"Oh, so this is like $STRC, but it is senior, and you don't have any debt?" Welcome back to The Hurdle Rate Podcast. Episode 35: Amplified Bitcoin and Digital Credit. The crew is back covering the IPOs of Digital Credit. The institutions are here. The banks are coming. @TimKotzman hosts as @ColeMacro, @PunterJeff and @BenWerkman discuss the process of launching a preferred product, talk through both $ASST and $SATA, and share where attendees can connect with them this week at conferences in Miami, Prague and Amsterdam. Here's the Hurdle Rate for the week of November 10, 2025. 0:30 - Welcome Back to The Hurdle Rate 1:00 - The IPOs of Digital Credit 13:11 - The Process of Launching a Perpetual Preferred Equity 27:36 - ASST & SATA Update