Strive buys $109M in Bitcoin, pushes preferred stock toward $1B

1 week ago 6



Strive, the asset management firm co-founded by Vivek Ramaswamy, scooped up another 1,375 Bitcoin for $109 million between August 31 and September 4. That brings the company’s total stash to 24,531 BTC, worth north of $1.9 billion at current prices. The purchase was made at an average price of roughly $79,281 per coin. And the funding mechanism behind it is almost as interesting as the buy itself: Strive’s Variable Rate Series A Perpetual Preferred Stock, ticker SATA, now has $999 million in notional outstanding. A Bitcoin treasury machine running on preferred stock Strive’s playbook is distinct from the debt-fueled Bitcoin accumulation strategies that have defined the corporate treasury trend since MicroStrategy popularized it. Rather than issuing convertible notes or taking on traditional loans, Strive has leaned heavily on its SATA preferred stock to fund purchases. About 70% of the capital raised in the most recent week came through SATA issuance, according to CEO Matt Cole’s September 8 announcement. The preferred stock pays a variable dividend of 13%, distributed daily. This latest purchase marks the third straight week where Strive has grown its Bitcoin holdings by at least ...

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