRP and $300 million in cash onto Nasdaq under the planned XRPN ticker.

Oct 12

Evernorth began trading on Nasdaq as XRPN and was identified as the first publicly listed XRP treasury company.

Oct 14

Evernorth prepared to ring the Nasdaq closing bell under the XRPN ticker.

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s/chamath+ 1 others•GLOBAL ORDER•12 hours ago
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Modi says India is working to become the world’s third-largest economy

India is presenting domestic strength as part of its pitch for a more resilient global system. The argument is that self-reliance, economic growth and stronger supply-chain capacity should give India more weight as trade, technology and sea routes become sources of geopolitical tension.

Modi also called for reforms to global institutions, a larger Global South voice and cooperation that holds during crises. The economic target attached to that pitch is India becoming the world’s third-largest economy.

India is presenting domestic strength as part of its pitch for a more resilient global system. The argument is that self-reliance, economic growth and stronger supply-chain capacity should give India more weight as trade, technology and sea routes become sources of geopolitical tension.

Modi also called for reforms to global institutions, a larger Global South voice and cooperation that holds during crises. The economic target attached to that pitch is India becoming the world’s third-largest economy.

yesterday

Modi spoke at the NDTV World Summit 2026 in New Delhi.

18 hours ago

NDTV editor Rahul Kanwal said Modi had returned for the summit for a third consecutive year.

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s/chamath+ 1 others•WAGE INFLATION•4 days ago
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Kevin Hassett acknowledges wages trailed inflation for two or three months

Wage growth ran behind inflation for two or three straight months, even as the administration promoted a booming economy. Kevin Hassett described the gap as a short stretch, not a broader breakdown, and pointed to travel, air travel, car purchases and other consumer spending as signs that activity remained strong.

That argument now runs into renewed inflation pressure. September consumer prices rose 0.6% month over month, while core inflation increased 0.3%.

Wage growth ran behind inflation for two or three straight months, even as the administration promoted a booming economy. Kevin Hassett described the gap as a short stretch, not a broader breakdown, and pointed to travel, air travel, car purchases and other consumer spending as signs that activity remained strong.

That argument now runs into renewed inflation pressure. September consumer prices rose 0.6% month over month, while core inflation increased 0.3%.

4 days ago

Kevin Hassett acknowledged that wages had underperformed inflation for the last two or three months.

4 days ago

Hassett said inflation was showing renewed pressure; September CPI rose 0.6% month over month and core inflation rose 0.3%.

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s/chamath+ 1 others•GOVERNMENT CORRUPTION•Oct 16
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Fox poll: Government corruption narrowly overtakes inflation as voters’ top concern

Government corruption edged out inflation as voters’ top concern in a new Fox News poll. Sixty percent said they were extremely worried about corruption, compared with 58% for inflation and high prices and 50% for gas prices.

The issue also gives Democrats a 10-point advantage over Republicans on who voters trust to handle it. Concern is much higher among Democrats, at 72%, than Republicans, at 47%, while Trump’s approval rating in the poll fell to 36%.

Government corruption edged out inflation as voters’ top concern in a new Fox News poll. Sixty percent said they were extremely worried about corruption, compared with 58% for inflation and high prices and 50% for gas prices.

The issue also gives Democrats a 10-point advantage over Republicans on who voters trust to handle it. Concern is much higher among Democrats, at 72%, than Republicans, at 47%, while Trump’s approval rating in the poll fell to 36%.

Oct 15

Fox News poll findings on government corruption ranking above inflation and gas prices began circulating.

Oct 16

The Hill reported the poll’s finding that government corruption topped voters’ concerns.

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s/chamath+ 1 others•JAPAN INFLATION•12 hours ago
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Japan’s broader core-core inflation accelerates to 2.4%

Japan’s core inflation was reported at 2.1% in September, up from 1.7% in August and above the Bank of Japan’s 2% target for the first time in nine months. That puts another rate hike back in focus before the BOJ’s next decision.

The broader measure is harder to dismiss: core-core inflation, which excludes fresh food and energy, accelerated from 1.9% to 2.4%. BOJ officials remain cautious ahead of the October 29-30 meeting.

Japan’s core inflation was reported at 2.1% in September, up from 1.7% in August and above the Bank of Japan’s 2% target for the first time in nine months. That puts another rate hike back in focus before the BOJ’s next decision.

The broader measure is harder to dismiss: core-core inflation, which excludes fresh food and energy, accelerated from 1.9% to 2.4%. BOJ officials remain cautious ahead of the October 29-30 meeting.

yesterday

Japan’s September core inflation was reported at 2.1% year over year, up from 1.7% in August.

just now

The Bank of Japan is scheduled to meet on October 29–30, with markets focused on the next rate decision.

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s/chamath+ 1 others•CHINA GROWTH•4 days ago
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China’s 4.5% GDP rebound is being carried by factories, not consumers

China’s economy grew faster in Q3, but the rebound is being carried by exports and factories rather than domestic demand. GDP rose 4.5% year over year, beating the 4.4% forecast and improving from 4.3% in Q2.

