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 September 8 and September 11, Strive made another move: 469 BTC for $36.6 million, this time entirely funded by SATA. That transaction brought the company to exactly 25,000 BTC in total holdings.

It also pushed SATA’s notional value past $1.04 billion. A preferred stock instrument that launched less than a year ago has already crossed the ten-figure mark in notional terms.

Strive held Bitcoin only in the low thousands when it completed its merger in January 2026. CEO Matt Cole has publicly highlighted what the company calls its amplification ratio, which measures how much Bitcoin NAV the company controls relative to the preferred equity it has issued.

A new template for Bitcoin treasury companies

The broader Bitcoin treasury playbook was popularized by MicroStrategy, which used convertible debt and equity raises to accumulate Bitcoin on its balance sheet.

Perpetual preferred equity does not mature. There is no principal repayment deadline, no covenant that kicks in if Bitcoin falls 30%. The dividend obligation is real, but it does not trigger the same existential risk that debt maturities can create.

SATA’s target trading band is $99 to $101 per share. As long as it stays in that range, the system keeps feeding itself. High trading volumes in the first half of September 2026 demonstrated that the instrument can absorb capital influxes large enough to move Bitcoin purchasing power by hundreds of BTC per week.