Strive raises funds for 104 Bitcoin purchases over 9 days using preferred stock program

Strive, Inc. has generated enough capital through its preferred stock program to purchase 104 Bitcoin over a nine-day stretch, continuing one of the more methodical institutional accumulation strategies in the market right now.

The company’s Variable Rate Series A Perpetual Preferred Stock, ticker SATA, has become the engine behind a Bitcoin treasury that now exceeds 23,000 BTC. Strive isn’t selling common shares, issuing debt, or conducting buybacks to fund these purchases. It’s running the whole operation through a single preferred equity instrument.

How the SATA machine works

Strive authorized the at-the-market (ATM) program in December 2025 with a ceiling of $500 million. The preferred shares carry a par value of $100 and pay a variable annualized dividend of roughly 13%, which shifted to daily payouts as of June 2026.

When SATA trades near or above its par value, Strive activates its ATM facility and sells new preferred shares into the market. The proceeds go directly toward buying Bitcoin. When conditions aren’t favorable for existing preferred holders, the company simply doesn’t sell.

Between August 24 and August 28, 2026, Strive completed its most aggressive single acquisition to date: 1,800 BTC funded by approximately $80.3 million in SATA proceeds. That purchase alone pushed total holdings to 23,156 BTC.

The treasury trajectory

Strive’s Bitcoin holdings have scaled dramatically in a relatively short window. The company held only a small number of BTC in late 2025 when the SATA program launched. By August 2026, it had accumulated over 23,000 BTC.

The 104 BTC raised over nine consecutive days represents the latest data point in what has become a remarkably consistent cadence. Earlier periods saw the program generate funding capacity for over 1,192 BTC in a single week.

Strive also carries no long-term corporate debt. In a landscape where several Bitcoin treasury companies have layered convertible notes and term loans on top of equity raises, the zero-debt posture gives Strive a cleaner balance sheet and fewer forced-selling scenarios if Bitcoin prices drop sharply.

What this means for Bitcoin treasury plays

The 13% variable dividend is the carrot for preferred shareholders. Investors buying SATA are essentially lending capital to Strive at a 13% cost, with the understanding that the proceeds will be deployed into Bitcoin.

Daily dividend payments, introduced in June 2026, add another layer of appeal for income-focused investors who want crypto exposure without holding the asset directly.

The risk runs in both directions. A sustained Bitcoin downturn would leave Strive holding a depreciating asset while still owing 13% annually to preferred shareholders. At 23,156 BTC, even a modest percentage decline in Bitcoin’s price would represent hundreds of millions in unrealized losses, while the dividend clock keeps ticking regardless.