Buzzberg Cup Live

The Market Got This Bitcoin Trade Completely Wrong w/ Ben Werkman

Watch on YouTube ↗  |  June 30, 2026 at 18:45  |  39:33  |  Milk Road Macro
Speakers
Ben Workman — Chief Investment Officer, Strive

Summary

John Gillen interviews Ben Werkman, CIO of Strive, about the Bitcoin selloff and stress in digital credit products. Werkman explains why preferred shares like SATA traded below par due to leverage unwinds but expects them to recover. He lays out a detailed bullish case for Bitcoin as a sovereign asset, believes the cycle is bottoming, and reveals Strive is aggressively accumulating Bitcoin while considering SATA highly attractive.

  • Strive's SATA perpetual preferred fell below $100 par due to leveraged positions unwinding, not credit quality issues.
  • Werkman sees the drawdown as a short-term liquidity event and expects SATA to return to par within weeks.
  • Strive holds 18 months of USD reserves to pay daily dividends, removing forced selling risk.
  • The long-term Bitcoin thesis centers on its role as a sovereign, globally transactable asset amid currency weaponization and inflation.
  • Werkman views Bitcoin's current price near the 200-week moving average as a historically attractive entry point.
  • Strive has been aggressively accumulating Bitcoin in the $60k range and plans to continue buying.
  • Capital flows currently diverted to IPOs and AI are expected to rotate back into Bitcoin as relative value improves.
  • The broader digital credit market is small but evolving, with Strive and Strategy as the only preferred issuers.
Ideas
Ben Workman Chief Investment Officer, Strive 0:00
Bitcoin sovereign asset thesis intact; attractive entry
Bitcoin is a long-term sovereign asset needed by individuals, corporations, and nations. Every major global conflict (Russia/Ukraine, Iran, BRICS) highlights Bitcoin's unique ability to transact value globally without intermediaries. Fiat currencies are being weaponized through sanctions, and inflation erodes purchasing power, creating a structural need for hard assets with capped supply. Bitcoin has the most verifiably capped supply in an increasingly digital world, and it will serve as the native asset for AI-agent infrastructure. Technically, Bitcoin is following a normal cycle, with the selloff showing signs of bottoming around key levels (200-week moving average, power-law floor). Capital recently drained into IPOs and risk assets will eventually rotate back, making current levels a very attractive entry point.
BTC HIGH
Ben Workman Chief Investment Officer, Strive 20:04
SATA preferred shares undervalued; return to par
Strive's SATA perpetual preferred equity trades below par ($90 vs $100) due to leverage unwinds and forced selling, not credit quality. Strive has 18 months of dividend reserves, pays daily dividends, and has no debt maturity wall, making the product resilient. Once the leverage washes out, demand will return and the price will recover to $100. The 13% yield, daily payout, and strong reserves make SATA an incredibly attractive preferred instrument. Strive is accumulating Bitcoin aggressively to position for future issuance, and expects much higher demand for SATA in the next bull market.
Strive SATA perpetual preferred equity HIGH
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This Milk Road Macro video, published June 30, 2026, features Ben Workman discussing BTC, Strive SATA perpetual preferred equity. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Ben Workman  · Tickers: BTC, Strive SATA perpetual preferred equity