Strive's SATA perpetual preferred stock has done it again. After briefly crossing the critical $100 par threshold earlier this week and acquiring an estimated 68 Bitcoin, SATA slipped back below par — only to stage a late-session recovery on April 23, pushing back through $100 and triggering another at-the-market share issuance. The result: an estimated 69 Bitcoin added to Strive's treasury in a single day. Nice. That's one more Bitcoin than we estimated for the day prior, bringing this week's two-day running total to an estimated 137 Bitcoin.
As of writing, SATA sits at $99.97, just $0.03 below par. Yesterday's session told a familiar story: SATA opened at $99.99, dipped as low as $99.84 mid-session, then recovered sharply to hit $100 late in the trading day — proving that if you blink, you might miss the crossing. Following that kind of late-session resilience, anything remains possible in today's session.
According to our data at BitcoinTreasuries.net, Yesterday's crossing generated an estimated $5.36 million in net proceeds from approximately 55,000 shares issued, with daily volume reaching $23.06 million including extended hours. At a BTC price of $77,672, that capital translated into an estimated 69.04 Bitcoin added to Strive's treasury.
One of the more intriguing patterns to emerge around Strive's capital markets activity is the apparent interplay between SATA and Strategy's STRC preferred stock. When STRC trades below par — typically around its ex-dividend date — SATA appears to fill the vacuum, attracting buying interest and trading above par precisely when STRC doesn't. The inverse also holds: when STRC reclaims its footing above par, some of that momentum rotates back. Whether intentional or simply a function of investor appetite for digital credit yield at any given moment, the two instruments seem to be trading as complementary rather than purely competing products.
CEO Matt Cole has previously floated the idea of shifting SATA to bi-weekly dividend payments on offsetting dates from STRC — a structure that, if implemented, could give holders of both instruments a payout nearly every week without needing to sell shares. That kind of consistent income flow, with Bitcoin as the underlying reserve asset, is precisely the pitch Strive is making to both retail and institutional audiences.
Whether SATA can sustain trading at or above par — enabling repeated ATM issuances and continued Bitcoin accumulation — remains the defining question. Two crossings in two days suggests the flywheel may be finding its rhythm.
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