SATA — Strive
Coverage and analysis of SATA, Strive's Bitcoin treasury vehicle. Instrument design, risk analysis, and comparison to other digital credit products.
SATA is associated with Strive’s Bitcoin treasury strategy. As the parent company behind True North, Strive’s instruments represent a direct application of the treasury thesis the show covers.
This hub tracks all True North coverage related to SATA, including instrument analysis, risk models, and strategic context.
Latest on SATA — Strive
Strategy’s Biggest Risk Isn’t Bitcoin
The Income Show is back with host Joe Burnett, joined by Dr. Jeff Ross, founder and CEO of Vailshire Capital Management, to discuss Bitcoin, global liquidity, and the changing macroeconomic landscape. They examine Jeff’s transition from radiologist to macro fund manager, why gold has recently outperformed Bitcoin, and how hard assets could perform over the next decade. They also explore Bitcoin’s four-year cycle, the possibility of a market bottom, Strategy’s growing focus on digital credit, and the risks facing leveraged Bitcoin treasury companies. Finally, Jeff explains why investors should approach leverage cautiously and shares his long-term advice: stay humble and stack sats.
We're So (Buy)Back
Bitcoin and Strategy rip higher as the crew breaks down the Treasury’s bond-buyback announcement, the market’s reaction, and what improving liquidity could mean for Bitcoin, MSTR, and the broader digital-credit ecosystem. The conversation moves through Strategy’s strengthening balance sheet, rising USD reserves, falling net leverage, and the way a higher Bitcoin price changes the credit profile of STRC and the rest of the preferred stack. The group also examines MSTR’s surge in trading activity, the potential to rebuild Bitcoin holdings and repurchase securities, and the longer-term path toward using Bitcoin as institutional-grade collateral. From there, the discussion turns to Nvidia-backed AI infrastructure financing, GPU depreciation and underwriting risk, Strategy’s convertible debt mechanics, STRC issuance, MSTR buyback optionality, and the tradeoffs facing common shareholders when mNAV expands. The episode closes with BlackRock’s BITA covered-call ETF, the possibility of Strategy reaching one million Bitcoin, the upcoming Jackson Hole speech and Fed meeting, and what a durable Bitcoin rally could unlock across capital markets. This episode is for informational and educational purposes only and is not investment, tax, or legal advice.
Digital Credit Is The Product
In this week’s Hurdle Rate, the crew reacts to Strategy’s latest investor Q&A and breaks down why the company is prioritizing STRC, building cash reserves, and treating Bitcoin as flexible capital. We dig into why Bitcoin has held firm despite Strategy selling, the Coldcard self-custody exploit, and broader market stress, and what that resilience could signal about the bear market. The conversation then turns to NVIDIA’s massive structured-finance deal, how the company is lending its balance sheet and creditworthiness to accelerate OpenAI’s infrastructure buildout, and what it reveals about the growing convergence of AI, credit, and capital markets. We close with OranjeBTC’s DIGY11 ETF and the expansion of digital credit into Brazil. Here's the latest with Tim Kotzman, Matt Cole, Joe Burnett, and Ben Werkman.
The Future of Income Investing
The Income Show is back with host Joe Burnett, joined by Loren Asmus, Head of Investor Relations at UTXO, to unpack how institutional capital is finally starting to bridge into Bitcoin, and why fixed income is at the center of it. Loren brings a traditional finance lens sharpened by years on the institutional side, and walks through the journey that took him from allocating inside legacy portfolios to helping build the infrastructure that lets institutions actually access Bitcoin exposure at scale. Joe and Loren break down why the 60/40 portfolio is fundamentally broken in a fiscally dominant world, how institutional allocators really think about fixed income, and the structural reasons most institutions still can't just buy Bitcoin outright, no matter how much conviction the CIO has. From there, the conversation moves into the future of income investing and the emergence of digital credit as its own asset class, covering the difference between senior and junior digital credit, how large the market could realistically become, and how it should actually be valued. They also get into the STRC drawdown and what it revealed about digital credit volatility, why the "just hold Bitcoin and cash" argument misses the point for large pools of capital, the role of the government backstop through the next recession, and why Bitcoin's infinite duration makes it the ultimate long-duration asset on a corporate balance sheet. It's a conversation about where trillions of dollars of fixed income allocation may ultimately end up, and the plumbing being built right now to move it there.
Trust Is Civilization's Oldest Technology
Jeff Walton reads civilization as a stack of trust-extension technologies — from the oath and coined money to the joint-stock company and the central bank — and argues Bitcoin and digital credit are the next layers going in as the current architecture cracks at the base.
Why Strategy's Balance Sheet Became a Blackhole
The crew takes apart the capital structure behind Strategy’s expanding Bitcoin balance sheet: the week’s common-stock issuance, Bitcoin sale, STRC repurchase, cash-reserve build, and the argument that a liquid, divisible BTC reserve changes how investors should think about funding preferred dividends. From there, the conversation moves through net leverage, refinancing optionality, the emerging digital credit stack, and the contrast between financing appreciating Bitcoin collateral and financing rapidly depreciating GPU infrastructure. The group also examines the potential implications of MSCI’s proposed screening methodology for digital-asset treasury companies, discusses preferred-share capital allocation across STRC, STRF, STRK, and STRD, and closes with a candid conversation about BIP 110, a possible fork, market process, and the work required to bring longer-duration institutional capital into Bitcoin-backed credit. This episode is for informational and educational purposes only and is not investment, tax, or legal advice.
What's New With Strive?
In this week’s Hurdle Rate, the crew breaks down Strive’s Q2 results, including a 23.9% Bitcoin yield and how the company’s incentive structure supports its broader Bitcoin treasury strategy. We then turn to Strive’s refreshed website and redesigned Bitcoin Dashboard, exploring how the new tools improve transparency, make key treasury metrics easier to understand, and give investors a clearer view of the company’s performance. Here's the latest with Matt Cole, Jeff Walton, Ben Werkman, and Joe Burnett.
Bitcoin-Backed Yield: A Boring Chart and a Beautiful Coupon
James Lavish, CFA walks through STRC and SATA — the two perpetual preferred shares with Bitcoin reserves behind them — and explains how Digital Credit pays an 11.5% monthly cash coupon while keeping the share price anchored near par.
Flow-Adjusted Yield (FAY) for $STRC and $SATA
Grain of Salt introduces Flow-Adjusted Yield (FAY), a new metric that replaces volatility with market participation as the denominator — revealing that SATA delivers 35.6% more yield per unit of flow than STRC.
Billions of Dollars backed by STRC.
Dan Hillery maps every market-winning product built on STRC and Digital Credit — from interest rate resistant preferred equity baskets and delta hedges to FX-hedged ETFs, leveraged strategies, and put selling yield.
A Primer on Balance Sheet Liquidity
Matt Cole explains how large U.S. public companies simultaneously issue and invest in commercial paper, and how Strive applies this same balance sheet architecture to Bitcoin treasury strategy and digital credit through SATA.
Comments Regarding Proposed Index Exclusion of Bitcoin Treasury Companies
Strive's formal letter to MSCI Chairman Henry Fernandez opposing the proposed exclusion of Bitcoin treasury companies from MSCI indices. Matt Cole argues the 50% threshold is unjustified, unworkable, and harmful to passive investors — and proposes custom index solutions instead.
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