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Strive okays up to $500M SATA repurchase program

The filing sets an optional repurchase ceiling $215.3 million above its Oct. 2 cash balance, and it disclosed no completed buybacks or timetable.

Reported · Written up by our desk · Market Structure

Bitcoin treasury company Strive disclosed an optional share repurchase program that would allow it to buy back up to $500 million of its variable-rate perpetual preferred stock, traded as SATA, beginning Oct. 5, according to a filing reported by CryptoSlate.

The repurchase ceiling is $215.3 million above Strive’s reported cash balance as of Oct. 2, and the company said the program gives management discretion to repurchase shares from time to time, with no completed SATA repurchases disclosed and no dedicated funding source or timetable for using the full capacity.

Strive also said it is balancing repurchases against its Bitcoin purchases, noting that its SATA approach is paired with a dividend-paying preferred structure. CryptoSlate reported that Strive has 29,462 BTC as of Oct. 2 after buying 2,000 Bitcoin between Sept. 28 and Oct. 2 at an average price of about $84,422 per bitcoin, including fees and expenses.

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