Jeff Walton of Strive discusses Bitcoin-backed preferred equity and the source of the next trillion dollars for Bitcoin

Jeff Walton, Chief Risk Officer at Strive, explains how the firm raised $700 million through a SATS preferred stock IPO despite widening high-yield credit spreads. He discusses the mechanics of Bitcoin-backed preferred equity, Strategy's daily dividend vote, and why he believes this capital source could contribute the next trillion dollars to Bitcoin. Walton also addresses the challenges of raising capital during credit market stress and the future of rated capital.