TD Cowen analyst Lance Vitanza is keeping his Buy rating on Strive, Inc. (NASDAQ: ASST), though he trimmed his price target from $32 to $28 on July 22. With ASST trading in the $12 to $15 range, that revised target still implies roughly 85% to 130% upside.

Vitanza also initiated coverage on Strive’s preferred stock, the Variable Rate Series A Perpetual Preferred Stock trading under the ticker SATA. That instrument carries a 13% annualized dividend paid out every business day, a structure the company claims is a first for US preferred securities.

The Bitcoin treasury playbook, with a twist

Strive has been aggressively expanding its at-the-market equity program to fund ongoing Bitcoin purchases, essentially raising capital through share sales to buy more crypto.

The SATA preferred stock carries a 13% annualized yield, paid daily since June 16, 2026, and classified as a return of capital to the extent of the holder’s tax basis. The preferred shares have been trading close to their $100 par value, targeting a tight range between $99 and $101.

The numbers tell a complicated story

Strive reported a GAAP net loss of $265.9 million for Q1 2026. The company operates without any debt on its balance sheet, funding Bitcoin acquisitions through equity raises rather than borrowing.

Vitanza, who covers multiple Bitcoin treasury firms, maintains a $28 price target on ASST.

Why this matters for crypto investors

The SATA preferred stock’s daily dividend mechanism stands apart from typical preferred structures. Traditional preferred stocks pay quarterly. Monthly payers are considered aggressive. Daily payouts began June 16, 2026, and the shares are classified as return of capital to the extent of the holder’s tax basis, a meaningful distinction for tax-conscious investors.

The lowered price target from $32 to $28 reflects some recalibration of expectations. Traders should watch how SATA trades relative to its $99 to $101 target range during periods of Bitcoin volatility, as any sustained break below par would signal that the market is repricing the credit risk of the preferred, which could have cascading effects on ASST common stock sentiment.