Strive preferred stock trades enough to buy 1,400 Bitcoin worth $117M

Strive, Inc. has figured out a way to buy Bitcoin without taking on debt, without heavily diluting shareholders, and without touching a convertible note. The vehicle is a perpetual preferred stock called SATA, and it traded enough volume this week to fund the purchase of roughly 1,400 Bitcoin worth around $117 million. How SATA works, and why it matters Strive launched its Variable Rate Series A Perpetual Preferred Stock, ticker SATA, in November 2025. The IPO was oversubscribed, bringing in between $149 million and $160 million at launch. The mechanics are straightforward: SATA carries a $100 par value and pays a variable annualized dividend of roughly 13%. Whenever shares trade at or above that par value, Strive activates an at-the-market program to issue new shares and capture the proceeds. Those proceeds go directly into Bitcoin. The numbers behind the recent accumulation Between August 31 and September 4, 2026, Strive purchased 1,375 BTC for approximately $109 million. About 70% of that capital, roughly $92 million, came directly from SATA share sales. That purchase averaged approximately $79,281 per Bitcoin and pushed Strive’s total holdings to 24,531 BTC. Then, between Septe...