Bitcoin treasury company Strive added almost $12 million to its annualized preferred-dividend burden over the span of a week as its SATA preferred share count increased, according to calculations based on a Sept. 8 disclosure. The larger share base implies approximately $130 million in yearly payouts at current rates, while higher cash levels kept static cash-only coverage nearly unchanged.
SATA represents variable-rate perpetual preferred equity, where each additional share increases the estimated recurring payout under the current 13% dividend rate. Strive reported purchasing 1,375 BTC between Aug. 31 and Sept. 4 at an average price of roughly $79,281 per coin, inclusive of fees and expenses, bringing its total holdings to 24,531 BTC as of Sept. 4.
Between Aug. 28 and Sept. 4, the number of SATA shares grew from 9,073,914 to 9,995,425, representing an increase of 921,511 shares. Strive's accounting includes shares sold by a stated 4 p.m. cutoff that are issued on the following business day, alongside already outstanding shares.
Dividend and Coverage Breakdown
Strive's board maintained its annual rate at 13% in an Aug. 13 announcement effective for periods beginning Sept. 1. Applied to SATA's $100 stated amount per share, this equates to $13 annually per share.
Multiplying the reported share counts by $13 results in annualized dividends of roughly $129.9 million as of Sept. 4, compared to nearly $118 million for Aug. 28. For September, the board declared $0.0516 per share across 21 business-day payment dates.
During the same weekly period, cash and cash equivalents grew by $19.1 million, moving from $183.5 million to $202.6 million. Dividing each cash balance by the annualized dividend estimate and multiplying by 12 yields a static cash coverage of 18.71 months for Sept. 4, compared to 18.67 months for Aug. 28. This static ratio excludes operating requirements, future financing, investment income, and additional liquid assets such as 505,000 shares of Strategy's STRC preferred stock valued at $49.364 million on Sept. 4.
The filing did not allocate the specific Bitcoin purchases to individual financing sources, leaving future changes in cash, SATA share counts, and dividend rates to determine how the balance will evolve.
