$SATA had a monster week. ~$100.6M in estimated net ATM proceeds in the last 5 trading days. At $77,439/BTC, that’s roughly 1,300 BTC. I’d bet over 90% of people in finance don’t even know SATA/STRC exist.

Strategy has spent the last year strengthening its balance sheet while expanding its capital markets strategy. When sentiment turns, $MSTR will move faster than most people are prepared for.

People seem surprised that bitcoin is finding its way into capital markets. Why? If you believe bitcoin is the best form of money, then of course banks, institutions, and capital markets were always going to build around it. Money is kinda the foundation of every financial system.

My main takeaway from the earnings call is they are will to do whatever it takes to get $STRC back to par. I can feel a huge buyback coming.

Lots to unpack.

What’s interesting is that even though $STRC is trading way below par, it’s still doing ~3.7M shares a day ($300M in volume). To put it into perspective, the popular $25 par bank prefs do ~1-3M shares a day. Under par does not mean under the radar. $STRC will recover.

Strive’s thesis seems to be playing out nicely 😌

In honor of the big week this is for prefs, I wrote an in depth piece on the history of them, the old risks, and what’s changed. $STRC $SATA