Strive raises $10M in ATM proceeds to acquire over 130 Bitcoin

Strive, Inc. has crossed $10 million in proceeds from its at-the-market preferred stock program, converting those funds into more than 130 Bitcoin.

The vehicle doing the heavy lifting is Strive’s Variable Rate Series A Perpetual Preferred Stock, trading under the ticker SATA on NASDAQ. The instrument pays a 13% annualized dividend yield distributed daily, which keeps its market price anchored near its $100 par value and lets the company issue new shares without discounting them into oblivion.

How the machine works

Yield-hungry investors buy shares at or above $100, Strive collects the cash, then immediately converts it into Bitcoin. No debt, no credit facilities, no bond covenants.

Most corporations that load up on Bitcoin, MicroStrategy being the obvious example, have done so partly through convertible notes and senior secured debt. Strive’s structure is entirely equity-based, meaning creditors cannot force a liquidation if Bitcoin prices crater.

The $10 million milestone announced this week is a relatively early data point in a program that has already demonstrated far larger weekly throughput. During the stretch from August 24 to 26, 2026, SATA ATM proceeds reached $40.35 million, enough to purchase approximately 510.69 Bitcoin at prevailing prices. In the two days prior, August 20 and 21, the company raised roughly $32.9 million, funding around 440 Bitcoin.

The bigger picture on Strive’s Bitcoin stack

The company confirmed via an August 24 Form 8-K that it purchased 1,110 Bitcoin between August 17 and 21, at an average cost of approximately $73,409 per coin. That single tranche pushed total holdings from 20,246 BTC to 21,356 BTC.

The SATA program itself was authorized at $500 million in December 2025, structured exclusively to fund Bitcoin purchases through equity issuance. Strive has been methodical about only activating the ATM when SATA trades at or above its $100 par value, since issuing below par would dilute existing holders and undercut the entire mechanism. The program’s revival in late August 2026, after SATA returned to par, triggered the burst of activity now reflected in these weekly figures.

Why the debt-free framing matters

Preferred equity holders can receive reduced dividends in a severe downturn, but they cannot demand repayment of principal the way a bondholder can. The company does not face the same forced-liquidation scenario that shadows leverage-heavy balance sheets.

The 13% dividend is not free money: it comes out of the company’s operating resources or, theoretically, future Bitcoin appreciation. If Bitcoin stagnates for an extended period, sustaining that payout while also growing the treasury becomes a balancing act.

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