Strive's SATA Estimated to Have Bought 218 Bitcoin in Just 2 Days

Strive's SATA perpetual preferred stock is once again trading at par, and the buying has come back in force. According to our SATA BTC Accumulation Tracker, the instrument is estimated to have acquired roughly 218.78 BTC over just two trading days, with more accumulation already showing up in this morning's pre-market activity.

If the pace holds, this week is shaping up to break SATA's all-time weekly record — the previous high being 371 Bitcoin set at the start of May.

According to our data at BitcoinTreasuries.net, the total net new ATM proceeds so far this week have reached an estimated $16.80 million across two trading days — Monday and Tuesday.

Stats for the week:

• Tuesday: 146.41 BTC, net ATM proceeds $11.25M, daily volume $39.87M

• Monday: 72.37 BTC, net ATM proceeds $5.55M, daily volume $26.04M

Total: 218.78 BTC

Track it all on BitcoinTreasuries.net — minute-by-minute accumulation, yield, price, and buying activity using our SATA BTC Accumulation Tracker.

Monday set the tone, and Tuesday cranked the pace up roughly twofold. With pre-market flow already pointing higher today, the weekly record looks well within reach.

The surge in demand is being driven largely by Strive's recent announcement that SATA holders will soon begin receiving daily dividend payments — a structure that, if implemented as described, would be a Wall Street first. Existing preferred stock dividend cycles run monthly, quarterly, or — in Strategy's case with STRC — potentially semi-monthly soon. A daily payout dramatically compresses the ex-dividend "blackout" windows that have historically caused issuance and accumulation activity to stall for weeks at a time after each cycle.

For investors, the appeal is straightforward: a near-continuous income stream backed by a Bitcoin treasury, with par-anchored price behavior on the equity side. For the issuer, it means the ATM flywheel can keep spinning without the periodic cooldowns that interrupt traditional preferred stock programs.

The accumulation surge is landing on top of two other recent developments that have shifted sentiment around Strive. First, the company has been announcing notably aggressive Bitcoin buys relative to the size of its existing treasury. Second, Strive recently confirmed it is now debt-free, removing what had been one of the main bear cases for the long-term viability of the SATA structure. Combined, these moves are starting to convince a wider pool of investors that SATA is not just a short-term yield trade but a vehicle with staying power.

For the better part of the past year, Michael Saylor's STRC has been the only serious game in town when it came to Bitcoin-backed preferred stock at scale. That is starting to change. SATA is still a long way from STRC's numbers — Strategy bought an estimated 25,000 BTC in a single week earlier this month — but the gap is no longer the only story. With the daily dividend mechanism on the horizon and a cleaner balance sheet behind it, SATA is, for the first time, a credible second instrument in the digital credit category.

And it is not just Strive. Over in Japan, Metaplanet has announced plans to launch its own Bitcoin-backed preferred stock products, signaling that the model Saylor pioneered is starting to attract serious imitation across multiple jurisdictions.

The immediate question is whether SATA can sustain its run above par long enough to break the 371 BTC weekly record. Today's pre-market activity suggests it has a strong shot. The longer-term question is whether the daily dividend structure, once live, can keep the instrument trading tightly at par on a structural basis — eliminating the rotation cycle between SATA and STRC that has defined the digital credit market until now. If it works, Strive will have done something genuinely novel: built the first Bitcoin-backed preferred stock with no meaningful blackout period. And if Metaplanet's planned product lands as well, the digital credit space is about to look a lot less like a Strategy monopoly and a lot more like a market.

Official figures will be confirmed in upcoming regulatory filings, but the data this week sends a clear signal — the competition for the Bitcoin-backed preferred stock space is officially on.