Adam Livingston(@AdamBLiv):Digital credit's Bitcoin beta has split in two. In late July, all five preferreds moved with Bitcoin almost one for one. Since August, they have sorted themselves by price: STRK ($75.42): 0.63 STRD ($74.19): 0.42 STRF ($104.00): 0.17 STRC ($98.51): 0.14 SATA ($100.01): 0.03 Par acts as a ceiling. This year, STRC's beta was 0.04 after closes at $99 or higher and 0.32 below that. SATA shows the same pattern, 0.08 versus 0.41. The complex as a whole still tracks Bitcoin closely. The composite's 30-day correlation sits at 0.72, the highest since March. On Bitcoin's biggest days this year, it ran 0.89. Interesting results:

2026.09.19 22:40

Digital credit's Bitcoin beta has split in two. In late July, all five preferreds moved with Bitcoin almost one for one. Since August, they have sorted themselves by price: STRK ($75.42): 0.63 STRD ($74.19): 0.42 STRF ($104.00): 0.17 STRC ($98.51): 0.14 SATA ($100.01): 0.03 Par acts as a ceiling. This year, STRC's beta was 0.04 after closes at $99 or higher and 0.32 below that. SATA shows the same pattern, 0.08 versus 0.41. The complex as a whole still tracks Bitcoin closely. The composite's 30-day correlation sits at 0.72, the highest since March. On Bitcoin's biggest days this year, it ran 0.89. Interesting results: