ASST's New 15% SATS Preferred: Higher Yield, Higher Risk?
Is Wall Street mispricing Bitcoin-backed credit? And could the next wave of institutional adoption fundamentally change how investors own Bitcoin? Digital Credit is expanding rapidly. Strive (ASST) is introducing SATS, a new perpetual preferred stock offering a 15% dividend. Smarter Web (SWC) has launched MORE in the UK. And Strategy (MSTR) continues to reshape the market with STRC. In Episode 6 of Inside the Walls, we explore the accelerating evolution of Bitcoin Treasury companies, the institutional opportunity in Digital Credit, the macroeconomic forces shaping Bitcoin's next move, and why the future of Bitcoin custody might look very different from what many Bitcoiners imagined. In this episode: 🔸 The Digital Credit Revolution: Strive's new SATS preferred stock, offering a 15% dividend, and what its introduction means for SATA, Strategy's STRC, and the broader Bitcoin credit market. 🔸 Smarter Web's MORE Launch: Why TOBAM participated in the £10 million offering, how institutional investors evaluate its risk-adjusted returns, and why European Digital Credit could become a major opportunity. 🔸 Is STRC Fundamentally Mispriced? André Dragosch examines Strategy's credit rating, dividend yield, and the potential disconnect between Bitcoin-backed securities and traditional high-yield markets. 🔸 The Next Institutional Asset Class: Could Bitcoin-backed perpetual preferred stocks eventually become part of diversified credit ETFs, institutional portfolios, and traditional income strategies? 🔸 Inflation, the Fed & Bitcoin: With US inflation accelerating and financial conditions tightening, could Bitcoin and Bitcoin Treasury companies benefit from a rotation away from expensive equities, AI stocks, and gold? 🔸 The Future of Bitcoin Custody: Following a reported Ledger supply-chain compromise, we challenge one of Bitcoin's most deeply held principles: Not your keys, not your coins. Is institutional custody inevitable as Bitcoin adoption scales? Bitcoin is no longer simply entering traditional finance through ETFs. It is beginning to reshape the instruments, capital structures, and institutions operating within it. Follow the crew on X: - Alexandre Laizet: https://x.com/AlexandreLaizet - André Dragosch: https://x.com/Andre_Dragosch - Yves Choueifaty: https://x.com/YChoueifaty - Valentin Kosanovic: https://x.com/Kosanovic_V Follow Capital B on Youtube: https://www.youtube.com/@UCEXICiXdOXjh0jigU64inPg 00:00 Bitcoin Market Update: Inflation, MSTR, Strive & Smarter Web 03:05 The Digital Credit Revolution: STRC, SATA, SATS & MORE 07:25 Smarter Web's MORE: Was the £10M Launch a Success? 12:37 Can Bitcoin-Backed Credit Become an Institutional ETF? 15:52 Retail vs. Institutional Demand: Who Will Drive Digital Credit? 23:24 Can Credit Ratings Unlock Institutional Bitcoin Adoption? 27:38 Is STRC Mispriced? Bitcoin Credit vs. Traditional High-Yield Bonds 31:41 Why SATS Actually Strengthens SATA 39:05 Strive's 15% SATS Dividend: Is the Yield Sustainable? 41:39 Inflation Shock: Will the Fed Raise Interest Rates Again? 45:53 When Could Billions Rotate Into Bitcoin? 47:15 TOBAM Challenges “Not Your Keys, Not Your Coins” 51:40 Is Institutional Bitcoin Custody Inevitable? 55:55 How TOBAM Secured Bitcoin Before Institutional Custodians 58:03 The Future of Bitcoin Custody: Multisig vs. Self-Custody 59:42 Final Thoughts: Bitcoin's Institutional Future Follow us on: - X: https://x.com/OneChairPod -Youtube: https://www.youtube.com/@OneChairPod Follow the One Chair crew on X: - Yves: https://x.com/GrafYves - Quentin: @quentinisonx - Dario: @dariostackssats DISCLAIMER: This is not is fina