Most companies slow their buying when an asset loses half its value. Strive is doing the opposite.

The publicly traded asset management firm, listed on Nasdaq under the ticker ASST, is pulling in an average of $8.1 million per day through its SATA perpetual preferred stock program. That pace hasn’t slowed despite Bitcoin sitting in a 50% drawdown from its highs. Jeff Walton, Strive’s Chief Risk Officer, shared the figure in early June 2026, framing it as evidence that investor appetite for Bitcoin exposure through structured products remains remarkably durable.

How Strive keeps buying while others retreat

The mechanism behind Strive’s capital engine is its SATA perpetual preferred stock. Investors buy SATA shares, Strive takes that money and buys Bitcoin for its treasury.

At the current daily raise rate, Strive’s projected daily dividend obligations of roughly $390,723 (once payments begin) would be covered approximately 21 times over.

Strive currently holds between approximately 14,557 and 19,000 BTC, depending on recent purchases still settling. The company has outlined plans to issue enough SATA shares to potentially fund the acquisition of up to 175,000 additional Bitcoin. If fully executed, that would represent roughly $15.5 billion in total SATA issuance.

The bear market playbook

Strive became the first publicly traded asset management firm to adopt a Bitcoin treasury model following its merger in September 2025.

By using preferred stock issuance rather than common equity, Strive’s approach theoretically preserves value for existing common shareholders while still scaling its BTC position.

What this means for investors

The 175,000 BTC target requires sustained investor demand for SATA shares across what could be months or years of additional issuance. The 21x coverage ratio on dividend obligations provides a substantial buffer against compressed capital inflows.

Investors evaluating Strive specifically should watch two metrics closely: the daily SATA raise rate as a leading indicator of demand durability, and the dividend coverage ratio as a measure of financial sustainability.