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Strive’s Variable Rate Series A Perpetual Preferred Stock, ticker SATA, has now closed at par value for 14 consecutive trading days. That streak has generated enough capital to fund the purchase of 95 additional Bitcoin, continuing the company’s methodical accumulation strategy.
Think of SATA as a perpetual dividend machine with a Bitcoin habit. Each share carries a $100 par value and pays a 13% annualized dividend, distributed daily. That daily payout structure, which kicked in around mid-June 2026, makes it the first US-listed security to pay dividends on a daily basis.
SATA trades within a tight band of $99 to $101, hugging its par value. When shares trade at or above par, Strive can issue new shares through its at-the-market (ATM) program, raising fresh capital without taking on debt or diluting common shareholders. That capital goes straight into one thing: buying Bitcoin.
Strive, which trades on Nasdaq under the ticker ASST, has built a Bitcoin treasury that now stands at 24,531 BTC, valued at approximately $1.96 billion as of early September 2026. The most recent major acquisition was 1,375 BTC purchased for $109 million. SATA funded roughly 70% of that transaction.
The notional outstanding amount of SATA is now approaching $1 billion. Strive carries zero long-term debt and maintains significant cash reserves, including an 18-month buffer specifically earmarked for dividend payments.
Early adopters like MicroStrategy (now Strategy) pioneered the use of convertible debt and equity offerings to accumulate Bitcoin. Convertible notes create future dilution risk, and common stock issuance dilutes existing shareholders immediately. Strive’s SATA takes a different path: perpetual preferred equity doesn’t mature like debt, so there’s no refinancing cliff, and it doesn’t dilute common shareholders the way secondary offerings do.
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