In its first week after switching to daily distributions, Strive’s high-yield perpetual preferred stock SATA raised enough funds to support the purchase of approximately 603 bitcoins. According to BitcoinTreasuries.net’s ATM Tracker data, this occurred during a week when SATA faced similar pressure alongside STRC, Strategy’s comparable instrument.
The first-week fundraising corresponds to approximately 603 bitcoins.
SATA is designed to facilitate trades around a $100 face value and support Strive’s Bitcoin treasury strategy. The company has changed its dividend distribution frequency to daily, aiming to reduce price volatility around dividend payment dates and attract investors who prioritize cash yields.
Data shows that the funds raised by SATA through at-the-market (ATM) offerings over the first three trading days of the week were sufficient to support the purchase of approximately 603 bitcoins. Trading was interrupted on June 19 due to the U.S. Juneteenth holiday, but this did not affect the overall fundraising performance for the first week.
Strive currently holds approximately 19,105 bitcoins. If calculated at 603 bitcoins, this new purchasing power represents about 3.2% of its current holdings. According to the report, for Strategy to achieve the same proportional expansion, it would need to raise funds sufficient to purchase approximately 26,728 bitcoins, compared to its disclosed holding of 846,842 bitcoins.
SATA and STRC once fell below par value.
Despite rapid fundraising progress, digital credit products experienced significant volatility this week. Strategy’s STRC dropped to a new low of $82.53, while SATA fell from around its $100 face value to just above $90 before recovering.
Closing data shows SATA trading at $97.71, with an intraday low of $92.90; STRC traded at $88.59, after previously touching its intraday low. Trading volume for both assets also increased significantly.
- STRC's daily trading volume was approximately $10.6 million.
- SATA's daily trading volume was approximately $1.57 million.
- Both are significantly higher than their respective daily averages.
The company stated that buying pressure emerged at lower levels.
Strive CEO Matt Cole said this downturn resembles passive liquidations of leveraged positions rather than a deterioration in issuers' credit quality. He noted that some investors may have used such high-yield, low-volatility products to leverage their returns; when prices moved against them, it triggered a chain of selling, causing market prices to temporarily deviate from fundamentals.
Cole also stated that Strive’s dividend reserve remains intact and the company is not under pressure. He noted that buying interest emerged near the intraday lows for both SATA and STRC, helping prices recover from the sharp decline.
Bitcoin supporter Samson Mow also commented on STRC, stating that such instruments are designed to provide investors with structured yield products while reducing exposure to Bitcoin price volatility. He noted that STRC falling below $100 is a market pricing outcome and does not indicate an issue with the product’s structure.
The report also noted that Michael Saylor, Executive Chairman of MicroStrategy, did not directly address the price fluctuations of STRC, stating only that market volatility is never easy, but Bitcoin continues to play a vital role. Previously, MicroStrategy sold 32 Bitcoin to pay dividends on preferred shares and then repurchased 1,587 Bitcoin the following week.
Strive and Strategy are currently using preferred stock structures to raise funds for Bitcoin accumulation. When SATA or STRC approaches or exceeds its $100 par value, the issuer may sell additional shares through an ATM program and use the proceeds to purchase Bitcoin or support treasury operations.