Strive, Inc. has raised enough capital through its SATA preferred stock to buy 578 Bitcoin, after the instrument traded at par value for 16 consecutive sessions. The debt-free structure has pushed SATA's notional outstanding to nearly $1 billion, funding a Bitcoin accumulation campaign that has brought total holdings to 24,531 BTC.
Strive, Inc. (NASDAQ: ASST) has raised enough capital through its Variable Rate Series A Perpetual Preferred Stock, known as SATA, to purchase 578 Bitcoin after 16 consecutive trading sessions at par value. While companies like MicroStrategy pioneered the convertible-debt playbook for buying Bitcoin, Strive has taken a different path: no debt, just preferred equity with a dividend.
How the SATA instrument works
SATA is a perpetual preferred stock that pays a variable annualized dividend of roughly 13%, distributed daily on business days. The instrument launched via an oversubscribed IPO in November 2025 and has since been issued through an at-the-market program designed to keep the share price between $99 and $101, around its $100 par value. When SATA trades at or above par, Strive can issue new shares without diluting at a discount, turning the program into a steady capital pipeline.
The notional outstanding for SATA has reached approximately $999.5 million across 9,995,425 shares issued. Strive has maintained a debt-free balance sheet throughout the accumulation campaign, reportedly holding cash reserves that cover dividend payments for 18 months.
Bitcoin holdings keep climbing
The 578 BTC raise follows a series of large purchases Strive has executed throughout 2026. In its most recent disclosed transaction, the company purchased 1,375 BTC for approximately $109 million between August 31 and September 4, 2026, pushing total holdings from 23,156 to 24,531 BTC. Roughly 70% of that purchase, about $92.2 million, came directly from SATA-related funding through the issuance of 921,511 new shares, while the remaining 30% came from other operational capital. Strive has consistently executed purchases exceeding 400 BTC on a weekly basis during 2026.
A different model from the convertible-debt playbook
The traditional model for public companies acquiring Bitcoin involves convertible notes or senior secured debt, instruments that add leverage and introduce interest-rate risk. Strive's approach flips that dynamic: SATA holders receive their dividend regardless of Bitcoin's price action, and because the instrument is perpetual, there's no maturity wall forcing refinancing at inconvenient moments.
The 16 consecutive sessions at par value suggest the market views SATA as fairly priced at its current yield. If demand were softening, shares would drift below $100 and the at-the-market program would effectively shut off, a self-correcting mechanism that would prevent Strive from issuing into weak demand. A 13% annualized dividend on a billion-dollar instrument means Strive needs to generate or hold roughly $130 million per year for dividend obligations, and with 18 months of reserves on hand the company appears to have runway before that becomes pressing.
Source: Crypto Briefing
Trading involves risk.
Risk Disclaimer
