Strive bought 469 bitcoin last week for about $36.6 million. CEO Matt Cole says 100% of the capital raised came from SATA, the company’s perpetual preferred stock, which has now cleared $1 billion of notional outstanding. Holdings hit a round 25,000 BTC.
Strive, Inc. (ASST) purchased 469 bitcoin between September 8 and September 11 at an average cost of about $77,954 per coin, inclusive of fees and expenses, according to a Form 8-K filed with the SEC on September 14. The outlay is roughly $36.6 million. Holdings rose from 24,531 bitcoin as of September 4 to 25,000 bitcoin as of September 11.
Chairman and CEO Matt Cole posted on X and added the funding split the 8-K does not spell out in words: “100% of the capital raised came from SATA, which now has over $1B notional outstanding. We increased amplification ratio to 53.5%.”
The preferred-stock line in the filing matches Cole’s notional figure. Shares of Variable Rate Series A Perpetual Preferred Stock outstanding increased by 402,541, from 9,995,425 to 10,397,966. At SATA’s $100 stated amount, that is about $40.3 million of new preferred notional and an outstanding of roughly $1.040 billion. A week earlier SATA sat at $999.5 million. Cole had called that “one print shy of a $1 billion notional.” This week’s print broke the wall.
Common-share issuance barely moved. Class A shares outstanding increased by 34,206 to 85,730,853. Class B was unchanged at 9,237,911. Effective common shares outstanding rose to 94,968,764. That is a different mix from the prior week, when Class A jumped by more than 2.2 million shares and SATA supplied 70% of the raise rather than all of it. Cash and cash equivalents still rose, from $202.6 million to $204.2 million, even after the bitcoin purchase. 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 100% SATA mix this week is the cleanest version of that model so far. New preferred notional of about $40.3 million more than covered the $36.6 million bitcoin ticket; the residual shows up in the $1.6 million cash increase. It is also a step up from recent weeks. In the August 31–September 4 window, Strive bought 1,375 bitcoin for about $109 million and said 70% of the capital raised came from SATA. In the August 24–28 window it bought 1,800 bitcoin for about $143 million, with SATA again the larger piece.
Cole’s amplification-ratio comment is the other number in the post. He said the ratio rose to 53.5% — preferred capital doing more of the work relative to common equity. That is consistent with a week in which SATA issued and common almost did not.
The annual cash coupon on a $1.04 billion notional at 13% is about $135 million a year, paid daily, against a treasury that is now 25,000 bitcoin plus more than $204 million in cash. The preferred stack is finally through the billion-dollar wall Cole flagged a week ago. The bitcoin stack is through 25,000.
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