Welcome back to The Hurdle Rate Podcast. Episode 22: Commodity, Security, Token. The crew is back with the latest news out of DC, a discussion on ETH treasury companies and scale, Tim's NYC Unconference and @Strategy's 5 year Bitcoin anniversary. Here's the Hurdle Rate for the week of August 11, 2025 with @BenWerkman, @PunterJeff, @ColeMacro and @TimKotzman. 0:30 - Welcome Back to The Hurdle Rate 1:00 - Bo Hines Bounces to the Private Sector 9:00 - ETH Treasury Companies and Scale 32:27 - Tim’s NYC Unconference 41:14 - Strategy’s 5 Year Bitcoin Anniversary