Stacking Sats @Saturn_credit | Co-President @FranklinDAO | Prev @Fitcentive @M31Capital
Joined May 2020
- Tweets 574
- Following 1,228
- Followers 804
- Likes 1,364
31 Photos and videos
Ellis Osborn retweeted
Jun 12
Wintermute's Arbitrage USDC Select vault is live on @Morpho!
The vault's allocation includes 2 Pendle PT.
@Re PT-reUSD (10.95%) and @saturn_credit PT-USDat (8.63%) carry the highest APYs in the vault, sitting alongside other blue-chip collaterals like cbBTC, WBTC and wstETH.
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Ellis Osborn retweeted
Jun 9
Over the past few weeks STRC traded below its par.
For those who were unfamiliar to $STRC volatility, watching that move flow through @saturn_credit staked-USDat was uncomfortable.
But it's the PRECISE scenario srUSDat was designed for.
🧵👇 Here is the mechanism:
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Ellis Osborn retweeted
Saturn Asia LP Events:
• June 17, 6-10pm | Shenzhen
• June 20, 6-10pm | Shanghai
Each evening features a private dinner followed by an open cocktail hour.
All questions are welcome.
Full registration details below.
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Ellis Osborn retweeted
Many are asking, "Why didn't Strategy raise the $STRC dividend for June?"
It was an objective rules-based decision following Strategy's established guidance. Full-month VWAP for May was $99.62. This falls within target price range and does not trigger a rate adjustment.
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Ellis Osborn retweeted
Jun 4
very informative post on STRC
as bullish on saturn as ever
Jun 3
In this moment of temporary $sUSDat $STRC volatility, I want to remind users that Saturn’s model was designed to be anti-fragile in moments like this.
At the core of Saturn is a two-token model:
1. $USDat is a 100% T-bill-backed stablecoin designed to let users move in and out of sUSDat with minimal depeg risk, even during periods of STRC volatility.
2. $sUSDat is a yieldcoin that is designed to track $STRC. Users can stake and unstake at NAV, with an expected 7-day unstaking period, provided the limit order is placed below the market order.
sUSDat takes on the STRC volilitity and is designed to float. Saturn intentionally segregates this risk.
So the key question is: what backs STRC?
STRC has temporarily traded below par, and I understand why users are watching it closely. But it is important to remember that STRC is not backed by confidence alone. It is supported by real assets on Strategy’s balance sheet - Bitcoin and cash.
A few points worth keeping in mind:
1. STRC remains meaningfully backed by Strategy’s balance sheet. Even at current prices, STRC has roughly a 3.2x BTC collateral ratio, implying an estimated 31.25% LTV. In simple terms, for every $1 of STRC and senior obligations, there is approximately $3.20 of Bitcoin value supporting it.
2. Strategy has substantial balance sheet resources. Strategy currently holds around $900M in cash and approximately 844K BTC on its balance sheet.
3. STRC has a liquidation preference. In a very remote bankruptcy scenario, STRC holders have a liquidation preference of $100 per share against Strategy’s available assets, including Bitcoin on the balance sheet.
Actions that Saturn is taking:
1. We are currently defending the USDat/USDC peg on Curve (Ethereum)
2. If users are looking to redeem sUSDat we are processing requests through the queue.
Volatility is opportunity and Saturn is here to build STRCFi for the long term.Temporary volatility can feel uncomfortable, but the structure matters. The assets matter. The collateral matters.
Saturn was built for stressed markets, not just calm ones.
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The reasons why $STRC is trading below $95 currently:
1) The product was already struggling because the yield was too low. There has been too much compression between its current yield and the risk-free rate with USTs rising since March. I have spoken about this all month.
2) Every time Bitcoin has a significant drawdown the product trades down from par. We have seen this on multiple occasions previously.
3) The reduction of the USD reserve to repurchase the converts may have caused some people to sell. Likewise the sale of 32 Bitcoin may have spooked others.
4) The presence of $SATA has compounded all these issues as capital has moved from the lower yielding product to the higher yielding product.
The good news is all of this is easily fixed.
They will increase the yield and replenish the USD reserves. The move to bi-monthly dividends should also reduce volatility. It will also be helped by the stabilisation of the Bitcoin price.
No need for panic. Strategy are just fine.
Lots of people are exposing themselves today.
They do not understand that Strategy has a balance sheet built for war.
The previous times $STRC closed below $95:
Aug 19, 2025 = $93.60
Nov 20, 2025 = $92.79
Feb 5, 2026 = $93.67
This is hardly anything new. Every single time it went back to par and it will do so again.
Once Bitcoin stabilises, the move to bi-monthly dividends is complete and the yield is raised, the path back to par is obvious.
Remember the names of the people lying to you for attention when it inevitably trades back to par.
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Ellis Osborn retweeted
Saturn is aware of the de-pegging of other STRC-backed stablecoins and protocols, but Saturn remains unaffected.
