How Digital Credit Assets like STRC and SATA Differ from Bitcoin or DAT Stocks
Unchained | Jun 23 2026 | 00:56:17
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:
Laura Shin, Host / Unchained
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
📣 25:15 Fidelity: Explore crypto careers and make the decision that could change your future at https://crypto.fidelitycareers.com
🔒 25:58 Cape: Use code unchained for 33% off at https://cape.co/unchained
💧 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 megaphone.fm/adchoices
========================================================
Thank you to our sponsor!
Fidelity: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: crypto.fidelitycareers.com.
Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED).
========================================================
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:
Laura Shin, Host / Unchained
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
📣 25:15 Fidelity: Explore crypto careers and make the decision that could change your future at https://crypto.fidelitycareers.com
🔒 25:58 Cape: Use code unchained for 33% off at https://cape.co/unchained
💧 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 megaphone.fm/adchoices