Jeff Walton on Strive $SATS and British HODL on $MSTR
Show notes
Jody sits down with Jeff Walton, Chief Risk Officer at Strive, to break down SATS, Strive's new fixed rate perpetual preferred that pays $15 per share a year (15% at its $100 par) and sits junior to SATA. Jeff walks through how it compares with SATA and Strategy's Stretch, why he sees capital and capital structure as Strive's moat, and what changed after the warrants expired on October 13 with about 94% of that capital, roughly $700 million, in the door.
Then British HODL joins to talk Strategy using cash to buy back Stretch and trusting management, why he says serious capital isn't going into self custody after two of his videos moved $130 to $150 million into IBIT, Grant Cardone's blend of real estate and bitcoin, and why he sees $126K as a mid-cycle top on the way to his $340K target.
Timestamps:
0:00 Intro
0:13 Cold open
0:42 Jeff Walton, Chief Risk Officer at Strive, joins
1:15 What SATS is: Strive's new fixed rate perpetual preferred
2:36 Why SATS sits junior to SATA
3:45 SATA and Stretch as a bitcoin money market
8:34 AI and the end of technological moats
9:40 Can JP Morgan or BlackRock copy Strive's capital structure?
13:06 The expired warrants and what comes next for SATS
17:57 How retail investors can get into bitcoin finance
19:12 Jeff's story of a $4 billion fraud investigation
21:33 British HODL joins
22:19 How are you going to pump my bags? Treasury company CEOs
27:08 Trusting the management team as an equity investor
29:23 From a billion to a trillion dollar company
30:28 Self custody after the Coldcard incident
34:03 Coldcard vs IBIT: two business models
34:43 Moving cold storage into IBIT for covered call income
35:46 Why real estate is finished
38:51 The Fed, rate cuts and Warsh
40:43 Bitcoin and the 200 week moving average
42:18 What the midterms mean for markets
45:50 Diversifying your bitcoin stack
47:03 British HODL's private community
49:30 Risk beyond the base layer: treasury companies then and now
54:24 The New York panel with Robert Mitchnick and $15.5 trillion in the room
56:59 Execution over spreadsheets
1:00:31 Where to find British HODL and the close
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