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

Within roughly 48 hours: JPMorgan formally modeled Bitcoin outperforming traditional asset classes over the long term. Fidelity published research presenting Bitcoin-backed preferred stock as an emerging capital-market demand channel. BlackRock pursued another Bitcoin investment product while IBIT experienced exceptional inflows. Imagine showing a Bitcoiner from October 2023 these headlines. They would’ve assumed you were crazy. And now it’s just a random Tuesday.

I participated in $SATS IPO 👀

Joined @watchbmtv today to discuss our new product $SATS, which launched on Nasdaq today, along with other perspectives on the Bitcoin capital markets. Full clip below w/ timestamps ICYMI Timestamps: 00:00 Strive’s SATS IPO 00:31 Bitcoin Buying And Warrant Capital 01:38 Why The SATS Deal Was Upsized 04:48 Amplification And SATS As A Capital Tool 08:23 Dividend Coverage And The 18-Month Reserve 10:41 Balancing Cash And Bitcoin 13:41 Strategy’s Daily Dividend Vote 15:17 Competing Demand For Bitcoin 18:27 Credit Market Stress And Rated Capital 21:58 MSCI Index Exclusion $ASST $SATA $SATS

I'm proud to announce that @Saturn_credit has participated in @Strive's $SATS IPO, allocating directly from our own treasury. SATS is a cumulative fixed-rate perpetual preferred, junior to $SATA and senior to $ASST, with a 15% annual dividend paid every business day. We see SATS as a meaningful step forward for digital credit, and over time we're exploring ways to bring instruments like it to our global investor base. As allocators in the digital equity and credit ecosystem, our team is continually impressed by Strive's rigor around ASST amplification, paired with a willingness to redefine the design space for digital credit. Strive is also exceedingly vocal about its long-term decision-making process and execution strategy, which allowed it to turn the warrant expiry into a showcase of balance sheet expertise and, now, an opportunity for net new capital to gain $BTC exposure through SATS. We started Saturn on the premise that digital credit is the substrate for Bitcoin's global adoption. Like Strive, our goal is to advance the frontier of Bitcoin's financialization. We saw this firsthand with SATA's daily dividends, and we're excited to see what comes next from Strive, @Strategy, and other issuers as the industry builds toward a 24/7 financial world. In Saturn's case, we advance it by making digital credit accessible around the clock to a global audience, and by expanding the Bitcoin risk-return curve through our digital dollar and yield products. We look forward to supporting future offerings that move Bitcoin forward. Congratulations @ColeMacro, @Werkman, @PunterJeff, @AdamBLiv, @IIICapital, and the rest of the Strive team. Note: Saturn's participation in SATS was made from its own treasury and does not affect USDat, sUSDat, or any existing Saturn product or holder.

Last year, I led Bitcoin strategy at Semler Scientific, a public company with a ~$300 million market cap. Since then, we've merged with Strive, grown to a $3+ billion market cap, and just closed a $700 million preferred stock IPO this morning. Keep ₿uilding.

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.

X Space: The Bitcoin Pharaoh x @ColeMacro, Thursday 22 October, 11am ET. nitter.siddz.com/i/spaces/1aKbdEgWQbQJX… Strive is the best-engineered bitcoin treasury company of this cycle. Give Matt Cole all the preferred demand he wants, and on my numbers the stock only modestly beats bitcoin from here. Beating it by a lot needs the market to keep paying well over 1.35x what the common actually owns, bitcoin and cash after the preferred, which is where my math says the multiple settles. Matt read my 12,000-word piece on Strive, Darling of the Bear, quicker than most people get to the subtitles, and offered to discuss it live, with no question off limits, Party A included. He'll get to tell us where he thinks I got it wrong, and my plan is to make HARDtalk look like a walk in the park, armed with nothing more dangerous than his filings, a calculator and my natural wit. SATA and SATS holders will be about a fifth of a cent per share richer by the time we're done, which is more than I can promise anyone else listening. Topics, ranked by how likely they are to end our friendship before it's begun: • SATS, sold at $90 two days after Strive bound itself never to sell SATA below $100. The first 7 million shares cost 17.3% a year for life, and the buyers got the call • Who buys 13% SATA with Strategy coming in hot with daily payouts on its preferreds? And was SATS a direct response to that? • If more preferred always looks better on paper, why stop at 70%? At 100%, a 15% dip in bitcoin leaves the common holding nothing but hope • In mid-September the market paid about 2.3x what the common owns; today it pays about 1.7x, which is what the shares would be worth if bitcoin compounded at 50% a year indefinitely, the rate Strive uses as its base case through 2030. My math says it settles near 1.35x in the long run, and while euphoria can push it well above that temporarily, what counts is how much of the spike he turns into BTC per share before the music stops • Your questions, for the last 20 minutes, by which point we may need a third man in the ring I'd recommend reading the Brief before Thursday, since we'll go straight into its ideas: thepharaohbrief.substack.com… Disclosure: I hold no current position in $ASST, $SATA or $SATS, which Matt has about 75 minutes to change.

