Satscryption

Primary-source research on Bitcoin treasury capital stacks, tokenised deposits & the grid. Monthly Satsight. Every figure has a filing. Research, not advice.

[Satscryption @satscryption]

Strive's 12 Nov 8-K lifts SATA's rate to 13.25% a year from 1 Dec, paid daily at $0.0502 a share per business day. SATS stays at 15.00% ($0.0569 a day). Both Strive preferreds pay daily in December. $ASST #Bitcoin Research, not advice.

[One Chair @OneChairPod]

Why can Strive $ASST pay higher dividends on $SATA than Strategy $MSTR does on $STRC? And more importantly, why does it work?

Strategy and Strive are playing two very different games.

In this episode, we're joined by @AlexandreLaizet (Capital B) and @YChoueifaty (TOBAM) to unpack the rapidly evolving world of Digital Credit.

We dive into:
🔹 $SATA vs. $STRC: Why higher yields make sense for Strive
🔹 Are 13–15% dividends sustainable?
🔹 How institutional investors model Digital Credit and assess default risk
🔹 Why Smarter Web's $MORE is significantly mispriced
🔹 How Digital Credit could unlock trillions in institutional capital
🔹 Bitcoin's market cycle, interest rates, and what's next

And we wrap up with a fiery discussion about Christine Lagarde, the ECB, and Europe's monetary future. 🔥

⏱️ TIMESTAMPS

00:00 Intro – Bitcoin Under Pressure: What's Next?
02:19 Is Bitcoin's 4-Year Cycle Breaking Down?
10:12 Bitcoin Bear Market: Are We Preparing for the Next Bull Run?
13:31 Strive's SATA Dividend Hike: Why 13.25%?
16:05 Strategy vs. Strive: Two Very Different Digital Credit Strategies
21:06 Smarter Web's MORE: Is a 14% Yield a Bargain?
25:32 How Do You Value Bitcoin-Backed Digital Credit?
28:40 Are 15% Digital Credit Yields Sustainable?
39:10 The Next Generation of Bitcoin-Backed Preferred Stocks
43:35 Christine Lagarde and the ECB: A Catastrophic Legacy?
52:48 Could Bitcoin and Capital Markets Transform Europe?
55:34 Why Central Banks Are Bitcoin's Best Marketing Tool

Watch the full episode 👇

[Satscryption @satscryption]

Receipts:
Strategy 8-K: https://t.co/UvXp6vFLch
Strive FWP: https://t.co/1lacBoenAX
DDC: https://t.co/qFLdfrEaaG

Satsight notes: https://t.co/zZvvGsqKJC

#Bitcoin

Research, not advice.

[Satscryption @satscryption]

Bitcoin treasury preferreds are moving to daily pay (filings, 2 Nov).

Strategy's STRC has had daily record dates since 1 Nov. Daily record dates for STRF, STRK and STRD are expected from 1 Jan 2027, rates unchanged (Q3 10-Q).

$MSTR $STRC #Bitcoin

Research, not advice.

[Satscryption @satscryption]

Daily pay needs cash on hand. In the week to 1 Nov, Strategy used $43.4M of its USD Reserve for preferred dividends, bought back $208.2M of STRC and bought 811 BTC with MSTR sales (8-K, 2 Nov).

$MSTR #Bitcoin

Research, not advice.

[Satscryption @satscryption]

Update to our 12 Nov line that tokenised-deposit volume is missing: BOCHK says it had processed more than HK$2.3B in real-value transactions on the HKMA's EnsembleTX by end-October (BOCHK, 2 Nov). One bank, cumulative, not a balance.

#TokenisedDeposits

Research, not advice.

[Satscryption @satscryption]

J.P. Morgan's Kinexys platform has processed over $4T since inception, an average of $7B a day (J.P. Morgan, 19 Oct).

That is platform-wide. No separate figure for JPM Coin (JPMD).

Still no deposit-token volume on any rail we track.

#TokenisedDeposits

Research, not advice.

[Satscryption @satscryption]

Strive raised its SATA preferred dividend rate to 13.25% a year, effective 1 Dec (Strive 8-K, 12 Nov).

December pays daily: $0.0502 a share each business day, 22 days, $1.1044 in all. SATS stays at 15.00%.

$ASST $SATA #Bitcoin

Research, not advice.

[Satscryption @satscryption]

Korea's Suhyup Bank is testing FX remittance on Partior in Project Namsan Phase 2 (Partior, 11 Nov). A proof of concept, not a live service. Live tokenised-deposit volume is still the missing number. #TokenisedDeposits Research, not advice.

