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Strive nears $1B market cap for its SATA preferred as BTC buys continue

Strive bought 1,375 BTC for $109 million last week, and SATA accounts for 70% of the capital raised, according to CoinDesk.

Reported · Written up by our desk · Market Structure

Strive’s SATA preferred stock is nearing a $1 billion market capitalization as the firm continues adding to its Bitcoin treasury, CoinDesk reported. The publication said SATA accounts for 70% of the capital Strive raised last week and remains trading around its $100 par value.

CoinDesk reported that Strive acquired an additional 1,375 BTC for $109 million last week, bringing total holdings to 24,531 BTC. The purchase price averaged $79,281 per bitcoin, and Strive’s total Bitcoin holdings are worth about $1.96 billion.

SATA provides daily dividends at a 13% annualised rate, and Strive is using SATA’s near-par trading to raise more capital through at-the-market offerings, CoinDesk said. CoinDesk added that ASST shares have more than doubled over the past month and are up 56% year-to-date, though they remain about 90% below a record high from roughly a year ago.

The article contrasted Strive’s activity with Strategy, saying Strategy did not buy new bitcoin last week and instead used cash to repurchase shares of STRC. CoinDesk reported Strategy repurchased another $176 million of STRC, doubled its authorized STRC repurchase program from $1 billion to $2 billion, and kept its bitcoin holdings unchanged at 845,050 BTC.

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