Strive bought 1,375 bitcoin last week for about $109 million. CEO Matt Cole says 70% of the capital raised came from SATA, the company’s perpetual preferred stock, which is now one print shy of a $1 billion notional.
Strive, Inc. (ASST) purchased 1,375 bitcoin between August 31 and September 4 at an average cost of about $79,281 per coin, inclusive of fees and expenses, according to a Form 8-K filed with the SEC on September 8. The outlay is roughly $109 million. Holdings rose from 23,156 bitcoin as of August 28 to 24,531 bitcoin as of September 4.
Chairman and CEO Matt Cole posted on X and added the funding split the 8-K does not spell out in words: “70% of the capital raised last week came from $SATA, which now has $999M notional outstanding. Time to break the billion-dollar wall.”
The preferred-stock line in the filing matches Cole’s notional figure. Shares of Variable Rate Series A Perpetual Preferred Stock outstanding increased by 921,511, from 9,073,914 to 9,995,425. At SATA’s $100 stated amount, that is about $92.2 million of new preferred notional and an outstanding of roughly $999.5 million. If SATA supplied 70% of last week’s raise, total capital raised was on the order of $132 million, with the balance coming from common equity and cash. Cash and cash equivalents still rose, from $183.5 million to $202.6 million, even after the bitcoin purchase.
Common-share counts moved as well. Class A shares outstanding increased by 2,226,612 to 85,696,647. Class B fell by 554,624 to 9,237,911. Effective common shares outstanding rose to 94,934,558. Strive also reported a small mark-to-market increase in its holdings of Strategy’s STRC preferred stock, which stayed at 505,000 shares.
How SATA funds the stack
SATA is Strive’s main amplification tool: a variable-rate perpetual preferred designed to trade near a $100 par, currently carrying a 13% annualized dividend that is paid each business day. When the stock holds near or above par, the company can issue new shares through an at-the-market program and convert the proceeds into bitcoin without adding debt. When it trades below par, issuance typically pauses. That is the structure Cole has described as matching long-duration bitcoin with long-duration preferred equity rather than convertible debt or continual common-stock dilution.
The 70/30 mix last week is consistent with that model, even if common ATM issuance still contributed a minority of the raise. It is also consistent with recent weeks. In the August 24–28 window, Strive bought 1,800 bitcoin for about $143 million and issued roughly 803,000 SATA shares, or about $80 million at par — already the larger piece of that week’s funding.
Readers can follow our SATA accumulation tracker for live estimates of how much bitcoin Strive is buying with SATA proceeds between official 8-Ks, based on preferred-share volume above par, estimated ATM issuance, and the prevailing bitcoin price. Those estimates are then checked against the share-count and purchase figures Strive reports in its filings.
Cole’s “billion-dollar wall” line is about SATA’s notional, not Strive’s bitcoin market value. At 9,995,425 shares, one more modest ATM print puts the preferred stack over $1 billion of stated amount. The annual cash coupon on a $999 million notional at 13% is about $130 million a year, paid daily, against a treasury that is now 24,531 bitcoin plus more than $200 million in cash.
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