Show notes
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_UukFollow on X: @lorenhodl and @proofofmoneyCHAPTERS00:00 Bitcoin calmer than 57% of S&P 50005:07 Conference recap28:48 Jeff Walton: $15B into Bitcoin33:00 Strive's $700M SATS raise35:25 SATA vs SATS explained37:00 What if yields fall?41:00 Fixed coupon beats STRC floating43:00 Building the capital stack45:00 Nothing forces selling the Bitcoin49:00 Pricing the raise: 90 vs 9553:00 Matching investors to credit quality55:16 If SATA depegs, who gets sacrificed?59:00 Jeff watches every data point1:01:02 Is SATS paper Bitcoin?1:03:00 Trust for the 99%: no self-custody1:09:00 A transparent capital structure1:11:00 Rebuilding markets on Bitcoin1:13:25 The $4B fake letters of credit1:25:07 mNAV vs price-to-book1:35:14 Tough questions after the interview1:40:00 ICOs, rugs, and honest criticism1:43:00 Margin, rug pulls, market timing1:45:00 Are the midterms already decided?1:47:00 AI correction, Bitcoin breakout setup1:49:00 Buy the fear, sell the greed2:01:12 Does owning a home still make sense?
