Strive's SATA Preferred Stock Nears $1B as Strategy's STRC Keeps Lagging

Highlights

• Strive's SATA perpetual preferred stock is nearing $1 billion in notional value outstanding, at roughly $999 million.
• Strive added 1,375 BTC for $109 million last week, bringing its treasury to 24,531 BTC worth close to $1.96 billion.
• SATA carries a 13% annualized dividend and has held closer to its $100 par value than Strategy's STRC, which pays 12% but hasn't returned to par since May.
• Strategy hasn't bought bitcoin in roughly nine weeks, instead directing cash toward repurchasing STRC shares.

Strive's ASST perpetual preferred stock, SATA, is closing in on a $1 billion market capitalization, with roughly $999 million in notional value now outstanding after the company raised fresh capital last week. The milestone comes as Strive keeps expanding its bitcoin treasury, adding 1,375 BTC for $109 million to bring total holdings to 24,531 coins worth close to $1.96 billion. The growth stands in sharp contrast to Strategy's own preferred stock, STRC, which carries a similar structure but has failed to trade back up to its $100 par value since May despite offering a 12% annualized dividend. The divergence has turned SATA into a genuine rival product in the bitcoin-treasury preferred-stock market that Strategy effectively created.

Two Products, One Playbook, Different Results

SATA accounted for roughly 70% of the capital Strive raised last week, with shares outstanding climbing by 921,511 to near 10 million. That fundraising pace let the company add 1,375 BTC, pushing its total treasury to 24,531 BTC — a stack now worth close to $1.96 billion at current prices. SATA offers investors a 13% annualized dividend, a full percentage point above STRC's 12%, and has shown considerably more price resilience, trading closer to its $100 par value than Strategy's product has managed in months. Strategy, meanwhile, has taken a different approach: rather than continuing to buy bitcoin with fresh capital, the company has directed cash toward repurchasing STRC shares in the open market, an effort to prop up a security that has traded persistently below par since May. Strive's approach suggests the market is currently rewarding the newer, marginally higher-yielding structure, even though Strategy remains far larger by total bitcoin held and overall market capitalization.

A Live Test for Bitcoin Treasury Preferred Stock

For bitcoin treasury companies broadly, the SATA-STRC divergence is becoming a live test of which preferred-stock design investors trust to keep raising capital through market cycles. Strategy pioneered the model of using perpetual preferred equity to fund bitcoin purchases without diluting common shareholders as aggressively as a straight equity raise would, but STRC's persistent discount to par suggests investors are demanding a higher effective yield than Strategy is currently offering, or have grown wary of a security that hasn't shown it can hold its issue price. Strive's ability to keep both raising fresh SATA capital and buying bitcoin with it — rather than diverting cash to defend its own share price — signals stronger demand momentum for its specific structure right now. That matters beyond these two companies: a growing list of public firms have adopted bitcoin-treasury strategies funded partly through preferred stock, and how SATA and STRC perform will likely shape the terms future issuers can offer. If Strategy's buyback campaign succeeds in pushing STRC back toward par, it would validate the buyback-over-purchase approach; if SATA's momentum continues while STRC stays stuck, it could pressure Strategy to sweeten its own terms.

Related: Strategy Doubles Preferred Stock Buyback to $2B, Holds Off on BTC

What to Watch Next

The next marker is whether SATA actually crosses the $1 billion notional threshold in the coming weeks, and whether Strategy resumes bitcoin purchases once its STRC buyback campaign shows results — the company has now gone roughly nine weeks without adding to its treasury. Strive's pace of routing roughly 70% of new capital through SATA suggests the company will keep leaning on the product as its primary funding tool, which could push its treasury past 25,000 BTC within the next reporting cycle, further bolstering its push for the No. 2 bitcoin treasury spot. Whichever company's preferred stock trades closer to par by the end of the month will have a real claim to setting the standard other bitcoin treasury issuers follow.

FAQ

What is SATA?
SATA is Strive's perpetual preferred stock, used to raise capital that funds the company's bitcoin purchases, currently paying a 13% annualized dividend.

How does SATA compare to Strategy's STRC?
STRC pays a 12% annualized dividend but has traded below its $100 par value since May, while SATA has held closer to par and is nearing $1 billion in notional value outstanding.

How much bitcoin does Strive now hold?
Strive holds 24,531 BTC worth roughly $1.96 billion, after adding 1,375 BTC for $109 million last week.

Why hasn't Strategy bought bitcoin recently?
Strategy has redirected cash toward repurchasing STRC shares below par instead of buying bitcoin, and hasn't added to its treasury in about nine weeks.