Strive Funds Bitcoin Spree With Preferred Stock Paying 13% Yield

Published by James Harris on June 22, 2026June 22, 2026

Strive added 759 Bitcoin between June 15 and June 21 at an average of $65,850 per coin, spending roughly $50 million to push its total holdings past 19,800 BTC. The per-coin cost came in about 11% below what the Vivek Ramaswamy-founded firm paid in May, when it averaged $74,092 across a $185.2 million purchase, a gap that illustrates how much a corporate buyer’s cost basis can shift within a single quarter.

The more interesting detail is how Strive is funding the accumulation. Rather than convertible notes or at-the-market equity, the firm is using SATA, a perpetual preferred stock paying daily dividends at a 13% annual rate. The structure is designed to avoid diluting existing ASST shareholders, and the early data suggests it is generating real capital: in its first full week of daily dividend payments, SATA raised enough to acquire an estimated 603 BTC, with one session alone producing roughly $19.45 million in net proceeds. That said, the instrument showed stress on June 18, when SATA traded as low as $93 against its $100 par value before recovering to $97.70 by close. CEO Matt Cole described that session as “the most difficult day in the history of Digital Credit,” attributing the selloff to a leverage liquidation event. Strategy’s competing STRC preferred stock fared worse on the same day, hitting a record low of $82.53, which puts both instruments’ resilience under scrutiny at roughly the same moment.

A preferred stock trading at a persistent discount to par is not a footnote. It is the market pricing in doubt about the mechanism itself.

Strive now ranks seventh among public companies by Bitcoin holdings, with 19,864 BTC valued at roughly $1.3 billion, compared to Strategy’s 847,363 BTC. Strategy bought 520 BTC for $35 million in its latest reported purchase while maintaining a $1.4 billion dollar reserve to backstop its own preferred offerings. The parallel accumulation across multiple firms using structured finance instruments points toward a maturing but increasingly crowded playbook, where the differentiation between competitors is less about Bitcoin conviction and more about which financing vehicle holds up under market pressure. Corporate treasury strategies built on altcoin exposure have yet to prove comparable staying power, which keeps Bitcoin-specific vehicles like SATA in a structurally distinct category for now.

Since January, Strive has added over 3,700 BTC to its balance sheet, a figure that includes coins acquired through its earlier purchase of Semler Scientific alongside open-market buys. Whether SATA can continue generating the daily capital needed to sustain that pace depends on preferred stock investors remaining willing to hold an instrument that briefly traded 7% below par during a single volatile session.