Strive, the asset management firm co-founded by Vivek Ramaswamy, has raised enough capital through its preferred stock offering to purchase 220 Bitcoin over an 11-day fundraising streak. The company, which trades on NASDAQ under the ticker ASST, has turned its Series A Perpetual Preferred Stock (SATA) into a Bitcoin acquisition machine that shows no signs of slowing down.
The 220 BTC haul is the latest in a series of escalating purchase streaks that have pushed Strive’s total Bitcoin treasury past 23,000 BTC, a stockpile worth billions at current prices.
How the SATA machine works
Strive’s approach to Bitcoin accumulation looks different from the playbook popularized by Strategy (formerly MicroStrategy). Instead of issuing convertible debt or leveraging its balance sheet, Strive funds its purchases through SATA, a variable rate perpetual preferred stock with a $500 million at-the-market (ATM) authorization established in December 2025.
The mechanics are straightforward. Strive issues preferred shares, collects the proceeds, and converts them into Bitcoin. No debt. No margin calls. No refinancing risk.
Starting June 16, 2026, SATA began paying a variable annualized dividend of approximately 13%, distributed daily. That made it the first US-listed security to offer daily dividend payouts, a feature designed to attract yield-hungry investors who might otherwise park their money in bonds or dividend ETFs.
The accumulation timeline
Strive’s recent buying activity tells a story of accelerating momentum. Earlier acquisition runs included funding capacity for 104 BTC over nine days and 143 BTC over ten days. The latest 220 BTC streak over 11 days represents a meaningful step up in pace.
In late August 2026, the company acquired 1,800 BTC for around $143 million in a single week. That followed an even bigger buy of 2,500 BTC for approximately $185 million earlier in the same period.
Strive initiated its SATA perpetual preferred stock through an IPO in November 2025, successfully raising $149.3 million, which funded an initial procurement of 1,567 BTC. By establishing a foundational treasury of approximately 7,500 BTC in late 2025, Strive has since escalated its asset base to over 23,000 BTC by August 2026.
The dilution question
Every new SATA share issued represents a claim on Strive’s future cash flows through that 13% annualized dividend. Strive tracks Bitcoin per share as a key metric, measuring whether each new round of share issuance adds more Bitcoin to the treasury than it dilutes existing holders’ claims.
Strategy’s convertible note approach carries refinancing risk if prices decline sharply. Strive’s perpetual preferred equity structure sidesteps that problem entirely. There are no maturity dates, no margin calls, no forced liquidation scenarios.
The trade-off is cost. A 13% annualized dividend is expensive capital. If Bitcoin doubles over the next few years, paying 13% annually for the capital to buy it looks like a bargain. If Bitcoin enters a prolonged bear market, those daily dividend payments become a heavy burden on a company whose primary asset is losing value.