Strive Inc. (NASDAQ: ASST) announced that its newly issued perpetual preferred equity securities, SATA and SATS, are designed to absorb Bitcoin’s downside volatility and provide predictable income to investors.
How the securities work
Strive holds Bitcoin on its balance sheet and uses the reserve, together with liquid cash, as collateral for the preferred equity instruments. The securities have no maturity date and receive dividend payments before common shareholders. Research cited by the company shows a yield of roughly 13% for SATA and about 15% for SATS.
Capital raise and Bitcoin holdings
The firm raised nearly $700 million in an oversubscribed SATS offering, selling 7 million shares at $90 each and issuing a $15 annual dividend. As of early‑to‑mid October 2026, Strive reported holding between 32,773 and 36,800 BTC, including a recent purchase of 3,311 BTC for approximately $280 million.
Investor implications
Preferred equity holders receive the stated yields but forgo the upside potential of Bitcoin’s price movements, which are allocated to common equity that has historically shown about a 2‑times beta to Bitcoin. The company’s chief risk officer highlighted the importance of obtaining a credit rating for the securities to attract institutional investors such as pension funds and insurers, which typically require rated instruments.
Outlook
Key factors to monitor include whether Strive secures a credit rating for SATA or SATS, the continued demand for future offerings, and the performance of the preferred securities during periods of heightened Bitcoin volatility.
