Was Michael Saylor wrong to sell Bitcoin? Matt Cole breaks from his fellow critics on Strategy, S&P's junk rating on MSTR, and whether the model is breaking.
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Strive's Matt Cole had just lived through what he called the most difficult day in the history of digital credit when he sat down to defend it. STRC had touched $82.50, SATA had slipped into the low nineties, and the Bitcoin treasury trade was suddenly the most argued-over corner of crypto.
Cole came from a pension background and built Strive into one of the largest Bitcoin treasury companies around a single conviction: that structured credit can solve an income problem fiat can't. The critics, he argues, can't even agree with each other on what is actually wrong.
Was last week a leverage liquidation or a crack in the model? Did Michael Saylor quietly change his story? And is wrapping Bitcoin in preferred stock a betrayal of its ethos or the bridge most people actually need? Laura Shin pressed on all of it.

Host:
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<a href="https://x.com/laurashin">⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Laura Shin⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠</a>, Host / Unchained</li>
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Guests:
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<a href="https://x.com/GlennOnrampBTC">⁠⁠⁠⁠⁠⁠⁠</a><a href="https://x.com/Shaughnessy119">⁠⁠⁠⁠⁠</a><a href="https://x.com/hosseeb">⁠⁠⁠</a><a href="https://x.com/j0hnwang">⁠</a><a href="https://x.com/ColeMacro">Matt Cole</a> - Chairman and CEO of Strive

</li>
</ul>
Timestamps
🎙️ 02:07 What Strive is, and why Matt calls SATA the company's main product
🏦 10:16 Could Strive cut SATA's 13% yield without breaking par?
👥 15:45 Who is actually buying SATA, and the one buyer Matt says he's never met
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💧 27:28 What Matt thinks really drove last week's STRC drop, and why SATA didn't follow
🏛️ 31:28 Why Matt won't fault Saylor for selling, and the S&P rating he calls a joke
⚖️ 50:53 Is buying SATA un-Bitcoin? Matt answers the Mallers vs Saylor critique Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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