September industrial output increased 5.5%, with high-tech manufacturing up 15.3% year over year. Private investment, consumer demand, and real estate remained weak, leaving the recovery heavily dependent on industrial production.

China’s economy grew faster in Q3, but the rebound is being carried by exports and factories rather than domestic demand. GDP rose 4.5% year over year, beating the 4.4% forecast and improving from 4.3% in Q2.

September industrial output increased 5.5%, with high-tech manufacturing up 15.3% year over year. Private investment, consumer demand, and real estate remained weak, leaving the recovery heavily dependent on industrial production.

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s/chamath+ 1 others•MONETARY POLICY•Oct 16
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Kevin Warsh declines to forecast Fed rate moves for 2026

Markets are trying to price the Fed’s next two decisions without a promised path for rates. That leaves investors working from scenarios instead of forward guidance as the October and December meetings approach.

Kevin Warsh said the Fed will assess economic conditions at both meetings and was skeptical of predicting policy actions for the rest of 2026. The central bank has only those two meetings left this year to set policy.

Markets are trying to price the Fed’s next two decisions without a promised path for rates. That leaves investors working from scenarios instead of forward guidance as the October and December meetings approach.

Kevin Warsh said the Fed will assess economic conditions at both meetings and was skeptical of predicting policy actions for the rest of 2026. The central bank has only those two meetings left this year to set policy.

Oct 16

Warsh said the Fed would assess the situation at its October and December meetings.

Oct 16

Warsh said he was skeptical of predicting policy actions for the rest of 2026.

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s/chamath+ 1 others•MORTGAGE RATES•4 days ago
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Mortgage applications fall for six straight weeks at 7.4% rates

Mortgage demand is weakening even as the average 30-year rate holds at 7.4%. Applications fell 2.7% last week, extending the decline to six straight weeks, and they were 16% below the same week a year earlier. Rates have climbed from 6.65% in August while home prices remain near records.

The supply side is stuck too. Homeowners have little reason to sell and take on a much higher loan: 87% of borrowers have rates at least one percentage point below current levels, and 76% are at least two points lower.

Mortgage demand is weakening even as the average 30-year rate holds at 7.4%. Applications fell 2.7% last week, extending the decline to six straight weeks, and they were 16% below the same week a year earlier. Rates have climbed from 6.65% in August while home prices remain near records.

The supply side is stuck too. Homeowners have little reason to sell and take on a much higher loan: 87% of borrowers have rates at least one percentage point below current levels, and 76% are at least two points lower.

Oct 14

U.S. mortgage applications fell 2.7% for the week, extending the decline to six consecutive weeks.

Oct 15

The average 30-year fixed mortgage rate was reported at 7.4% after seven consecutive weekly increases.

4 days ago

Housing context highlighted mortgage lock-in, with 87% of borrowers holding rates at least one percentage point below prevailing rates.

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s/chamath+ 1 others•IRAN SANCTIONS•2 days ago
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Treasury sanctions law firm accused of hiding Iranian oil ship owners

The infrastructure behind the ships

The U.S. Treasury sanctioned five individuals, four entities, and nine vessels tied to Iran’s shadow fleet on October 21, 2026. The targets include Panama- and Greece-based law firm Karnakis and Karnakis, shipping agents, and companies involved in vessel ownership and maritime services.

The move reaches beyond ships and cargoes to the corporate layer that keeps Iranian exports moving. The State Department said Karnakis and Karnakis created shell companies to conceal the owners of ships carrying Iranian oil, while Treasury said the network handled petroleum, petrochemicals, steel, and other commodities that generated revenue for Iran’s military, weapons, nuclear, and proxy activities. General License HH allows limited offloading from some blocked vessels but bars new commercial contracts.

The infrastructure behind the ships

The U.S. Treasury sanctioned five individuals, four entities, and nine vessels tied to Iran’s shadow fleet on October 21, 2026. The targets include Panama- and Greece-based law firm Karnakis and Karnakis, shipping agents, and companies involved in vessel ownership and maritime services.

The move reaches beyond ships and cargoes to the corporate layer that keeps Iranian exports moving. The State Department said Karnakis and Karnakis created shell companies to conceal the owners of ships carrying Iranian oil, while Treasury said the network handled petroleum, petrochemicals, steel, and other commodities that generated revenue for Iran’s military, weapons, nuclear, and proxy activities. General License HH allows limited offloading from some blocked vessels but bars new commercial contracts.

2 days ago

The U.S. Treasury issued new Iran-related sanctions.

2 days ago

Treasury identified Karnakis and Karnakis, shipping agents and vessels as targets of Operation Economic Outcast.

2 days ago

The State Department said Karnakis and Karnakis created shell companies to hide the owners of ships carrying Iranian oil.

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