A new source of BTC demand is emerging. BTC-focused perpetual preferred stocks have accumulated more than 135,000 BTC in just over a year, despite representing only a fraction of the global fixed income market. What could happen if adoption expands? 🔗 Read our latest research:

A new BTC demand driver is emerging. Our latest research piece from analyst Zack Wainwright examines the rise of perpetual preferred stocks -- another transparent demand driver we can observe for BTC. He puts their growth in the context of Bitcoin ETPs, examines why they may appeal in a world of expanding fiat and debt, and closes with a comparison to the Pyramids of Giza to illustrate the market's potential scale.

Digital Credit is Bitcoin, refined. 2026 YTD annualized volatility: ASST + MSTR: 95% Bitcoin: 45% SATA + STRC: 24% Same raw material. Structured finance sends the volatility to the common equity and strips it out of Digital Credit:

Bitcoin for Corporations is back for its 7th annual event. Join us March 31 – April 1, 2027, in Orlando, FL, as corporate leaders, investors, and innovators come together to explore the future of the Digital Economy. Register now:

Welcome Back to The Hurdle Rate Episode 78: Bitcoin Fell, We Grew 6x In this week’s Hurdle Rate, the crew breaks down the $700M SATS IPO, Strive’s first year as a public company, and growing from 5,886 to 36,818 $BTC through a bear market. They also discuss why $SATS is a 15% fixed rate preferred junior to $SATA, how the $ASST amplification engine was built, and what TradFi investors asked during a high yield selloff. Here’s the latest with @ColeMacro, @PunterJeff, @Werkman, @IIICapital, and @AdamBLiv. Timestamps: 00:00 - Intro 00:54 - Strive’s First Year 06:58 - 6x the Bitcoin in a Bear Market 14:40 - The Amplification Engine 22:18 - The Dream Bear Market 25:22 - Why SATS Is 15% Fixed 34:32 - Designing SATS 42:27 - Treasury Breakeven ARR 46:40 - The Digital Credit Bubble 55:54 - Pricing Through a High Yield Selloff 01:01:13 - What’s Your LTV? 01:06:30 - The 18-Month Dividend Reserve

"Bitcoin-focused perpetual preferred stocks are uniquely positioned to offer higher yields than many cash and cash-equivalent investments." Fidelity on Digital Credit, $STRC, and $BTC.

SATS is now listed on Nasdaq.
 
15.00% fixed annualized dividend rate based on $100 stated amount. Paid every business day.
 
First dividend: November 9, 2026, inclusive of dividends accrued since the October 20 closing.

$SATS $ASST $SATA

One thing that is clear to @saylor: "We'll have a lot more goods and services created by the robots, and a lot more capital created by tech winners. So what are you going to buy? The thing you're going to buy is something the robots can't make more of." "They're going to buy bitcoin because robots can't make more bitcoin," he tells @sam_vadas. For more market news, tune in at:

Bitcoin will reach $100,000 sometime in the next 12 months, according to @saylor. He also explains some of the key drivers to watch for bitcoin, including monetary policy. For more market news, tune in at:

JUST IN: Strategy's Michael Saylor just said they could become a trillion-dollar company with digital credit as their main business. "The future of $MSTR is based on converting #Bitcoin# capital into credit. Equity will outperform BTC if the credit is good." "Digital credit is the product, equity is the byproduct. If the credit works, we should trade at a premium." 👀🔥

Strategy’s tokenized common & preferred stock have $473.4M in onchain market cap Ethereum leads at $210.9M, followed by BNB Chain at $115.7M & Solana at $78.5M Three chains account for ~86% of the total