Strive, Inc. has raised enough capital through its preferred stock vehicle, SATA, to purchase 191 Bitcoin, hitting its highest three-day run-rate since May 2026. The Nasdaq-listed company (ticker: ASST) continues to prove that there’s more than one way to stack sats at the corporate level.
While the Michael Saylor playbook of issuing convertible debt to buy Bitcoin gets most of the attention, Strive has carved out a different path. Its approach relies on a perpetual preferred stock with a $100 par value and a 13% annualized dividend paid daily, a financial instrument that sits somewhere between a bond and a stock but functions, in practice, as a Bitcoin buying engine.
How the SATA mechanism works
SATA is Strive’s Variable Rate Series A Perpetual Preferred Stock. Think of it as a share that pays holders a steady yield, currently 13% annualized, while the company uses the proceeds to buy Bitcoin. The dividend rate is variable and adjustable by Strive’s board, which gives the company flexibility to manage costs as market conditions shift.
The key mechanic is the at-the-market (ATM) program. When SATA trades above its $100 par value, Strive can issue new shares directly into the open market and pocket the premium. That cash goes straight into Bitcoin purchases. When shares trade below par, the company simply doesn’t issue.
Strive authorized a $500 million ATM program in December 2025 specifically to fund Bitcoin acquisitions through this mechanism. The 191 BTC worth of capital raised over the most recent three-day stretch suggests the program is firing on all cylinders, with investor demand for SATA shares remaining strong enough to keep the price above par.
The bigger picture for Strive’s Bitcoin treasury
This isn’t Strive’s first rodeo with SATA-funded Bitcoin purchases. The company raised $149.3 million through an oversubscribed SATA IPO back in November 2025, signaling that investor appetite for this kind of hybrid instrument was real from the start.
That initial capital raise helped fund a substantial acquisition of approximately 2,500 BTC in late May and early June 2026. The latest 191 BTC tranche, while smaller in absolute terms, is notable for the pace. Hitting the highest three-day run-rate since May suggests the ATM program is accelerating, not stalling.
The daily dividend structure is worth pausing on. Most preferred stocks pay quarterly. Strive chose daily distributions on business days, effective June 16, 2026, which creates an almost continuous yield stream for holders.
Why preferred equity changes the corporate Bitcoin equation
Strive’s preferred equity approach sidesteps the debt maturity problem. Perpetual preferred stock has no maturity date, meaning the company never faces a moment where it has to come up with a lump sum to repay bondholders. The cost of capital is the dividend, which the board can adjust.
For investors, SATA offers something unusual: a yield-generating instrument that provides indirect Bitcoin exposure. You collect a 13% annualized dividend while the underlying company steadily accumulates Bitcoin. The risk is that Bitcoin’s price drops significantly while Strive is locked into paying dividends on a growing base of preferred shares. The daily dividend obligation doesn’t pause when Bitcoin corrects 30%. But the absence of debt maturities gives management breathing room that convertible note issuers simply don’t have.