Strive's preferred stock offering, which trades under the ticker SATA, generated enough capital this week to fund the purchase of 191 Bitcoin in just three days — the latest move in one of the most relentless corporate Bitcoin accumulation efforts outside MicroStrategy's well-documented playbook.

Listed on NASDAQ under the ticker ASST, Strive has effectively converted its Variable Rate Series A Perpetual Preferred Stock into a Bitcoin acquisition engine. Whenever SATA trades at or above its $100 par value, the company channels the capital raised straight into Bitcoin purchases. Across two recent sessions in which that threshold was met, the firm added approximately 440 BTC to its treasury.

Strive is itself a recent arrival on public markets. The firm began as an asset manager co-founded by Vivek Ramaswamy and went public in 2025 through a merger with Asset Entities, adopting the ASST ticker before reorienting its business around a Bitcoin treasury strategy — a playbook that a growing number of publicly listed companies has taken up since 2024.

Een treasury opgebouwd in startuptempo

Strive's Bitcoin holdings have expanded from the low thousands in late 2025 to more than 21,000 BTC by mid-to-late August 2026.

In a five-day span from August 17 to 21, the company bought 1,110 Bitcoin at an average price of $73,409 per coin — an outlay of roughly $81.5 million for that window alone.

The most recent three-day purchase of 191 BTC marks Strive's fastest pace of accumulation since May 2026. The treasury also received a substantial boost from the company's January 2026 acquisition of Semler Scientific, which contributed approximately 5,048 BTC. Semler, a medical-device maker, had begun building its own Bitcoin treasury in 2024, one of the earlier public companies to follow MicroStrategy's template — so a sizable share of Strive's holdings arrived through consolidation of an existing treasury rather than open-market buying alone.

At more than 21,000 BTC, Strive now ranks among the largest corporate Bitcoin holders, though its stash remains a fraction of the treasury at Strategy — the company formerly known as MicroStrategy, which rebranded in early 2025 and still holds more Bitcoin than any other public company.

Hoe SATA werkt als Bitcoin-kanaal

The mechanics behind Strive's strategy are worth unpacking. SATA is a perpetual preferred stock, meaning it carries no maturity date and pays dividends indefinitely. The instrument currently offers an annualized yield of roughly 13%, paid out daily — an arrangement that incentivizes the stock to trade near its $100 par value.

SATA's initial public offering in November 2025 was oversubscribed, bringing in $149.3 million. That capital financed the purchase of 1,567 Bitcoin right out of the gate.

By December 2025, Strive had authorized a $500 million at-the-market program for ongoing Bitcoin acquisitions through SATA. Under the ATM structure, the company sells shares gradually into the open market rather than through large block offerings, creating a steady stream of capital for Bitcoin purchases without shocking the stock price. The arrangement ties the pace of future accumulation directly to sustained investor demand for SATA at or above its par value.

The approach is debt-free, setting it apart from most corporate Bitcoin strategies — including MicroStrategy's — which have relied heavily on convertible notes and other debt instruments. By financing purchases through preferred equity, Strive avoids interest obligations and default risk, accepting ongoing dividend payments in their place — a recurring cost that scales with every share issued under the program.