Strive is raising $700 million through SATS, and the room argues whether a fixed coupon beats STRC. Jeff Walton joins Loren and Terence on SATA versus SATS, what happens if the coupon depegs, and why nothing in the structure forces a sale of the bitcoin. The open compares Bitcoin's volatility with the S&P 500.
Loren and Terence host Bitcoin Today live on X, weekdays at 8:30 AM PT.
Watch the edited episode on YouTube: https://youtu.be/b4K1L8J_Uuk
Follow on X: @lorenhodl and @proofofmoney
CHAPTERS
00:00 Bitcoin calmer than 57% of S&P 500
05:07 Conference recap
28:48 Jeff Walton: $15B into Bitcoin
33:00 Strive's $700M SATS raise
35:25 SATA vs SATS explained
37:00 What if yields fall?
41:00 Fixed coupon beats STRC floating
43:00 Building the capital stack
45:00 Nothing forces selling the Bitcoin
49:00 Pricing the raise: 90 vs 95
53:00 Matching investors to credit quality
55:16 If SATA depegs, who gets sacrificed?
59:00 Jeff watches every data point
1:01:02 Is SATS paper Bitcoin?
1:03:00 Trust for the 99%: no self-custody
1:09:00 A transparent capital structure
1:11:00 Rebuilding markets on Bitcoin
1:13:25 The $4B fake letters of credit
1:25:07 mNAV vs price-to-book
1:35:14 Tough questions after the interview
1:40:00 ICOs, rugs, and honest criticism
1:43:00 Margin, rug pulls, market timing
1:45:00 Are the midterms already decided?
1:47:00 AI correction, Bitcoin breakout setup
1:49:00 Buy the fear, sell the greed
2:01:12 Does owning a home still make sense?