Reimagining Money | True North Podcast | Ep. 67

— Strategy Q&A session analysis: Saylor and team acknowledged Strive's daily dividend innovation, expressed interest in monitoring how STRC and SADA trade relative to each other, and indicated they are piloting an aircraft carrier while Strive operates with fighter-pilot agility.

— Digital credit as new asset class: STRC and SADA represent the first large-scale perpetual preferred equity instruments; STRC is the largest in history at ~$10 billion, with SADA launched a day after for semi-monthly dividends.

— Amplification and capital structure: Discussion of leverage mechanics—how preferred equity liquidation preferences create common equity amplification; Strive maintains zero debt, creating structural advantages for paying dividends perpetually.

— Money market fund parallel: Digital credit market may follow similar exponential growth trajectory to money market funds (1972–today: $0 to $10 trillion), potentially exceeding underlying Bitcoin market capitalization.

— Bitcoin coverage ratio (BCR) framework: Strive evaluates balance sheet health at Bitcoin floor prices (e.g., 200-week moving average, 20% below current); at $50K Bitcoin, Strive would have 11.2 years of interest coverage on annual $68M obligation from $769M balance sheet.

— Ex-dividend dynamics and high-frequency trading: SADA trading shows algorithmic arbitrage within tight pennies; pre-market volume on ex-dividend dates is 7–10% of cumulative day volume, with computers capturing small intraday spreads and full rebalancing cycles.

— Monitor amplification ratio as structural risk lever: Strive and Strategy manage amplification countercyclically (higher when Bitcoin is below trend, lower at peaks); use 200-week moving average as downside floor proxy to stress-test balance sheet health.

— Evaluate digital credit instruments by coverage ratio, not debt levels: STRC and SADA are perpetual prefs backed by Bitcoin with zero debt on Strive; compare annual interest coverage (e.g., 11.2 years at $50K BTC) to corporate bond markets to assess relative value and tail-risk protection.

— Position for long-term accumulation across regimes: Grain's nine-year journey (sub-$2K to $77K) demonstrates time-in-market advantage; do a personal 4–10 year price projection and compound expected returns; digital credit products offer steady yields during Bitcoin drawdowns via preferred equity issuance at par.