Just saw Strive announced a $150M preferred stock offering for SATA to fund more bitcoin buys and pay down debt from their Semler Scientific acquisition. Interesting timing with BTC sitting around $74K. The SATA structure is pretty wild - starts at 12.25% annual dividends but unpaid ones compound up to 20% if you hold long enough. They're already trying to swap convertible notes for SATA stock with certain holders to potentially shrink the public offering size. What caught my eye though is the market activity around this stuff. Apparently nearly $200M in SATA has been tokenized on Ethereum with $100M trading on Pendle, and they just had a $1.6B trading day Tuesday. New players like Saturn Credit and Apyx are building positions too. SATA closed Wednesday around $99.50 which is pretty close to the $100 par value they're targeting. Strive's sitting on the 11th largest bitcoin stash among public companies and clearly using preferred equity as a funding mechanism instead of just diluting common shares. Not sure if this is genius or getting too complicated, but the market seems to be eating it up so far.