Strive raises capital to acquire 578 Bitcoin through its SATA preferred stock instrument

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 notably different path: no debt, just preferred equity with a fat dividend.

How SATA actually 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 (ATM) program designed to keep the share price hovering between $99 and $101, right around its $100 par value. That tight trading range is the whole point. When SATA trades at or above par, Strive can issue new shares without diluting at a discount, turning the ATM into a steady capital pipeline.

The notional outstanding for SATA has now reached approximately $999.5 million across 9,995,425 shares issued. Strive has maintained a debt-free balance sheet throughout this entire accumulation campaign, reportedly holding enough cash reserves to cover dividend payments for 18 months.

The bigger Bitcoin picture at Strive

The 578 BTC raise is the latest in a series of large Bitcoin 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. That single acquisition pushed total holdings from 23,156 to 24,531 BTC.

Roughly 70% of the capital behind that purchase, about $92.2 million, came directly from SATA-related funding through the issuance of 921,511 new shares. The remaining 30% was sourced from other operational capital, keeping the company’s leverage at exactly zero.

Strive has consistently executed purchases exceeding 400 BTC on a weekly basis during 2026.

Why this matters for the corporate Bitcoin 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 13% 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 ATM would effectively shut off, a self-correcting mechanism that prevents 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 just for dividend obligations. With 18 months of dividend reserves on hand, Strive appears to have significant runway before that scenario becomes pressing.

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