Strive Asset Management’s preferred stock vehicle SATA has generated an estimated amount of funding sufficient to purchase 1,192 Bitcoin in a single week, according to live market monitoring — reopening a capital channel that sat dormant for much of the summer.
BitcoinTreasuries.NET estimated on Aug. 28 that trading in Strive’s Variable Rate Series A Perpetual Preferred Stock had generated enough funds to buy about 1,192 BTC during the week. The running figure continued climbing after the U.S. market opened on Friday, adding funding capacity for more than 100 BTC within the first two hours of trading.
The tracker calculates its estimate using SATA volume at or above the security’s 100 USD stated value and an estimated capture rate based on Strive’s previous SEC filings, modeling how many new shares the company may sell through its at-the-market offering program. Because the figure relies on market activity rather than company disclosure, it represents potential purchasing power — not a confirmed acquisition. Strive has not yet filed an 8-K detailing Bitcoin purchases made between Aug. 24 and Aug. 28.
Back above par
SATA carries a stated value of 100 USD and pays a variable annual dividend based on that amount, with Strive currently maintaining an annualized rate of 13 percent, distributed every business day when declared by the board. The company has said it will not issue new shares below 100 USD, because doing so would raise less than the stated amount and dilute existing preferred holders.
That policy made June painful. During a sell-off in Bitcoin-linked securities, SATA fell as low as 79.01 USD, preventing Strive from using the ATM program on its stated terms for several weeks. By Aug. 21, the stock had returned to 100.01 USD, reopening the issuance channel — and the tracker estimated the program generated enough capital to purchase about 440 BTC over Aug. 20 and 21 alone.
At Bitcoin prices of roughly 78,000 to 80,000 USD during the past week, the estimated 1,192 BTC of purchasing capacity would amount to approximately 93 to 95 million USD. The final figure could differ, since issuance expenses, Bitcoin prices, and the portion of eligible volume Strive actually captures can shift during each session.
A self-replenishing treasury engine
Strive launched SATA on Nasdaq in November 2025 through an upsized initial public offering of two million shares priced at 80 USD each, increased from an initial target of 1.25 million shares on strong demand. The preferred stock initially carried a 12 percent annual dividend, later raised to 13 percent. Its 100 USD liquidation preference places SATA ahead of common shareholders, while its perpetual design means it has no maturity date.
In June, Strive expanded its available ATM capacity to as much as 2.6 billion USD for SATA and 2.55 billion USD for ASST common stock, according to SEC filings. The programs let appointed sales agents issue shares into the market over time rather than completing one large underwritten offering.
The structure effectively turns market demand for yield into a Bitcoin acquisition machine: when SATA trades at or above par, every share sold feeds the treasury; when it dips below, the machine stops itself to protect existing holders.
Where Strive stands
A Form 8-K filed with the SEC on Aug. 24 showed Strive purchased 1,110 BTC between Aug. 17 and Aug. 21 for about 81.5 million USD, at an average price of approximately 73,409 USD per coin including fees. The purchases lifted holdings from 20,246 BTC to 21,356 BTC.
BitcoinTreasuries.NET ranks Strive as the seventh-largest publicly traded corporate Bitcoin holder, behind Bullish with 22,000 BTC and ahead of SpaceX with 18,712 BTC.
During that same Aug. 17–21 window, SATA shares outstanding rose by 441,313 to 8,270,815, while Class A common shares increased by 3,646,300 to 79,890,888 — evidence that both legs of the ATM program were running.
What to watch
The immediate signal will be Strive’s next 8-K filing, which will show whether the estimated 1,192 BTC of capacity converts into actual purchases. Longer term, the durability of the mechanism depends on SATA holding par — and that depends on income-oriented investors continuing to accept a 13 percent variable dividend paid out of a company whose assets are overwhelmingly Bitcoin.
The past week suggests the market, for now, is comfortable with that trade. After a summer below par shut the issuance channel, SATA’s return to 100 USD has restored one of corporate Bitcoin’s most distinctive treasury engines at full speed.
1,192 btc of estimated buying power in one week and still no 8-K covering aug 24 to 28. either theyre saving it for one big announcement or the capture rate math is generous
Waiting on the 8-K before believing any of the capture rate math. A 13 percent annualized dividend paid daily is what keeps buyers showing up though, that part is real.
the estimated capture rate is doing a lot of heavy lifting here. only volume at or above the 100 usd stated value counts, real number could be well under 1,192
june flashbacks when sata hit 79 and the whole issuance channel just shut for weeks. one price level deciding whether the btc buying continues is fragile af
I remember when treasury companies had to issue plain equity. Preferred stock paying a daily dividend to fund btc purchases is a new entry for the glossary.
sata back above par after sleeping all summer. atm programs are wild when the window actually opens
1192 BTC of buying power in a week from a preferred stock ATM program is genuinely wild throughput
exactly, 1192 btc is an upper bound not a floor. actual number depends on how much volume cleared at 100+
Key caveat buried in here: no 8-K yet. BitcoinTreasuries.NET models an assumed capture rate, that is not confirmed buying.
genuinely asking, what happens to that funding estimate if volume dries up next week? the tracker just goes quiet right
prefer this to the spot etf route tbh. preferred stock keeps the capital structure clean
sata back above the 100 stated value is the whole mechanism. below par the ATM tap closes, above par it prints
atm programs are basically unlimited capital when the security trades above par. the catch is the window shuts fast