Strive Scoops Up $109M in Bitcoin, Boosts Preferred Stock to Near $1B

Strive, an asset management firm co-founded by Vivek Ramaswamy, has made another significant Bitcoin purchase. Between August 31 and September 4, the company acquired 1,375 BTC for $109 million at an average price of roughly $79,281 per coin.

This latest buy brings Strive's total Bitcoin stash to 24,531 BTC, worth over $1.9 billion at current prices. The funding mechanism behind this purchase is a unique perpetual preferred stock called SATA (ticker: SATA), which now has $999 million in notional outstanding.

Strive's Variable Rate Series A Perpetual Preferred Stock pays a variable dividend of 13%, distributed daily, making it an attractive option for investors seeking structured Bitcoin exposure. The company has been using this preferred stock to fund its Bitcoin purchases, with about 70% of the capital raised in the most recent week coming through SATA issuance.

This marks the third straight week where Strive has grown its Bitcoin holdings by at least 5%. Year-to-date, the company's Bitcoin holdings have surged more than 225%, with an average cost basis of around $91,467 per coin. However, with BTC trading near $79K, Strive is currently underwater on its aggregate position.

Strive now ranks as the fifth-largest publicly traded corporate holder of Bitcoin and trades on Nasdaq under the ticker ASST, giving equity investors direct exposure to its Bitcoin-heavy balance sheet.