Strive Inc. disclosed on Tuesday that it purchased 1,375 bitcoin last week, according to an SEC Form 8-K filing. The purchase, valued at approximately $109 million and executed between August 31 and September 4, brings Strive's total bitcoin holdings to 24,531 BTC at an average price of about $79,281 per unit.
With this acquisition, Strive now ranks as the fifth-largest bitcoin treasury company by holdings. CEO Matt Cole announced on social media that 70% of the capital for the purchase came from sales of Variable Rate Series A Perpetual Preferred Stock, known as SATA. Cole noted that SATA now has $999 million in notional outstanding value.
SATA functions as one of Strive's financing mechanisms to accumulate more bitcoin. The preferred stock pays a 13% annualized dividend in cash each business day and aims to trade near par value. When shares trade above par, management is permitted to issue additional shares through an at-the-market program.
Strive's common stock, ASST, has outperformed compared to other digital asset treasury companies. Over the past 30 days, ASST shares have surged 114%, with a 6.4% gain in the last five days alone. The stock acceleration began in mid-August as bitcoin buying activity increased and SATA trading volume rose.
