Strive raises capital to acquire 578 Bitcoin through its SATA preferred stock instrument

Strive, Inc. (NASDAQ: ASST) has raised enough capital through its Variable Rate Series A Perpetual Preferred Stock, known as SATA, to purchase 578 Bitcoin after 16 consecutive trading sessions at par value. While companies like MicroStrategy pioneered the convertible-debt playbook for buying Bitcoin, Strive has taken a notably different path: no debt, just preferred equity with a fat dividend. How SATA actually works SATA is a perpetual preferred stock that pays a variable annualized dividend of roughly 13%, distributed daily on business days. The instrument launched via an oversubscribed IPO in November 2025 and has since been issued through an at-the-market (ATM) program designed to keep the share price hovering between $99 and $101, right around its $100 par value. That tight trading range is the whole point. When SATA trades at or above par, Strive can issue new shares without diluting at a discount, turning the ATM into a steady capital pipeline. The notional outstanding for SATA has now reached approximately $999.5 million across 9,995,425 shares issued. Strive has maintained a debt-free balance sheet throughout this entire accumulation campaign, reportedly holding enough cas...