[FintechNews HongKong @FintechNewsHK]

https://t.co/y47Fd6mRy3, Suhyup Bank Test Tokenised Deposit FX Remittances on Partior https://t.co/TRZsTqYopD #fintech #hongkong

[Satscryption @satscryption]

From 23 Nov, OKXICE plans 24/7 trading of 70+ tokenised US securities for eligible US users, Strategy's preferreds included. Each token is backed 1:1 by a share, with dividends and votes (OKX, 11 Nov). $STRC #Tokenization Research, not advice.

[Strategy @Strategy]

Digital Credit is built for everyone. $MSTR $STRC

[Satscryption @satscryption]

MSCI's final list is out (11 Nov). Six names deleted under the non-operating screen, incl. Strategy at a $37.3B float-adjusted cap, Metaplanet and Yellow Cake. 19 more on the watchlist, incl. SharpLink and Capital B. $MSTR #Bitcoin Research, not advice.

[Wu Blockchain @WuBlockchain]

MSCI to Remove Strategy and Metaplanet From Indexes, Potential MSTR Outflows Could Reach $8.8B

According to Reuters, MSCI will remove Strategy (MSTR), Japan's Bitcoin treasury firm Metaplanet, and UK-based uranium investment company Yellow Cake from its global indexes, effective December 1, under its new non-operating companies methodology. MSCI determined that these companies more closely resemble investment funds than operating businesses. Strategy previously warned that exclusion could trigger approximately $2.8 billion in stock sales. JPMorgan earlier estimated that outflows from Strategy shares could reach $8.8 billion if other index providers followed suit. MSTR fell 2.5% in after-hours trading following the announcement. Ethereum treasury firm SharpLink (SBET) was also placed on MSCI's watchlist.

[Satscryption @satscryption]

@saylor OKX's launch note says each OKXICE token is backed 1:1 by a US share, carries dividends and votes, and that Strategy will list its preferreds there from 23 Nov. Will STRC's daily dividend reach token holders daily too?

[Satscryption @satscryption]

@BTCtreasuries Worth watching the watchlist too: 19 names, including SharpLink, Capital B and DeFi Dev Corp. MSCI only removes a constituent that fails the screen in both of the two most recent annual periods, so a second failing year is what would remove them.

[Satscryption @satscryption]

@AlecTorelli @saifedean @jasonhickel @ptcherneva Replace a dictator with a benevolent dictator and hope for the best...

[Satscryption @satscryption]

One week at Strategy: MSTR sales funded $188.3M of STRC buybacks and $81.9M of bitcoin, while $21.1M of the USD Reserve paid preferred dividends (8-K, 9 Nov). Reserve left: $4.77B.

$MSTR #Bitcoin

Research, not advice.

[Roxom @roxom]

$BTC traded as low as $72,643 today, below Strategy's average cost of $75,456 per bitcoin.

Last week Strategy put $188.3M into $STRC repurchases and $81.9M into bitcoin (1,036 BTC). The week before: $208.2M vs $65.5M.

Both weeks funded by $MSTR sales. Holdings: 850,364 BTC.

[Satscryption @satscryption]

Strive's SATS shares rose 33,141 to 7,036,559 in the week to 6 Nov, with $487.6M of cash against 43,153 BTC (8-K, 9 Nov). With daily pay, cash cover is the number to track each week.

$ASST #Bitcoin

Research, not advice.

[Strive @Strive]

Today, Strive paid cash distributions on $SATA and $SATS.

$SATA: $0.0516 per share, $13 annualized, 13.3% effective yield. 109th consecutive dividend.

$SATS: $0.0658 per share, $15 annualized, 15.7% effective yield. 2nd consecutive dividend.

Yields as of the latest market close.

[Satscryption @satscryption]

Receipts:
HKMA: https://t.co/rhLJOSnJzE
Standard Chartered: https://t.co/G1QW2zEOnm
ECB: https://t.co/YvpimpBAur

Satsight on tokenised deposits is out Mon 7 Dec.

Satsight notes: https://t.co/zZvvGsqKJC

#TokenisedDeposits

Research, not advice.

[Satscryption @satscryption]

Hong Kong's tokenised-deposit pilot now settles between banks 24/7, in tokenised central bank money (HKMA, 2 Nov).

Project Ensemble's EnsembleTX now has 12 participating banks and 20 industry pioneers.

#TokenisedDeposits

Research, not advice.

[Satscryption @satscryption]

The ECB says Pontes is live with an initial group and settled a €1B ESM bond deal issued on DLT; 24/7/365 is the 2028 target (Cipollone, 5 Nov).

Tokenised deposits can play useful roles, it says, but central bank money is the anchor.

#TokenisedDeposits

Research, not advice.