$ASST has spent the last two weeks absolutely HAMMERING the SATA ATM. Estimated SATA proceeds (using last week's capture rate): • Aug. 24–28: $78.3M • Aug. 31–Sep. 4: $81.5M • Two-week total: $159.8M • Equivalent BTC: ~2,017 BTC That is roughly $79.9M/week of preferred capital. Annualize that pace and you get: ~$4.15 BILLION of SATA issuance per year. Will they keep this pace? Who knows. But issuing that much SATA still doesn't land them in the same neighborhood as the outstanding STRC. That pace to the BTC over 12 months, assuming the pace continues (who knows if it does): BTC treasury: 23,156 → ~64,285 BTC CEBE/share: 15,737 → ~25,568 sats Implied $ASST price: $27.05 → ~$69.58 Zero continued SATA issuance or common issuance and zero mNAV expansion is $50.21/share. So the SATA A
View on X ↗