MSTR Is Buying Back STRC. ASST Is Buying 4,045 Bitcoin.
10/19/2026 · 39 min · transcript via mlx
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Key topics
— Strategy (MSTR) has deployed over $1 billion in STRC preferred share buybacks to push the price toward $100 par value, but market conditions suggest excess issuance has dampened effectiveness.
— Strive (ASST) acquired 4,045 Bitcoin in one week through warrant exercises and announced a $700 million SATS IPO (upsized from $500 million), positioning it to reach approximately 44,000 Bitcoin and claim the #2 spot on Bitcoin Treasuries leaderboard within weeks.
— SATS, Strive's new perpetual preferred stock, offers a 15% fixed dividend rate, priced at $90 (effective yield ~16.7%), creating interest rate and leverage risk if macro conditions shift.
— Strategy and Strive compete via preferred equity capital-raising models; STRC trades below par despite stronger Bitcoin coverage than Strive's SATA, suggesting market saturation of STRC shares.
— Metaplanet is expanding to US equity markets via Super Planet (SUPA), acquiring SLE and aiming to issue preferred equities to American capital markets with an initial 2,100 Bitcoin contribution.
— Perpetual preferred equities have emerged as the dominant capital-raising tool for Bitcoin Treasury 2.0 companies, enabling amplified leverage and accelerated Bitcoin accumulation.
Market & price signals
— Bitcoin trading around $80,000–$82,000. Strategy (MSTR) stock under $99, struggling to reach $100 par on STRC despite $1+ billion in buybacks representing ~25% of trading volume at times. SATA (Strive's first pref) recently tested weakness but remained supported; SATS pricing at $90 reflects 16.7% effective yield. Strive's common share (ASST) amplification ratio now ~48–50% versus Strategy's ~21–22%, meaning common holders capture more leveraged Bitcoin gains. Implied Bitcoin price targets from guest: potential move to $70,000–$100,000 within 12 months; new all-time highs within 12–18 months.
Actionable insights
— Preferred equity products (STRC, SATA, SATS) are leveraged derivatives of Bitcoin; their performance is primarily downstream of Bitcoin price action, not buybacks or dividend tweaks. Evaluate these instruments as Bitcoin plays, not bond substitutes.
— SATS carries dual tail risks: (1) interest rate risk—if market risk-free rates rise, fixed-rate preferred prices fall sharply; (2) leverage risk—15% cost of capital requires Bitcoin to sustain 30–40%+ CAGR to protect common equity. Suitable only for Bitcoin bulls comfortable with tail scenarios.
— Strive's execution speed and cleaner narrative (no debt, pure leverage amplification) have outpaced Strategy in a bear market; monitor whether Metaplanet's US expansion and new preferred issuances threaten these two incumbents or expand the total addressable market for Bitcoin treasury instruments.
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