Strive's SATA is having its STRC moment, with demand for the product seeing an extreme increase compared to where it sat even just a month ago. To put the growth in perspective, last week SATA set a record for the amount of bitcoin its raised capital could buy, an estimated 794 bitcoin, and on Monday Strive announced they had actually purchased 1,109 bitcoin, though it remains unclear whether that figure comes solely from SATA or also includes the regular common stock ATM and other sources.
Regardless, that previous record has now been broken again, with SATA raising enough money in only two trading days this week to buy 895.83 bitcoin, and the week isn't even over yet. The ex dividend date falls on June 1, which means this is the last full trading week before it hits.
Yesterday alone produced an estimated 493.72 bitcoin acquisition, with net ATM proceeds of $37.00 million and total daily volume of $70.68 million, at an average bitcoin price of $74,935. The figures from the day before were not far behind, with 402.11 bitcoin estimated to have been acquired on $30.78 million in net proceeds and $58.09 million in daily volume, putting the two day total at the headline 895.83 figure. What's remarkable is how quickly SATA went from relatively unknown to something everyone seems to be watching. Just a month or two ago, SATA buying 70 bitcoin in a day was newsworthy. Today that same number would be a disappointment to many. Only eight days ago we reported that the product had raised enough to buy 218 bitcoin across two days, and now, with almost 900 bitcoin acquired in the same span, demand measured by bitcoin equivalent has climbed roughly 311 percent.
The demand stems from SATA's high yield, currently sitting at 13 percent, and from the fact that Strive will very soon launch daily dividend payments on business days.
Track it all on BitcoinTreasuries.net, with minute by minute accumulation, yield, price, and buying activity available through our SATA BTC Accumulation Tracker.
According to our estimations, yesterday's 493 bitcoin buy alone would grow SATA's BTC NAV by roughly 3 percent, and that's the result of a single trading day. SATA yesterday also accounted for about 39 percent of the daily trading volume that Strategy's STRC put up, and while STRC has already passed its ex dividend date and is not currently trading at par, the comparison is still revealing. For a company that owns 16,500 bitcoin to come anywhere close to a product backed by Michael Saylor's stack of 843,738 bitcoin in terms of daily preferred stock activity is genuinely interesting and something worth watching closely. Saylor himself recently described SATA as one of the most interesting things happening in the space right now.
At the time of writing, Wednesday's premarket trading has begun and SATA is not currently at par, sitting at $99.99, but with the expectation it will likely tap par again today and continue the buying spree.
Eventually that spree will slow because of the approaching ex dividend date on June 1. However, these ex dividend cycles may soon be a thing of the past, which would mean more consistent demand flowing into SATA throughout the calendar. That shift might lead to less explosive single days because there would no longer be a specific deadline investors need to buy SATA by in order to collect the dividend, but the overall demand picture should grow even if daily buys decrease at the start, because SATA would be able to trade at par for far more days throughout the year.
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