Strive buys $109M in Bitcoin, pushes preferred stock toward $1B

Strive, the asset management firm co-founded by Vivek Ramaswamy, scooped up another 1,375 Bitcoin for $109 million between August 31 and September 4. That brings the company’s total stash to 24,531 BTC, worth north of $1.9 billion at current prices.

The purchase was made at an average price of roughly $79,281 per coin. And the funding mechanism behind it is almost as interesting as the buy itself: Strive’s Variable Rate Series A Perpetual Preferred Stock, ticker SATA, now has $999 million in notional outstanding.

A Bitcoin treasury machine running on preferred stock

Strive’s playbook is distinct from the debt-fueled Bitcoin accumulation strategies that have defined the corporate treasury trend since MicroStrategy popularized it. Rather than issuing convertible notes or taking on traditional loans, Strive has leaned heavily on its SATA preferred stock to fund purchases.

About 70% of the capital raised in the most recent week came through SATA issuance, according to CEO Matt Cole’s September 8 announcement. The preferred stock pays a variable dividend of 13%, distributed daily.

This latest purchase marks the third straight week where Strive has grown its Bitcoin holdings by at least 5%. The week before, the company added 1,800 BTC for $143 million at an average cost of approximately $79,431 per coin. Year-to-date, Strive’s Bitcoin holdings have surged more than 225%.

Across all 31 transactions, the company’s average cost basis sits around $91,467 per Bitcoin. With BTC trading near $79K at the time of the latest buy, that means Strive is currently underwater on its aggregate position.

Climbing the corporate Bitcoin leaderboard

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

What the Strive model signals for institutional Bitcoin demand

Strive’s approach represents an evolution in how public companies are financing Bitcoin accumulation. The original playbook, pioneered by MicroStrategy (now Strategy), relied on convertible senior notes and at-the-market equity offerings. Metaplanet in Japan adopted a similar approach. Strive has introduced a third path: perpetual preferred stock with a high variable dividend.

For the broader market, the fact that Strive has been able to raise nearly $1 billion through a single preferred stock instrument suggests there is substantial institutional appetite for structured Bitcoin exposure. Investors buying SATA aren’t buying Bitcoin directly. They’re buying a 13% yield backed by a company whose primary asset is Bitcoin.

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