SATA turns one today. Since its first close on Nov. 10, 2025: SATA total return: +18.6% Bitcoin: −30.5% 49 points ahead of Bitcoin in year one, with 109 cash dividends paid, every business day since June 16. Happy birthday, $SATA!

Same Bitcoin. Three very different rides. 2026 YTD annualized volatility: $ASST common: 104% Bitcoin: 44% $SATA preferred: 24% Same days, same scale. Structured finance turns one asset’s volatility into a choice:

Strive is offering $SATS through an IPO available to select investors. - 15% fixed-rate perpetual preferred stock - Cumulative dividends paid every business day - Junior to SATA INVESTOR PRESENTATION TIMESTAMPS 00:00 - Introducing SATS 01:46 - Executive Summary 18:50 - SATS Improves SATA 21:06 - Dividend and Balance Sheet Strength 27:33 - Performance and Liquidity 30:48 - Bitcoin Thesis 40:26 - Amplification and Risk $SATS $ASST $SATA

Last week, Strive acquired 3,311 $BTC, increasing total holdings to ₿32,773. - $208M in warrants exercised; ~15.3M remain, expiring today at 5pm ET. - SATA’s $100 minimum issuance price is now a binding restriction in governing docs, formalizing the protection. $SATA $ASST

I was in the right place at the right time, and lived the right life experiences to fully ingest the Saylor pill in 2024. MicroStrategy buying Bitcoin in 2020 was an act of capital allocation, and a bold one at that. It will always seem more obvious as time goes on and as Bitcoin adoption continues to proliferate, but at the time it was a profound statement on the rational way to act during the age of fiat debasement. But before capital is misallocated, human attention is misallocated, and that is the fundamental experience that allowed the Bitcoin/MSTR combo to hit me like a ton of philosophical bricks. I was lucky enough to find Bitcoin during the prior decade, but I was even luckier when I worked in an unglamorous industry, where an almost unfathomable number of human hours and attention are spent to eek out additional basis points of profit. A corporation might spend thousands upon thousands of employee hours reducing unit costs by 15 basis points, negotiating supplier contracts and optimizing labor schedules, improving inventory turnover, etc... And in addition to that, a company will take out $40 million of debt to finance the build out a brick-and-mortar store in knife fight of a market, knowing it can take 10-15 years just to get the store to print a green quarterly P&L, let alone paying off the debt and ending up at breakeven before two decades pass by. I worked 100-hour weeks and sacrificed all my freedom in my early 20's. My schedule changed whenever the business demanded it. And it's funny because eventually I started noticing something peculiar. During the input process to acquire the cash flow, every penny gets scrutinized. Then the output process. Scrutinized? Hardly. The resulting profits accumulate on the balance sheet, and remarkably little intellectual labor goes to asking what that capital should own, how its purchasing power should be preserved, or even what risks the company is assuming by doing nothing. I spent my adult life fighting the entropy of the debasement age in a business that optimizes the production of capital while totally neglecting the stewardship of capital after it's produced. And then I heard about a man who was borrowing billions in fiat at near 0% rates to buy Bitcoin. Arguing against the mispriced risks everywhere honestly isn't even necessarily a matter of criticizing an investment decision. The real issue at hand is that there are entire industries with a total absence of a serious decision-making process. Consider a hypothetical company with $100 million in treasury assets. A 1% annual difference in risk-adjusted returns represents $1 million. That's potentially more consequential than hundreds of operational improvements that receive orders of magnitude more of management attention. There is an underlying economic principle that is blatantly ignored by many in this world, that attention itself is a scarce form of capital, and companies often fail to allocate enough of it to deciding how financial capital should be allocated. This creates two layers of potential inefficiency, because first you have the opportunity cost of an inferior capital decision... ...but then you have the opportunity cost of never investing the time and labor required to discover a superior decision. And that second cost is particularly insidious because it doesn't appear in accounting reports. Unfortunately, nobody books an expense for a capital allocation thesis that was never investigated. There is too much intellectual horsepower devoted to microscopic operational decisions. Corporations will spend a million dollars figuring out how to save a penny, then spend virtually nothing figuring out what to do with the dollars they saved. Another interesting thing I've noticed is how corporations have extensive processes for auditing how employees spend money. But at the same time they often devote far less comparable analytical effort to examining how the money they retain should be held over time. Holding dollars is an economic choice with assumptions about inflation, interest rates, liquidity, and opportunity cost. But the greatest inefficiency is always made before an investing decision is made, which is the decision to treat capital stewardship as something that doesn't deserve serious intellectual attention. I admired Saylor for being willing to question an assumption that thousands of corporations continue to treat as settled. And I don't expect every corporation to arrive as his same answer. But I do expect the question to deserve the same rigor we devote to earning money in the first place. The greatest waste of human labor is earning capital that nobody ever bothered to think seriously about preserving.

