Stone Ridge 2025 Investor Letter

Stone Ridge 2025 Investor Letter

We are pleased to share the Stone Ridge 2025 Investor Letter from Founder & CEO, Ross Stevens

Happy new year nostr!

Savor every last drop. Don’t move on. Feel yourself breathing.

@nat brunell Looking forward to reading your book. Jeffery D’s review pushed me over to actually ordering it. X: jeffdespommier

One year later. BTC has zero gains in dollar terms. Pretty wild 2025. Low ~$78k. High ~ 125k. 200 day rolling average is ~109k. A model (hypothetical): BTC will do a 30% gain per year (given a duration of 3-5 years). Currently we are up ~ 420% over the last five years = 37.9% average yearly return. If we see growth of 30% /yr over the next 5 years, we’d double twice. At ~100k today that’d be ~400k in 5 years. At $78k (low of 2025) a twice double is ~ $275k. So is BTC expensive right now? Best I can figure is that 91k is a fair value. At ~$65k per BTC it would be a better value. Suppose then $40k is extreme value. 🤷🏻‍♂️ How are you thinking of fair value for BTC? Let us know in the comments.

@Lauren of Light ☀️ saw this reposted from a year ago. Well said.

X (formerly Twitter)

Lauren of Light ⚡️ (@laurenoflight_) on X

Not a bitcoiner? No problem. Here’s a simple breakdown. You earn money, they steal it with 9-10% inflation. You save in fiat, it loses 3%+ val...

Bitcoin: concentration is fragile, distribution is antifragile.

Bitcoin’s Silent IPO: Why This Consolidation Isn’t What You Think

The quiet liquidity event reshaping Bitcoin’s ownership base and its future stability

Searched X for some context on a stock that had done well recently. I wonder how many posts are bots or have an unclear agenda.

A collection of historical U.S. banknotes — mostly from the 1800s — that predate the modern centralized U.S. currency system. Before the U.S. federal government standardized currency in 1863–1865, individual state-chartered banks, cities, and even private institutions issued their own paper money. This period (roughly 1790s–1860s) is known as the “Free Banking Era.”

If you choose to drink, imperial stout.

Forgot to add 2 1/2 teaspoons of salt to my sourdough bread dough. Still worth eating just not quite as flavorful.