Strive, Inc. has used its SATA preferred stock program to buy an estimated 490 BTC in a single day, surpassing the Bitcoin network’s average daily issuance of roughly 450 BTC.
Summary
- Strive’s SATA preferred stock program bought an estimated 490 BTC in one day, above Bitcoin’s average daily issuance of about 450 BTC.
- SATA generated an estimated $35.3 million in ATM proceeds on Wednesday, based on tracker data showing $66.9 million in trading volume.
- Strive’s latest SEC filing confirmed the purchase of 1,109 BTC between May 19 and May 22, lifting total holdings to 16,500 BTC.
According to the Bitcoin for Corporations SATA Tracker dashboard, Wednesday’s activity showed about $66.9 million in total SATA volume, a 13% yield, and 95% of volume above the $100 par level set by Strive’s board for new issuance.
SATA absorbs more Bitcoin than daily mining supply
The tracker estimated a 58% capture rate from Wednesday’s trading, which placed at-the-market proceeds near $35.3 million while bitcoin traded around $74,956. Based on those figures, the SATA program was estimated to have acquired around 490 BTC during the session.
Bitcoin miners currently earn 3.125 BTC per block after the April 2024 halving, and the network normally produces about 144 blocks each day. Based on that block schedule, the network adds about 450 new Bitcoin to circulation every 24 hours.
Wednesday’s estimate means Strive’s preferred stock program bought more bitcoin in a single session than miners produced across the entire network in an average day.
Weekly Data Shows Heavy Treasury Buying
For the week ended May 24, SATA recorded about 794 BTC in purchases, according to the tracker data cited in the report. Wednesday’s revised estimate of 475 BTC was listed as the second confirmed daily supply absorption event by the instrument over the past eight days.
At the same time, Strive’s 8-K data, as shown through the tracker, covered the period from May 18 to May 26. During that filing window, SATA produced $50 million in total proceeds and added about 650 BTC to Strive’s treasury at a 48% capture rate.
Strive’s latest SEC filing also confirmed that the company purchased 1,109 bitcoin between May 19 and May 22. The filing placed the average purchase price at about $76,989 per bitcoin and brought the company’s total holdings to 16,500 BTC.
Strive uses preferred equity instead of debt
Strive describes itself as a Dallas-based corporate treasury and structured finance company focused on bitcoin accumulation. The company uses Variable Rate Series A Perpetual Preferred Stock, branded SATA, as one of its main funding tools.
The preferred stock is designed to pay cash dividends on each business day at a stated annual rate of 13%, with frequent distributions allowing the dividend structure to compound. Strive has said that the $100 per-share threshold serves as a floor below which management should not issue shares.
Rather than relying on traditional debt, Strive uses preferred equity to raise long-duration capital. The company has said this structure supports its bitcoin treasury strategy while reducing pressure tied to conventional loan maturities.
According to Strive’s disclosures, proceeds from SATA offerings are used for bitcoin purchases, the retirement of convertible notes connected to its Semler Scientific acquisition, and repayment of a Coinbase Credit loan.
