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:

Guests:

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Matt Cole - Chairman and CEO of Strive

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

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