Strive Expands Bitcoin Treasury While Growing SATA Preferred Shares

Strive purchased 1,109 Bitcoin between May 19 and May 22, increasing its holdings to 16,500 BTC, according to a Tuesday SEC filing.

The company said it held about $93.3 million in cash and cash equivalents as of May 22, alongside roughly $50.1 million in fair value tied to its holdings of Strategy’s Stretch preferred stock product, STRC. The Dallas, Texas-based company also said it is evaluating refreshed at-the-market stock sale programs that could fund additional Bitcoin (BTC) purchases.

Strive boosted its Class A common shares outstanding by more than 2.2 million shares during the period, while its SATA preferred stock count rose by about 515,000 shares, reflecting continued use of equity-linked financing tied to its Bitcoin treasury strategy.

The filing follows Strive’s announcement earlier this month that it would start paying daily dividends on its SATA preferred shares at a 13% annualized rate beginning in June. The company described SATA as the first listed US security designed to distribute dividends every business day. It also announced it had eliminated all outstanding debt.

Strive is an asset manager founded by former US presidential candidate and current Republican gubernatorial candidate in Ohio Vivek Ramaswamy that has increasingly adopted a Bitcoin treasury strategy similar to Strategy.

Data from BitcoinTreasuries.NET shows the company now ranks as the seventh-largest public corporate Bitcoin holder, with roughly $1.3 billion in BTC on its balance sheet.

Top 10 Bitcoin treasury companies. Source: BitcoinTreasuries.NET

Yield-bearing securities viewed as digital credit

Strive’s SATA product is part of a growing class of yield-bearing securities tied to corporate Bitcoin treasury strategies, an asset class that issuers are describing as “digital credit.”

Strategy, the world’s largest corporate Bitcoin holder, currently offers multiple preferred securities tied to its Bitcoin-focused capital structure, including Stretch (STRC), Stride (STRD), Strife (STRF) and Strike (STRK).

STRC has emerged as the dominant Bitcoin-linked preferred security issued by the company. Launched in July 2025, the security currently carries a variable dividend yield of about 11.5%, according to company data. Shareholders will vote next week on a proxy proposal to pay dividends on the shares twice a month.

Earlier this month, STRC recorded a record $1.53 billion in daily trading volume, with chairman Michael Saylor describing the product as Strategy’s primary vehicle for funding Bitcoin purchases in 2026.

SATA currently has a market capitalization of about $332 million, according to BitcoinTreasuries.net data, compared with more than $10 billion for Strategy’s STRC.

Speaking Tuesday on the Coin Stories podcast, Strive Chief Risk Officer Jeff Walton said BTC-backed securities could reshape traditional financial markets and credit systems.

“You can start to rethink and reimagine what money looks like, reimagine what credit looks like,” Walton said, adding that the idea was “so simple it seems like it shouldn’t work,” which he said contributes to skepticism around the emerging sector.