Strive, Inc. added 469 Bitcoin worth $36.6 million to its treasury between September 8 and 11, funded entirely through preferred stock issuances with no common shares diluted. The purchase pushes the Nasdaq-listed firm's total holdings to 25,000 BTC, making it the fifth-largest public Bitcoin holder globally.
Strive, Inc. has added 469 Bitcoin to its treasury over a four-day stretch, spending approximately $36.6 million at an average price of $77,954 per coin. The purchases, executed between September 8 and 11, push the Nasdaq-listed asset management firm's total Bitcoin stash to a clean 25,000 BTC, worth roughly $1.95 billion at current prices.
The entire acquisition was funded through issuances of the company's Variable Rate Series A Perpetual Preferred Stock, trading under the ticker SATA, with no common shares diluted in the process.
How the SATA mechanism works
Investors buy the preferred stock at $100 per share, and Strive channels those proceeds into Bitcoin. In return, SATA holders receive a roughly 13% annualized variable dividend, paid out daily on business days.
Demand has pushed the total notional value of outstanding SATA shares past $1.04 billion. The latest round alone brought in approximately $40.3 million in new preferred stock capital. Strive's amplification ratio, which measures notional preferred equity and debt relative to Bitcoin net asset value, now sits at 53.5%.
From asset manager to Bitcoin powerhouse
Strive's transformation into a Bitcoin treasury company has moved fast. The firm, co-founded by Vivek Ramaswamy, was originally known for its asset management business, but the pivot toward Bitcoin accumulation accelerated after Strive completed its merger with Semler Scientific in January 2026.
That merger brought 5,048 BTC onto Strive's balance sheet in one stroke, and the company has been adding to its position through preferred stock issuances since. With 25,000 BTC now held, Strive has climbed to become the fifth-largest public Bitcoin holder globally, trailing firms including MicroStrategy (now Strategy), which pioneered the corporate Bitcoin treasury approach in 2020.
The holding represents roughly 0.119% of Bitcoin's total 21 million coin supply.
What this means for common shareholders
For investors in Strive's common stock (ASST), the math is relatively straightforward. Every Bitcoin purchased with preferred stock proceeds adds to the net asset value backing their shares, while the dividend obligation on SATA reduces future cash flows. As long as Bitcoin's price appreciation outpaces the 13% annual dividend cost, common shareholders benefit.
Source: Crypto Briefing
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