Strive’s Variable Rate Series A Perpetual Preferred Stock (SATA) is back in flywheel mode. After returning to its $100 par value last week and reactivating the at-the-market (ATM) program, the preferred has stayed at or a penny above par through the first three sessions of this week. That has let Strive issue new shares and convert the proceeds into Bitcoin.
Data from the BitcoinTreasuries.net SATA ATM Tracker shows the company has already generated an estimated 510.69 Bitcoin from SATA issuance in the week of August 24, 2026. Net ATM proceeds stand at $40.35 million on 413.8K shares issued, with weekly volume of $63.90 million (including extended hours). The tracker uses volume traded at or above the $100 threshold and a capture rate calibrated to prior SEC filings. SATA last traded at $100.01 with a 13% dividend yield/rate and a market cap of $733.8 million. The ATM is marked active and the market is open.
Day-by-day this week
Monday, August 24: Estimated +252.37 BTC. Net ATM proceeds $19.97 million (204.8K shares issued). Daily volume $34.38 million. SATA closed $100.01 ($0.01 above par). Average Bitcoin price used for the estimate: $79,111.
Tuesday, August 25: Estimated +215.76 BTC. Net ATM proceeds $17.05 million (174.8K shares issued). Daily volume $24.76 million. SATA closed $100.00. Average Bitcoin price: $79,001.
Wednesday, August 26 (intraday, market still open): Estimated +33.23 BTC so far today. Net ATM proceeds so far $2.60 million (26.7K shares issued). Daily volume so far $3.72 million. SATA last at $100.00. Average Bitcoin price used: $78,327.
These Wednesday figures are incomplete. U.S. markets remain open, so additional volume above par will add to both proceeds and the estimated Bitcoin total before the close. The weekly numbers will keep moving.
The three-day sum of the daily estimates is roughly 501 BTC / $39.6 million; the live weekly tracker currently shows 510.69 BTC / $40.35 million. Small differences are normal given after-hours volume, rounding on average Bitcoin prices, and the capture-rate model.
Already ahead of last week’s SATA estimate
Last week’s comparable SATA-only estimate was approximately 440.56 BTC across the two sessions (August 20–21) when the preferred first held at or above par after its June dislocation. Combined net proceeds that pair of days were about $32.90 million on 337,400 shares. This week’s SATA activity has already surpassed that SATA-specific estimate with two-plus days still left in the week.
Strive’s August 24 Form 8-K reported that the company bought 1,110 Bitcoin between August 17 and August 21 at an average price of about $73,409 (including fees), lifting total holdings from 20,246 to 21,356 BTC. Cash rose $17.1 million to $171.9 million over the same window.
In that period SATA shares outstanding rose by 441,313 (to 8,270,815) and Class A common stock rose by 3,646,300 shares. The tracker’s 440 BTC / ~$33 million figure covered only the two days SATA was at or above par. The remaining Bitcoin in the 1,110 total therefore could of come from a mix of:
SATA issuance
the much larger common-stock ATM (ASST traded in the mid-teens to high teens during those sessions)
and existing cash.
The 8-K does not break proceeds out by instrument, so the exact split between SATA and common stock for those 1,110 coins is not public. Historically SATA has done the bulk of the work when it trades at par; common-stock issuance has filled gaps and added extra dry powder. Cash still increased after the purchases, which is consistent with raising more than was immediately spent on Bitcoin.
Why the $100 level matters
SATA is designed to trade near its $100 stated amount and currently pays a 13% annualized dividend every business day. Strive has said it will not issue new SATA below $100. When the preferred sits at or above that line, new shares can be sold efficiently and the net proceeds deployed into Bitcoin. After the sharp June sell-off (intraday low $79.01) that paused the ATM for months, the return to par last week restarted the machine. This week shows it is running again at a faster SATA-only clip than the prior week’s two-day burst.
Numbers will update through the rest of Wednesday’s session and the two remaining trading days. The live tracker on BitcoinTreasuries.net remains the best public window into how much of each day’s volume above $100 is translating into new Bitcoin.
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