Jason @JasonBoyze

SATS vs. SATA - What's the Difference? If you are interested in the differences between $SATS and $SATA, you're in luck! Today I want to explain why Strive offers two preferred equities with fundamentally different objectives:

This might be the wildest minimum wage statistic I've ever seen. In 1971, the federal minimum wage was $1.60 per hour. Gold averaged $40.92 per ounce. It took 26 hours of minimum-wage labor to earn an ounce of gold. In 2025, the federal minimum wage was $7.25. Gold averaged $3,432 per ounce. It took 473 hours of labor to earn that same ounce. Your hourly wage increased 4.5× in dollars. The amount of labor required to acquire gold increased 18.5×. Measured in gold, the federal minimum wage lost approximately 95% of its value. Fifty-four years of nominal wage increases, and one hour of work buys a fraction of the monetary asset it once did.

Want to have your mind blown? In 1971, the median household income was $9,030, or 220 ounces of gold. In 2025, it was $87,460, or just 25 ounces of gold. Your paycheck went up 10x. Measured in gold, it fell 88%. To earn what the median household earned in 1971, you’d need about $890,000 per year today. That’s what fiat debasement looks like.

A new source of BTC demand is emerging. BTC-focused perpetual preferred stocks have accumulated more than 135,000 BTC in just over a year, despite representing only a fraction of the global fixed income market. What could happen if adoption expands? 🔗 Read our latest research: go.fidelity.com/ernlPz

J.P. Morgan Asset Management’s base case projects Bitcoin to outperform U.S. stocks, bonds and gold over the next decade. Wall Street is doing the math.

SATS is now listed on Nasdaq.
 
15.00% fixed annualized dividend rate based on $100 stated amount. Paid every business day.
 
First dividend: November 9, 2026, inclusive of dividends accrued since the October 20 closing.

$SATS $ASST $SATA

My thoughts on Strive's new SATS perpetual preferred, as an $ASST shareholder. Let's start with the facts: -15% fixed rate on $100. -Cumulative dividends paid every business day. -Junior to SATA. SATS has no target trading range and no general call. If it trades to $110, buyers get ~13.6% and once it's listed Strive can ATM it whenever they want. The effective cost of capital falls the better it trades. So why now? The short answer is to increase amplification while Bitcoin is cheap. After the warrant exercises, amplification fell to ~47%. A significant amount of capital is needed to re-amplify the balance sheet. SATS aims to raise $500M, potentially $1B if upsized, which could bring amplification back towards 60%. An IPO of a new product is the easiest way to do this and doing it while Bitcoin is cheap gives greater returns going forward. The second reason is to expand the ways Strive can amplify, with a fixed-rate product alongside the variable-rate SATA. Compare it to Strategy. Their fixed-rate STRF sits at the top of the capital stack. It's the industry's gold standard, ~$1.3B notional, trading at an effective yield of around 9.7%. Their junior fixed-rate STRD has $1.4B notional and is non-cumulative. Strive has done it the other way round. The variable-rate SATA sits at the top. The fixed-rate SATS sits beneath it, and unlike STRD, SATS is cumulative. I don't believe SATS cannibalises SATA. If anything, it makes SATA stronger. SATA asset coverage (Bitcoin, cash and STRC) with BTC at $83,500: -Today: ~2.47x -After a $500M SATS raise: ~2.83x -After a $1B SATS raise: ~3.18x I admit one preferred and one common stock was beautifully simple. That said, I believe the trade-off is worth it. Strive now has a variable-rate product, a fixed-rate product and another tool to amplify the balance sheet. In the long run, I think they'll ATM SATS whenever it trades above $100, lowering the cost of capital. Either way it doesn't matter. I expect Bitcoin to outperform 15% over time. That's what we're all betting on and why we want amplification but remember they don't have to issue another SATS share if they don’t want to. To put it simply, this is a quick way to raise $500M-$1B and re-amplify the balance sheet while Bitcoin is cheap. I expect SATA to remain the premier product, just as STRC draws far more interest than STRF or STRD. Ultimately, this is a land grab Amplify now while Bitcoin is cheap, not later when it's far more expensive. I am very bullish on $ASST.

0.21 Bitcoin places you among the top 5% of holders. Only 100M people can ever achieve that goal. That’s just 1.2% of the world’s population.

