Key Highlights
- Strive acquired 1,375 BTC for $109 million, expanding total reserves to 24,531 BTC valued at approximately $1.96 billion.
- The company’s SATA preferred stock is nearing a $1 billion market capitalization, maintaining its $100 par value.
- With a 13% annualized dividend yield, SATA represented 70% of the firm’s capital raised during the previous week.
- ASST shares have surged over 100% in the past 30 days and gained 56% year-to-date, despite trading 90% below all-time highs.
- In contrast, Strategy’s STRC preferred stock languishes near $98, below its par value, while MSTR shares decline 12% this year.
The Bitcoin treasury company has maintained an aggressive accumulation strategy. Last week, Strive purchased an additional 1,375 BTC at an average cost of $79,281 per token, deploying $109 million from its treasury.
This acquisition elevates Strive’s Bitcoin reserves to 24,531 BTC, currently valued at approximately $1.96 billion. Additionally, the company increased its liquid assets to $202,600.
ASST shares have experienced explosive growth, more than doubling over the last 30 days with a 56% gain year-to-date. The stock recently touched a year-to-date peak above $27. Following the announcement, shares retreated 2-3%, sliding below $27 as Bitcoin corrected from levels above $82,000.
While the recent performance has been impressive, ASST continues trading approximately 90% below the all-time high established around a year ago.
The recent acquisition follows a 1,800 BTC purchase made two weeks prior, propelling Strive to the fifth position among Bitcoin treasury companies. The firm now ranks behind Strategy, Twenty One Capital, Metaplanet, and MARA Holdings.
CEO Matt Cole has publicly stated his goal to accumulate more than 20,000 BTC before the calendar year concludes, with long-term aspirations to become the industry’s second-largest Bitcoin treasury operation after Strategy.
SATA Dominates Fundraising Efforts
Cole disclosed that SATA, Strive’s perpetual preferred stock instrument, contributed 70% of the previous week’s capital raise. Common stock sales accounted for the remaining 30%.
SATA currently has $999 million in outstanding notional value, positioning it just below the symbolic $1 billion threshold. The security distributes daily dividends at a 13% annualized rate and consistently trades at or around its $100 par value.
This par value stability provides significant strategic advantages. It enables Strive to execute at-the-market offerings without facing the valuation discount pressures that emerge when preferred securities trade below their par values.
Strategy’s STRC Faces Persistent Challenges
Strategy, in comparison, faces more substantial headwinds with its preferred stock offering. STRC, which provides a 12% yield, currently trades around $98 and has failed to regain its $100 par value since mid-May.
During the previous week, Strategy repurchased $176 million worth of STRC and expanded its authorized buyback initiative from $1 billion to $2 billion. These repurchases were funded with cash reserves rather than equity issuances, reducing its USD cash position to $1.438 billion.
Strategy maintained its Bitcoin position unchanged at 845,050 BTC.
MSTR stock has declined 12% year-to-date, while ASST has significantly outperformed during the identical period. The performance differential between SATA trading at par and STRC’s ongoing discount below par has emerged as a critical advantage in Strive’s ability to raise capital with greater efficiency.
STRC has remained below its $100 par value since mid-May.
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