Bitcoin is now 103 days past the June 2026 MVRV cycle bottom. So I looked at the last 4 prior MVRV cycle bottoms and asked: What were BTC’s forward returns from this exact point? Median results from day 103: 3 months: +17.4% 6 months: +68.9% 12 months: +109.2% In all 4 prior cases, forward 3M / 6M / 12M returns were positive. At today’s BTC price of $82,562, those median returns would imply: 3M: $96,935 6M: $139,445 12M: $172,745 Sample size is small, obviously. But historically, day 103 after an MVRV bottom has been a very strong place to be long Bitcoin.

How is Bitcoin trading right now? Over the last decade we have seen six different regimes. 2017-2019: Bitcoin was uncorrelated with everything 2020: COVID liquidity shock, everything moved together 2022: BTC traded as a tech stock 2023: decoupled, uncorrelated again August 2024 - June 2026: tech stock again July 2026 to now: correlation with gold and silver We are currently in the rarest regime in Bitcoin's history. The only comparable stretch was in mid-2019 when BTC leaned toward gold and its correlation with stocks went negative. And interestingly enough, the last 30 days show equity correlation tightening again. If that holds, the lines cross back within weeks. That is the line to watch. It'll be very interesting to see if the monetary-asset thesis continues to show up in the tape instead of just being one of our favorite narratives as Bitcoiners.

Why am I bullish on Bitcoin? Because these three things are true at the same time: 1. We are $25k off the bottom since June 30th 2. Bitcoin's 90-day correlation with gold is in the 99th percentile of the past decade 3. While U.S. long-term Treasury yields have reached their highest levels in Bitcoin's entire existence The debasement trade thesis is finally here to play out.

Bitcoin's volatility is a gift. I was presented with the opportunity to buy Bitcoin at $80k in 2026 yet again. I am being offered the opportunity to own more of the greatest asset before the world agrees on what it's worth. The violent price swings are the price of admission.

Every dollar you earn costs you something you can never get back. Your life. In 2016, $1,000 represented 47 hours of median-wage labor. Today? Just 32 hours. Same $1,000. 15 hours of stored labor gone. Gold multiplied your stored labor ~2.5×. Bitcoin? ~65×. In 2016, one Bitcoin represented 35 hours of work. Today, that same Bitcoin represents 2,278 hours. Read that again. 35 hours became 2,278. They can print more dollars. They cannot print more of your life. Stop storing your finite life in infinitely expandable money. TAKE BACK YOUR TIME.

Digital Credit is going global. @AdamBLiv chats with @asjwebley on Bitcoin, Digital Credit, amplification, and MORE, Smarter Web Company's Preferred Shares. Timestamps: 00:00 Intro 01:10 Why Smarter Web Chose Preferred Equity 04:55 Digital Credit Origins 06:45 How MORE Works 10:39 Investor Protections and Debt 12:38 Total Return vs. Bitcoin Per Share 15:35 Amplification and the 35% Cap 20:27 When to Add Amplification 27:40 Reflexivity and mNAV 31:19 Letting the Machine Work 36:30 Building Trust in Digital Credit 38:01 MORE Launch and FTSE 250 Goal 40:48 Final Thoughts

Bitcoin odds of profit by holding period, using every daily entry since 2013: 1 day: 52% 1 year: 67% 2 years: 79% 3 years: 99% 4 years: 100% No buyer was ever underwater after day 1,952. Over the short run Bitcoin is a coin flip. Held long enough, nobody has lost money yet: