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Bitcoin treasury companies have turned capital markets into a bit of a playbook. Raise money through creative equity instruments, buy more Bitcoin, repeat. Strive, Inc. is now hinting at the next chapter of that playbook.
Strive CEO Matt Cole said the company might launch another preferred equity offering if Bitcoin rises quickly enough and the move would benefit holders of both its common stock, ASST, and its preferred stock, SATA.
What Strive is actually building
Strive trades on Nasdaq under the ticker ASST and has positioned itself in the Bitcoin treasury lane.
The centerpiece of Strive’s financing strategy is SATA, a Variable Rate Series A Perpetual Preferred Stock. SATA currently offers a 13% variable APR dividend. As of June 16, 2026, the company shifted those dividend payments from monthly to daily, a change designed to improve liquidity for holders.
SATA trades within a target range of $99 to $101, which keeps the preferred stock close to par value, reducing price risk for income-focused investors who want Bitcoin exposure without the full volatility of holding the underlying asset.
The Bitcoin stack and the financing history
Strive holds approximately 20,000 BTC as of late July 2026. Recent purchases included 79 BTC at an average price of around $65,723.
In January 2026, Strive proposed a $150 million follow-on sale of SATA preferred stock, with proceeds earmarked for repaying existing debt and purchasing more Bitcoin. That offering is the template Cole is now signaling he might revisit.
Cole previously oversaw more than $70 billion in fixed-income assets at CalPERS, California’s public pension fund.
Strive is also notable for being the second public company to create a publicly traded perpetual preferred equity instrument backed by Bitcoin exposure. Michael Saylor of Strategy has publicly endorsed Strive’s approach.
What this means for investors watching the space
For ASST common stockholders, preferred equity sits ahead of common in the capital structure, meaning every new preferred share adds an obligation that common holders sit behind. Cole specifically flagged benefits to both ASST and SATA holders, acknowledging this tension. A new offering that adds preferred obligations without a commensurate increase in Bitcoin value would be a bad trade for common shareholders.
The risk is that the model has not yet been stress-tested through a prolonged Bitcoin bear market. A 13% APR dividend sounds attractive when Bitcoin is appreciating, but becomes considerably more complicated when the collateral is down 50% and preferred shareholders are still expecting daily payments.
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