Strive, Inc. has surpassed $10 million in proceeds from its at-the-market preferred stock program and converted those funds into more than 130 Bitcoin.

The financing vehicle is Strive’s Variable Rate Series A Perpetual Preferred Stock, which trades on Nasdaq under the ticker SATA. The instrument carries a 13% annualized dividend yield paid daily, helping keep the market price near its $100 par value and allowing the company to issue new shares without steep discounting.

How the structure works

Investors seeking yield buy SATA shares at or above $100, Strive collects the capital, and the company then immediately converts the proceeds into Bitcoin. The structure does not rely on debt, credit facilities, or bond covenants.

Many companies that have accumulated Bitcoin, including MicroStrategy, have done so in part through convertible notes and senior secured debt. Strive’s approach is entirely equity-based, which means creditors cannot force a liquidation if Bitcoin prices fall sharply. That distinction matters because the program’s financing capacity depends on SATA continuing to trade near par, so the market price of the preferred stock remains central to how often the ATM can be used.

The $10 million milestone announced this week is an early data point in a program that has already shown much larger weekly throughput. From August 24 to August 26, 2026, SATA ATM proceeds reached $40.35 million, enough to buy approximately 510.69 Bitcoin at prevailing prices. In the two days before that, on August 20 and August 21, the company raised about $32.9 million, funding roughly 440 Bitcoin.

Strive’s Bitcoin holdings

In an August 24 Form 8-K, the company said it purchased 1,110 Bitcoin between August 17 and August 21 at an average price of approximately $73,409 per coin. That purchase increased total holdings from 20,246 BTC to 21,356 BTC.

The SATA program was authorized in December 2025 with a size of $500 million and was structured specifically to fund Bitcoin purchases through equity issuance. Strive has said it activates the ATM only when SATA trades at or above its $100 par value, since issuing below par would dilute existing holders and weaken the mechanism. The program resumed in late August 2026 after SATA returned to par, leading to the burst of activity reflected in the weekly figures.

Why the debt-free structure matters

Preferred equity holders may receive reduced dividends in a severe downturn, but unlike bondholders they cannot demand repayment of principal. That reduces the risk of a forced-liquidation scenario that can affect balance sheets carrying significant leverage.

The 13% dividend is not cost-free. It must be paid from the company’s operating resources or, in theory, from future Bitcoin gains. If Bitcoin remains stagnant for a prolonged period, maintaining that payout while continuing to build the treasury could become a balancing act.