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ZEC $1,234 Strive Is Running Saylor's Playbook and Has Raised Enough for 638 Bitcoin
Strive's SATA preferred stock raised an estimated $55 million for about 638 BTC as its price traded below par for three days.
Key takeaways
- Funds for 638 BTC. Strive's SATA program generated an estimated $55 million, enough for about 638 BTC.
- Par price matters. SATA traded below its $100 par value for three sessions, pausing new issuance.
- Treasury total. Strive reported holding 29,462 BTC on October 2 after buying 2,000 BTC.
What happened
Strive's SATA preferred stock generated an estimated $55 million during the week beginning October 5, enough to buy about 638 BTC, according to market trackers.
The estimate counts only SATA volume traded at or above the $100 par value and applies a capture ratio calibrated against past SEC filings.
SATA traded above $100 on October 5 and for much of October 6, then stayed below par through October 9.
Strive reported 29,462 BTC on October 2 after buying 2,000 BTC between September 28 and October 2 at an average price of about $84,422 per coin.
Why it matters
The SATA program is a smaller copy of the model Michael Saylor's Strategy built with its STRC preferred stock.
Strategy's October 5 8-K filing showed it sold zero STRC shares from Sept. 28 through Oct. 4, and its 334 BTC purchase over Oct. 1 to Oct. 4 was funded by selling MSTR common stock.
The program works when investors pay par or more, but it slows when they do not.
SATA carries about $168 million in annualized dividend obligations, and each new share adds to that future payment burden.
What the data shows
SATA traded $317 million in total volume during the period, but most estimated proceeds came during Monday and Tuesday.
Strive also reported adding 8,137 BTC during the third quarter at an average cost of $78,885.
Strive's BTC Yield reached 18.5% quarter-to-date and 63.2% year-to-date on September 30.
The balance sheet has no debt principal, but SATA carries about $168 million in annualized dividend obligations.
Background
Michael Saylor's Strategy built this model with STRC, its variable-rate perpetual preferred stock.
Strive's SATA is a smaller copy of the same idea.
Strategy's October 5 filing showed no STRC shares sold between September 28 and October 4, while it bought 334 BTC from October 1 through October 4 with MSTR common stock, taking its holdings to 848,000 BTC.
What is still unclear
- The next filing will determine how much cash actually reached Strive's bitcoin treasury, because the $55 million estimate is provisional.
- The estimate remains provisional until the company files its next report.
Questions readers ask
What is Strive's SATA preferred stock?
SATA is Strive's preferred stock program. It generated an estimated $55 million during the week beginning October 5, enough to buy about 638 BTC, according to market trackers.
How much bitcoin does Strive hold?
Strive reported 29,462 BTC on October 2. That followed a purchase of 2,000 BTC between September 28 and October 2 at an average price of about $84,422 per coin.
Why did SATA issuance pause?
Issuance depends on SATA trading at or above the $100 par value. The preferred stock spent three sessions below that level, so estimated issuance went quiet.
How does Strive's SATA compare to Strategy's STRC?
Strive's SATA is a smaller copy of the model Michael Saylor's Strategy built with STRC. Strategy's October 5 filing showed no STRC shares sold between September 28 and October 4.
