Bitcoin treasury firm, Strive’s perpetual high-yielding preferred stock, SATA, is approaching a $1 billion market capitalization.
Strive acquired an additional 1,375 BTC last week for $109 million, or an average price of $79,281 per bitcoin, bringing its total holdings to 24,531 BTC, worth approximately $1.96 billion.
CEO Matt Cole said SATA accounted for 70% of the capital Strive raised last week; the other 30% came from common stock sales. SATA offers daily dividends at a 13% annualised rate and continues to trade around its $100 par value, allowing Strive to raise additional capital through at-the-market offerings. ASST shares have more than doubled over the past month, and are up 56% year-to-date. They remain about 90% off their record high reached roughly one year ago.
ASST has recently outperformed Strategy , which remains down 12% this year. Strategy last week repurchased another $176 million of STRC, its high-yielding (12%) preferred stock, while doubling its authorized STRC repurchase program from $1 billion to $2 billion.
Strategy made no changes to its bitcoin holdings, which remain at 845,050 BTC. It funded the STRC repurchases with cash rather than issuing common stock, reducing its USD cash balance to $1.438 billion.
STRC continues to underperform SATA, trading at approximately $98. It has not returned to its $100 par value since mid-May.
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