Strive raises $100M through preferred equity, buys more Bitcoin in aggressive treasury push

Strive, the Bitcoin treasury company trading on NASDAQ under the ticker ASST, pulled in $100 million through its preferred equity instrument in just seven days. The capital raise, executed through the company’s Variable Rate Series A Perpetual Preferred Stock (SATA), is fueling an aggressive Bitcoin buying spree that has vaulted Strive into the upper ranks of public company Bitcoin holders.

The company’s total Bitcoin stash now sits at 21,356 BTC, making it the seventh-largest public holder of the asset. For a company that only completed its merger and went public in 2025, that’s a remarkably fast climb up the leaderboard.

How SATA works as a Bitcoin acquisition engine

SATA is a perpetual preferred stock, meaning it doesn’t mature or expire, and it pays a variable dividend of 13% on a daily basis. The instrument is designed to trade in a tight band between $99 and $101, hovering around its $100 par value.

When SATA trades at or above par, Strive can issue new shares through its at-the-market (ATM) program without diluting value. The ATM program is authorized for up to $500 million, giving the company substantial runway to keep raising capital and converting it into Bitcoin.

During the week of August 24-28, strong trading activity saw SATA consistently hit or exceed its $100 par value. That enabled approximately $40.35 million in net ATM proceeds, which funded the purchase of roughly 510 BTC. The $100 million raised over the full seven-day period represents the broader capital flowing into the instrument.

The company operates on a debt-free balance sheet. Unlike companies that lever up to buy Bitcoin, Strive is funding acquisitions entirely through equity issuance.

A buying streak that keeps accelerating

The recent purchases are part of a broader pattern that’s been intensifying. In a three-day stretch leading up to the big week, Strive added 191 BTC. The week before that, the company scooped up 1,110 BTC in aggregate.

The corporate Bitcoin treasury playbook evolves

Strive’s approach represents something of an evolution in how companies think about Bitcoin treasury strategies. The first wave, pioneered most visibly by MicroStrategy (now Strategy), relied heavily on convertible debt and common stock offerings.

Strive’s preferred equity route threads a different needle. SATA holders get a daily 13% variable dividend, which makes the instrument attractive as a yield-generating product. Meanwhile, common shareholders avoid direct dilution from Bitcoin purchases, since the capital comes from a separate class of stock. The debt-free balance sheet adds another layer of insulation against the kind of forced selling that can occur when leveraged positions meet a Bitcoin downturn.

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