Strive Surpasses $10M in Proceeds from Bitcoin-Focused Preferred Stock Program
Strive Inc., a company that has been quietly accumulating Bitcoin through its at-the-market preferred stock program, recently crossed $10 million in proceeds from the vehicle. The funds were converted into more than 130 Bitcoin.
The program, which is trading under the ticker SATA on NASDAQ, allows yield-hungry investors to buy shares at or above $100 par value, earning a 13% annualized dividend yield distributed daily.
This structure keeps the market price of the instrument anchored near its $100 par value and lets Strive issue new shares without discounting them. Unlike other companies that have taken on debt to acquire Bitcoin, such as MicroStrategy, Strive's approach is entirely equity-based.
In August, Strive purchased 1,110 Bitcoin at an average cost of approximately $73,409 per coin, pushing total holdings from 20,246 BTC to 21,356 BTC. The company has been methodical about activating the ATM only when SATA trades at or above its $100 par value.