Saturn designed USDat and sUSDat to segregate the risk.
Reach out to the team directly with any questions.
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Ellis Osborn retweeted
AMA in English, hosted by @Kevinlhr88 and @Ellisp_osborn
$STRC Fundamentals: Where Strategy Goes From Here
06-04-2026
10:00 AM EST | 10:00 PM HKT
Featuring;
• @BTC_Overflow
• @TychoOnnasch
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Ellis Osborn retweeted
Jun 1
$MSTR had to sell the BTC to show the rating agencies that they have the capital to cover dividend obligations.
If Saylor refused to sell BTC, then rating agencies would not recognize it as capital.
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Ellis Osborn retweeted
new week, new post about the most popular @saturn_credit strategy on BSC
ethereum:0x23238f20b894f29041f48d88ee91131c395aaa71 market on @pendle_fi is still continuing to grow.
The reason for this is that yield farmers are super interested in the points multiplier which is currently allocated to BSC specifically through the saturn's Gravity program
Right now until June 6, @saturn_credit and @pendle_fi are running a boosted campaign.
Current multipliers are boosted for BSC's Pendle markets:
USDat: 36x for LP / 72x for YT
sUSDat: 12x for LP / 24x for YT
In a screenshot below, you can see the overall top 5 strategies on BSC by TVL size
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Ellis Osborn retweeted
.@Chainlink now publishes a NAV oracle fed by @AccountableData's Proof of Solvency for Saturn's offchain $STRC balances.
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Ellis Osborn retweeted
May 22
Spoke with an onchain asset issuer at Consensus Miami.
He told me:
“If it doesn’t beat $STRC, it’s not worth tokenizing.”
$STRC is becoming the benchmark for DeFi.
May 22
Saturn surpassed $200M in TVL within 44 days of launch.
STRCFi is here - DeFi accelerated by $STRC.
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USDat, powered by M0's modular stablecoin infrastructure, is @saturn_credit's stablecoin built for liquidity & settlement. Users hold digital dollars directly.
The staked version, sUSDat, offers exposure to $STRC, a @Strategy instrument that currently pays a variable distribution.
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Ellis Osborn retweeted
May 21
Same thing, but better.
Earn up to 3x more yield with @saturn_credit PT-USDat than T-Bills.
Swap up to ~$6M for an effective fixed APY of 8.74%.
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Ellis Osborn retweeted
May 19
With @saturn_credit PT-USDat on @pendle_fi, there's a higher, but IMO, less-degen-loop to consider for PT-USDat/AUSD on Morpho.
1⃣ Lock in a fixed 8.96% APY with PT-USDat on Pendle
2⃣ Deposit PT in @Morpho and borrow AUSD (6.21%)
3⃣ Swap AUSD for more PT-USDat on Pendle
And repeat the loop until we get ~10x exposure.
The net APY should be about 33% = (10*8.96-9*6.21)
$189M in USDat is backed by $104M in US T-bills $85M in STRC, which IMO, is a more conservative design to ensure USDat maintains a 1:1 peg to the dollar.
This is a more interesting STRC-backed looping yield.
Apr 15
🎙️ New @edge_pod
🪐 How Saturn Is Tokenizing @Saylor's 11.5% $STRC BTC-Backed Yield For DeFi | DeFi Frontier
0:00 - Intro
2:21 - Saturn CoFounders background
4:47 - Why build Saturn?
6:57 - Why Saylor’s excited for STRC in DeFi
10:14 - Three major DeFi use cases
14:59 - How Saturn distributes STRC yield
15:58 - Where STRC yield comes from
17:06 - 2-token design: USDat vs sUSDat
18:48 - Is USDat a stablecoin?
20:56 - How STRC vs USDat peg works
24:29 - Opportunity for STRC to grow
28:37 - STRC demand will eat into fixed income
31:50 - DeFi is starving for a yield like STRC
35:43 - Can STRC become the risk-free rate?
37:20 - 24/7 trading of STRC onchain
39:16 - Impact of perps for STRC
41:46 - How far could STRC reasonably drop
43:50 - What’s live now on Saturn?
45:23 - Closing
🙏 Thanks to @saturn_credit CoFounders @ellisp_osborn and @kevinlhr88 for joining us!
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Ellis Osborn retweeted
May 19
Tokenization is no longer a niche experiment.
It is rapidly becoming a serious arena in which institutions compete to lead one of the largest new asset categories and where capital allocators pursue meaningfully better returns. 🧵👇
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Ellis Osborn retweeted
May 8
Strategy’s $STRC is coming onchain, opening up a new category of Bitcoin-linked yield products in DeFi.
In this article, we explore how @Pendle_fi enables users to access, separate, and trade STRC-linked yield.
Read the full article 👇
coingecko.com/learn/strategy…
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