Welcome Back to The Hurdle Rate Episode 78: Bitcoin Fell, We Grew 6x In this week’s Hurdle Rate, the crew breaks down the $700M SATS IPO, Strive’s first year as a public company, and growing from 5,886 to 36,818 $BTC through a bear market. They also discuss why $SATS is a 15% fixed rate preferred junior to $SATA, how the $ASST amplification engine was built, and what TradFi investors asked during a high yield selloff. Here’s the latest with @ColeMacro, @PunterJeff, @Werkman, @IIICapital, and @AdamBLiv. Timestamps: 00:00 - Intro 00:54 - Strive’s First Year 06:58 - 6x the Bitcoin in a Bear Market 14:40 - The Amplification Engine 22:18 - The Dream Bear Market 25:22 - Why SATS Is 15% Fixed 34:32 - Designing SATS 42:27 - Treasury Breakeven ARR 46:40 - The Digital Credit Bubble 55:54 - Pricing Through a High Yield Selloff 01:01:13 - What’s Your LTV? 01:06:30 - The 18-Month Dividend Reserve

Stay humble, stack $SATS.

4,045 BTC accumulated in total last week, 1,223 from Wednesday to Friday. ₿itcoin warrants your full focus and your best execution.

Strategy has repurchased $193M of $STRC and acquired 267 $BTC. As of 10/18/26, we hold 848,517 BTC and $5.3B of USD Assets. We have also increased the size of our Digital Credit Securities Repurchase Program from $2.0B to $3.0B. $MSTR strategy.com/press/strategy-…

I use long-term money-supply trends as an important factor in assessing the cost of capital we should be willing to underwrite to amplify Bitcoin. We’ve covered in depth why Amplification Ratio is the key determinant of Strive’s ability to outperform Bitcoin, and why cost of capital matters less. I hope this historical framework, viewed alongside Bitcoin, helps those seeking a deeper understanding. Scarcity has consistently outperformed debasement over the past 55-plus years. Gold has compounded faster than M2 in every period shown: 9.0% vs. 6.7% since 1970, 9.5% vs. 6.3% since the GFC, and 18.3% vs. 6.5% since COVID. Bitcoin is digital gold, a superior store of value whose emergence remains in its early stages. It should outperform gold as it matures. Our thesis depends on long-term monetary debasement continuing. Our believe is the trend is unbreakable, and as the debt crisis continues to worsen, the outperformance of scarce assets will perpetually accelerate (not decelerate) relative to the dollar in CAGR terms vs historicals. If you accept that premise, as we do, the only challenge becomes building and sustaining a high Amplification Ratio without blowing up. It sounds simple, but it is extraordinarily difficult. I don’t believe most investors understand nor properly value the moat Strive has built around high Bitcoin amplification with high liquidity, and I don’t expect most to recognize it until Bitcoin makes sustainable new all-time highs. The consensus investor remains fixated on the cost of capital and fiat cash flows. That is understandable, but it means picking up pennies in front of the debasement steamroller. When you truly internalize the principles of a Bitcoin standard, the focus becomes crystal clear: be maximally and perpetually short dollars and long Bitcoin. $ASST $SATA $SATS

We found room for more orange.

Now stacking sats with double the horsepower.

At the ParaFi Investor Day this week, I presented an overview of digital capital, credit and equity, and then joined Jeff Park (@dgt10011) for a fireside chat on digital assets, digital intelligence, and the future of finance. 01:23 – Bitcoin as Digital Capital: bull market tailwinds and scarcity in the AI era 05:05 – CLARITY, regulatory tailwinds, and Bitcoin banking adoption 06:06 – Reinventing gold-backed credit with $STRC 10:10 – Returning $STRC to par: USD Reserve, buybacks, and investor feedback 17:24 – Amplifying Bitcoin Per Share and Strategy’s triple flywheel 21:06 – From quarterly to daily dividends: liquidity and volatility 25:42 – Digital Money: the vision for a Bitcoin-backed stablecoin 29:11 – Digital Credit adoption and the path to institutional acceptance 34:12 – Beyond Bitcoin: digital currencies, derivatives, exchanges, and regulation 38:51 – Advice to founders: build a magic product in the AI era

This week @jvisserlabs explains the death of hedge funds and why so many of them are blowing up. We cover the lessons from LTCM, why CPI doesn't matter anymore, whether Anthropic growth is slowing, why bitcoin is holding strong, how tokenization could reshape Wall Street, and Elon's flying car. YouTube: piped.video/5nUxci_05jA?si=B4p0… Spotify: open.spotify.com/episode/0sB… Apple: podcasts.apple.com/us/podcas… TIMESTAMPS: 0:00 - Intro 1:12 - What LTCM teaches us about today’s market 14:10 - Tokenization & the death of hedge funds 17:40 - Why bitcoin is holding strong 23:33 - AI is offense, bitcoin is defense 26:47 - When bitcoin’s next rally happens 29:38 - Why CPI doesn’t matter anymore 35:59 - Debate: is Anthropic’s growth slowing? 54:02 - Elon’s flying car & a Tesla SpaceX merger 57:26 - AI capital needs & market liquidity