Strive Buys 2,500 Bitcoin Using Almost Entirely SATA Proceeds

Strive Inc. announced today that it purchased an additional 2,500 bitcoin between May 23 and June 1, 2026, for approximately $185.2 million at an average price of $74,092 per coin. The purchase brings the company's total bitcoin holdings to exactly 19,000 BTC.

The buy was funded almost exclusively through Strive's Variable Rate Series A Perpetual Preferred Stock, known by its ticker SATA. According to the 8-K filed with the SEC, Strive issued 1,754,188 new SATA shares during the period. At approximately $100 per share par value, that translates to roughly $175.41 million raised through SATA alone, covering approximately 94.7% of the total $185.2 million purchase price. The remaining $9.82 million came from Class A common stock (ASST) sold through its at-the-market program, with 3,190,618 new Class A shares issued. To put it plainly: SATA did essentially all the heavy lifting here.

This is worth pausing on, because last week was quietly historic for SATA. The instrument had a record-breaking stretch of demand, and our SATA accumulation tracker had estimated significant capital had been raised ahead of the official filing. The actual announcement confirms, and slightly trims, the 2,649 BTC our dashboard had pinned before the filing landed. The order of magnitude of Strive's announcement this week was never in doubt.

The $74,092 average cost is slightly below Strive's previous buy. On May 22, the company acquired 1,109 bitcoin at an average of $76,989 per coin. That prior purchase was made when bitcoin was trading above $74,000. This latest round was executed during the slide that pulled bitcoin toward $70,800 by Tuesday morning, suggesting Strive's treasury team was buying into weakness rather than chasing momentum.

The percentage increase this buy represents is genuinely staggering. Going from 16,500 BTC to 19,000 BTC in a single week is a 15.15% increase in total holdings. That number sounds almost implausible when said aloud. For context, Strategy, which currently holds 843,706 BTC and sold bitcoin for only the second time ever just yesterday, would need to acquire approximately 127,821 bitcoin in a single week to match that same percentage gain. That is not a realistic comparison in absolute terms, but it illustrates exactly why percentage-based BTC yield metrics favor younger, faster-growing treasury companies.

The timing is not lost on anyone. The day before Strive's announcement, Strategy disclosed it had sold 32 bitcoin for $2.5 million at an average of $77,135 per coin. It was only the second time Strategy has ever sold bitcoin, and the market reacted accordingly, sending BTC lower and pulling down the broader crypto market. Strive announcing a 2,500 BTC purchase on the very next day, funded almost entirely through preferred equity, is the clearest possible contrast in corporate treasury philosophy.

The 8-K also revealed several other notable developments. Cash and cash equivalents grew by $44 million during the period, from $93.3 million to $137.3 million, even after deploying $185 million into bitcoin. That is a direct result of raising $229 million total while spending $185 million on the purchase.

The filing also disclosed a slight decline in Strive's holdings of Strategy's STRC preferred stock, which fell from $50.1 million to $49.5 million in fair value, a $600,000 decrease likely reflecting market price movement rather than a sale. Strive additionally noted it raised cash reserves to maintain its 18-month SATA dividend reserve requirement — a threshold now met by the $137.3 million cash position reported at period end — suggesting management is actively backstopping preferred dividend obligations as the share count grows. The company's quarter-to-date BTC yield now stands at 23.0%, with a year-to-date yield of 36.7% and an amplification ratio of 57.0%.

The math behind that amplification ratio is cleaner than it looks, because the balance sheet itself is clean. SATA's notional value is about $751 million and Strive carries no debt. Divide by a bitcoin NAV of roughly $1.31 billion and you get approximately 57 cents of preferred equity outstanding behind every dollar of bitcoin. There is no convertible layer, no term loan, no bank line. Strive swiftly wiped out the legacy debt that came with the recently completed merger with Semler Scientific, leaving the structure entirely preferred-funded. Common shareholders get an augmented bitcoin position with senior claims ahead of them, but no debt maturities to defend and no covenant that forces a sale at the wrong price.

The bigger structural shift arrives June 16, when SATA moves to a daily dividends paid every business day. That ends the monthly rhythm our own Oliver Koblizek wrote about this morning, where buying clusters ahead of the ex-dividend cutoff and then goes quiet. Spread the payout across every session and the monthly "event" disappears. It also turns SATA into something day traders should be watching. The 8-K spells out the mechanic: shares sold through 4:00 p.m. EST count for that day and settle the next business day. Under a daily dividend, a trader unwinding equity positions into the close can sweep idle cash into SATA before 4:00, collect that day's accrual, and redeploy the next morning. At SATA's 13% variable annualized rate, a single day's dividend is worth about a nickel on a $100 share. That shrinks the ex-dividend adjustment to almost nothing, which should pin the peg far tighter than the monthly schedule ever did. The result, if SATA holds near its $100 par, is a high-yield, bitcoin-backed place to park cash overnight. The peg is the whole assumption. Lose it and the parking trade turns into a price bet.

Despite the size of this acquisition, Strive did not move up in the global corporate bitcoin rankings. The company remains in 7th place, edging past SpaceX's reported holdings just as the rocket maker heads toward its IPO. SpaceX will debut at No. 8 when it lists, one rung behind Strive and one ahead of Coinbase. To reach 6th, Strive would need to acquire 5,300 more bitcoin, the amount currently held by Bullish, the crypto exchange, which sits at 24,300 BTC. At this week's pace, that would be roughly two more weeks of buying.

At 19,000 BTC, Strive is no longer a minor player in the corporate bitcoin treasury space. It is accumulating at a velocity that most treasury companies cannot match, using a capital structure built almost entirely around preferred equity demand rather than common dilution. Whether that demand holds at scale, and whether SATA can keep printing at the pace required to fund ambitions this large, is the only question that matters going forward.