Bitcoin odds of profit by holding period, using every daily entry since 2013: 1 day: 52% 1 year: 67% 2 years: 79% 3 years: 99% 4 years: 100% No buyer was ever underwater after day 1,952. Over the short run Bitcoin is a coin flip. Held long enough, nobody has lost money yet:

🚨 Global debt now exceeds $365 trillion. That's roughly 310% of global GDP, an ALL TIME RECORD. Now the cost of servicing that debt is exploding everywhere at the same time. US 5-year Treasury: 5.136%, highest since 2007 (19 year high) US 10-year Treasury: 5.340%, highest since 2002 (24 year high) US 20-year Treasury: 5.730%, highest since 2002 (24 year high) US 30-year Treasury: 5.681%, highest since 2002 (24 year high) UK 5-year Gilt: 5.062%, highest since 2008 (18 year high) UK 10-year Gilt: 5.510%, highest since 2007 (19 year high) UK 30-year Gilt: crossed 6.029%, highest since 1998 (28 year high) Japan 10-year bond: 3.126%, highest since 1996 (30 year high) Japan 30-year bond: 4.223%, a record high since Japan started issuing this bond in 1999 Germany 10-year bond: 3.65%, highest since 2009 (17 year high) France 10-year bond: 4.963%, highest since 2002 (24 year high) Australia 10-year bond: 5.448%, highest since 2011 (15 year high) The entire world is drowning in debt.

Little known fact: BTC has NEVER been beaten by stocks over a 4 year investment duration. Even if you bought the top. In fact, at 42% CAGR, BTC beats the undisputed champion of hedge funds, Renaissance Technologies, who delivered 39% to their investors.

Want to have your mind blown? The median U.S. family income in 1971 was 252.2 oz of gold. That would be $1,053,623/yr today.

$STRC and $SATA are among the two most liquid preferred equities issued to date. 18-month distribution reserves. Tax-advantaged distributions. Governance protections. Digital credit sits between traditional fixed income and common equity. DCAP is built to own it. For more information, including risks and to view a prospectus, visit digitalcreditetfs.com Distributed by: PINE Distributors LLC

The US Dollar has lost -23% of its purchasing power since 2020. In other words, if your assets are up +30% since 2020, you have effectively just broken even in real terms. Inflation has now been above the Fed's 2% target for 60-straight months, and the bond market knows this. Own assets or be left behind.

The Kobeissi Letter @KobeissiLetter

a month ago

It's official. As the bond market "meltdown" accelerates, the average interest rate on a 30Y mortgage in the US is up to 7.45%. That's up +150 basis points in 6 months and the highest since 2023, when inflation was at 6.4%+. What is happening? Let us explain. (a thread)

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Strategy is proposing daily dividends on $STRF, $STRC, $STRK, and $STRD, accruing every calendar day, including weekends and holidays, and paid the next business day, with economics unchanged. The proposed changes aim to support price stability, liquidity, and demand.

Bitcoin just broke the most important level in finance. Time to retire the yellow squiggle. Only 2 paths left, in either case, all dips, for me, are for buying: Timing wise, nothing changes, just the lows might be higher lows. Good times are right around the corner 🥂

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Camel Finance YT ⚡️ @camelfinance

2 months ago

Back then they said this was stupid too... Are they right this time? We'll know in a couple of days: 'The yellow squiggle remains undefeated'

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$SATA is trading more dollar volume than the five largest bank preferreds combined. Avg daily, Sept 1–21, 2026: SATA - $55.2M WFC-L - $11.1M JPM-D - $6.0M JPM-K - $5.2M BAC-B - $4.4M C-N - $4.3M Top 5 combined: $30.9M. Traded more than all 5 combined in 13 of 14 trading sessions in September.

1.5x MNAV, 420k Bitcoin, MSTR = 1800. June 2028 Calls do a 50x. Just the messenger.

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The CFTC and SEC are stepping up. Go time.

Mike Selig @ChairmanSelig

a month ago

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Bitcoin dumped to $75K for a reason. Clarity Act rejected as expected. Everything is going exactly as I predicted: Now BTC is following the same path: $75K → $70K → $63K → $47K → $180K Next stops: → $70K in days → Market cycle bottom in October Keep in mind: I was one of the few who publicly called the $17K Bitcoin bottom in 2022 and the $126K top in 2025. When the bottom comes, my followers will see it first. Turn notifications on. You won’t get a second warning.

Mull Ⓜ️ @CoinMull

a month ago

🚨 TOMORROW WILL BE THE WORST DAY OF 2026 FOR BITCOIN Don’t get trapped by one last relief rally. Another bearish rejection here sends Bitcoin straight into capitulation. This pattern has NEVER failed: $79K → $68K → $61K → $47K → New Bull Run Keep in mind: I was one of

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