ASST Has More Upside — So Why Buy MSTR?

Could Strive ASST outperform Strategy MSTR, even if it never catches it?

Chase Palmieri, COO of Sovana and one of the most vocal Strategy bulls, joins the One Chair Podcast to break down the increasingly fascinating competition between Strategy and Strive, the future of Bitcoin treasury companies, and why he believes MSTR could ultimately become the most valuable company in the world.

The paradox? Chase believes ASST could deliver greater upside from here, yet he still sees MSTR as the long-term “gorilla” of the Bitcoin treasury industry.

We dig into why.

We also take a deep dive into the growing Digital Credit market and the battle between STRC and SATA. Despite Strategy’s enormous Bitcoin holdings and stronger balance sheet, STRC continues to trade below par while SATA has remained around $100.Is the difference really yield and daily dividends, or is it trust?

Chase explains why communication, investor confidence, capital-stack management, and Strategy’s USD reserve could matter more than many investors realize. We also discuss what Strategy could learn from Strive, whether STRC should adopt some of SATA’s investor protections, and why competition between the two companies may ultimately benefit both.

Then we get into one of Chase’s most interesting trades: buying STRD during the recent dislocation. He explains why he sees it as a kind of “reverse Big Short” trade and why opportunities like it may become increasingly difficult to find.

Finally, we discuss Sovana’s approach to unlocking real-estate equity for Bitcoin-related investments, principal-protected exposure to MSTR and ASST, whether Bitcoin has already bottomed, and why BTC rising despite negative macro and regulatory headlines could signal something much bigger.

In this episode:

→ ASST vs MSTR: which has more upside?

→ Why Chase still prefers MSTR at current levels

→ Could Strategy become the world’s most valuable company?

→ Why Strive may have one of the strongest teams in Bitcoin

→ STRC vs SATA and the battle for Digital Credit

→ Why SATA is holding par while STRC struggles

→ What Strategy could learn from Strive

→ Strategy’s USD reserve and the importance of investor trust

→ Chase’s “reverse Big Short” STRD trade

→ Strive’s accelerating Bitcoin accumulation

→ Why Strategy may actually want Strive to succeed

→ Principal-protected exposure to MSTR and ASST

→ Has Bitcoin already bottomed?

→ Why Bitcoin is ignoring bearish macro headlines

Follow our guest:

- Chase Palmieri: https://x.com/chasepalmieri

- Sovana: https://x.com/SovanaHQ

- Sovana: https://www.sovana.io/

00:00 Strategy Buys 950 BTC — Without Hitting the Common ATM

04:09 Why Is STRC Still Below $100 While SATA Holds Par?

06:49 How Much Cash Should Strategy Hold?

08:55 STRC vs SATA: Why Trust May Matter More Than Yield

11:30 Is Strategy Losing the Communication Battle to Strive?

15:10 Should Strategy Copy SATA’s Investor Protections?

19:43 MSTR vs ASST: Which Has the Bigger Long-Term Opportunity?

21:25 The “Reverse Big Short” Trade on Strategy’s STRD

27:20 Strive Buys More Bitcoin Than Strategy

29:33 “Strive Has the Best Team in Bitcoin”

32:58 Why Strategy Actually Needs Strive to Succeed

36:42 Why Bitcoin Treasury Companies Benefit From Competition

37:50 Turning Real Estate Equity Into Bitcoin43:06 Bitcoin Is Ignoring the Bearish Headlines

48:32 Where the Biggest Opportunities Were During the Crash

Big thanks to Little Bubble for allowing us to use his song: "One Chair": https://open.spotify.com/track/0XW7JgR2Nlg7WXGOeVT64h?si=a344b82984f74f81

DISCLAIMER: This is not is financial advice. This podcast is for educational and entertainment purposes only.

Thank you for listening!

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