Bitcoin Is Just Getting Started, Says Billion Dollar Investor | Moez Kassam

Kassam's fund made ~$1B in Bitcoin treasury bets and trades contrarian signals like record put-buying rather than chasing AI mega-cap consensus.

• Billion-dollar treasury bet: Anson Funds deployed roughly $1B into Bitcoin treasury companies over 18 months, scaling from initial $20-50M checks to larger stakes, favoring early movers like Strive and BMNR.
• SATS preferred play: Anson underwrites a ~20% IRR buying Strive's SATS perpetual preferred at a 90 discount to par, expecting it to rise toward 100 as retail demand builds, with 13-15% yields and 30-50% model upside.

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