Strive, the Bitcoin treasury company listed on NASDAQ under the ticker ASST, has raised $100 million through its preferred equity instrument in seven days, channeling the capital into an accelerating Bitcoin buying program.

The raise was executed through the company's Variable Rate Series A Perpetual Preferred Stock (SATA), and the resulting purchases have lifted Strive's total Bitcoin holdings to 21,356 BTC, making it the seventh-largest public holder of the asset. That is a rapid ascent for a company that completed its merger and went public only in 2025 — a listing achieved through a combination with Nasdaq-traded Asset Entities that turned Strive, an asset manager co-founded by Vivek Ramaswamy, into a Bitcoin treasury vehicle trading under ASST.

How SATA works as a Bitcoin acquisition engine

SATA is a perpetual preferred stock, meaning it does not mature or expire, and it pays a variable dividend of 13% on a daily basis. The instrument is designed to trade in a tight band between $99 and $101, hovering around its $100 par value.

When SATA trades at or above par, Strive can issue new shares through its at-the-market (ATM) program without diluting value. The ATM program is authorized for up to $500 million, giving the company substantial runway to keep raising capital and converting it into Bitcoin. With $100 million raised in this seven-day stretch, most of that authorization remains available.

During the week of August 24–28, strong trading activity kept SATA consistently at or above its $100 par value. That enabled approximately $40.35 million in net ATM proceeds, which funded the purchase of roughly 510 BTC. The $100 million raised over the full seven-day period represents the broader capital flowing into the instrument.

Strive operates on a debt-free balance sheet. Unlike companies that take on leverage to buy Bitcoin, it funds acquisitions entirely through equity issuance.

A buying streak that keeps accelerating

The recent purchases extend a pattern that has been intensifying. In a three-day stretch leading up to the $100 million week, Strive added 191 BTC. The week before that, the company accumulated 1,110 BTC in aggregate. The seventh-place ranking puts Strive ahead of every public holder except six, though it remains a fraction of the size of Strategy — the playbook's originator and the largest corporate holder, with a position exceeding 600,000 BTC.

The corporate Bitcoin treasury playbook evolves

Strive's approach represents an evolution in how companies structure Bitcoin treasury strategies. The first wave of the playbook, pioneered most visibly by MicroStrategy (now Strategy), relied heavily on convertible debt and common stock offerings. Since then, a wave of new treasury companies has gone public in 2025, and Strategy itself has added listed preferred stock to its funding toolkit — a sign that preferred equity is becoming an established channel across the sector rather than a Strive-specific invention.

Strive's preferred equity route threads a different needle. SATA holders receive a daily 13% variable dividend, which makes the instrument attractive as a yield-generating product, while common shareholders avoid direct dilution from Bitcoin purchases because the capital comes from a separate class of stock. The debt-free balance sheet adds a further layer of insulation against the kind of forced selling that can occur when leveraged positions meet a Bitcoin downturn. The offsetting cost is visible in the structure itself: a perpetual 13% daily dividend obligation that scales with the amount of preferred stock outstanding, and an ATM engine that, by design, issues without dilution only while SATA trades at or above its $100 par value.