matthew sigel, recovering CFA(@matthew_sigel):Curious structure for this new $DCAP ETF, an actively managed fund investing in preferred securities issued by Bitcoin treasury companies. At launch, it expects to be roughly 50/50 $STRC and Strive’s own $SATA preferred. Strive is the sub-adviser but can’t provide research on SATA and has no authority to make investment decisions for the fund. So Strive is sub-advising a fund that invests heavily in Strive, while being walled off from advising on Strive 🤔

matthew sigel, recovering CFA

@matthew_sigel

Head of digital assets research @VanEck_us. PM, VanEck Onchain Economy ETF ($NODE). Disclosures

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matthew sigel, recovering CFA@matthew_sigel

2026.09.24 13:08

Curious structure for this new $DCAP ETF, an actively managed fund investing in preferred securities issued by Bitcoin treasury companies. At launch, it expects to be roughly 50/50 $STRC and Strive’s own $SATA preferred. Strive is the sub-adviser but can’t provide research on SATA and has no authority to make investment decisions for the fund. So Strive is sub-advising a fund that invests heavily in Strive, while being walled off from advising on Strive 🤔