Zach Pandl(@LowBeta ):The *market* sets the yield on variable rate preferreds issued by $BTC DATs (issuer must offer whatever yield brings price to par) They offer high yields (like CCC credit) because investors perceive high risk This whiteboard session does a good job explaining the risks ⬇️

Zach Pandl

@LowBeta

Head of Research @grayscale. Formerly economist and macro strategist @goldmansachs. Opinions are my own. Disclosure:

Joined November 2021

827 Following 8.5K Followers

Zach Pandl@LowBeta

2026.05.13 00:43

The *market* sets the yield on variable rate preferreds issued by $BTC DATs (issuer must offer whatever yield brings price to par) They offer high yields (like CCC credit) because investors perceive high risk This whiteboard session does a good job explaining the risks ⬇️

David Seroy 🏔️@david_seroy

2026.05.12 21:22

🚨Calling all STRC & SATA Experts🚨 There is a low probability, high risk event with STRC and similar instruments I can't get seem to solve. Can any STRC experts assuage my concerns here?