Strive, Inc. just added another 190 Bitcoin to its growing war chest, funded through its Variable Rate Series A Perpetual Preferred Stock, ticker $SATA.

The company, which trades on the NASDAQ under the ticker ASST, now holds roughly 16,500 BTC. That’s a treasury worth north of $1.7B at current prices, built largely without traditional debt.

How SATA works as a Bitcoin buying engine

Instead of issuing convertible notes or diluting common shareholders through secondary offerings, Strive created SATA, a perpetual preferred stock with a 13.00% variable dividend rate. Investors buy SATA shares at around $100 par value, Strive takes that cash and buys Bitcoin, and SATA holders get paid daily cash dividends. No new debt on the balance sheet. No dilution of existing common equity.

SATA became the first US-listed security to offer daily cash dividends when its payout phase launched on June 16, 2026. SATA’s daily trading volumes have consistently exceeded $39 million.

In May 2026, Strive bought approximately 794 BTC in a single week, a record for the company, largely attributed to SATA proceeds. Before that, the company raised $149.3 million through its IPO and follow-on offerings, which funded an initial acquisition of 1,567 BTC back in November 2025.

The MicroStrategy playbook, remixed

Where MicroStrategy leaned heavily on convertible debt and equity dilution, Strive has carved out a different lane with preferred stock. Michael Saylor has highlighted SATA’s impact on markets and investor interest.

Strive treats Bitcoin as its core hurdle rate for capital deployment, measuring every financial decision against whether deploying capital into Bitcoin would be preferable. The company maintains a debt-free balance sheet, meaning it doesn’t face the same margin call risks or interest rate pressures that haunt leveraged Bitcoin plays.

What this means for investors

For SATA holders, the value proposition is a 13.00% variable dividend paid daily, backed by a company whose sole treasury strategy is accumulating Bitcoin. For common shareholders of ASST, every Bitcoin purchase funded through SATA adds to the company’s treasury without diluting their stake.

The key metric to watch is whether SATA’s trading volume and demand hold up. At $39 million-plus in daily volume, the market is clearly interested, but preferred stock instruments can lose favor if the underlying asset stumbles or if competing products offer better terms.