Strive, a Dallas-based Bitcoin treasury company that trades on Nasdaq under ticker ASST, has structured its business around two key mechanisms: institutional custodians securing its coins and an 18-month cash reserve funding its dividend obligations.
As of early November 2026, Strive held 43,153 BTC valued at approximately $3 billion, making it the fourth-largest publicly traded corporate holder of Bitcoin. The company has stated an ambition to reach second place.
How the Model Works
Strive raises capital through preferred stock rather than traditional debt. The company offers two classes: SATA with a variable dividend of roughly 13%, and SATS with a fixed 15% dividend. Unusually for corporate securities, these dividends are paid daily.
The 18-month cash reserve covers these dividend obligations without requiring the company to sell Bitcoin. This structure allows Strive to maintain dividend payments even during extended bear markets, preserving its core Bitcoin position for long-term appreciation.
Institutional custodians handle the safekeeping of the coins, providing specialized security for large digital-asset holdings.
Financial Position and Acquisition History
Strive's treasury strategy began in 2025 following the acquisition of Semler Scientific through a reverse merger. The combined company inherited Semler's existing Bitcoin position, providing an established foundation.
Since the merger, Strive has continued purchasing Bitcoin at an average acquisition cost between $87,000 and $88,000 per coin. At those prices, the current 43,153 BTC position would have cost over $3.7 billion, but the holdings are valued at approximately $3 billion, reflecting underwater positions on current holdings.
The company carries no traditional debt, distinguishing it from corporate treasuries that rely on borrowing.
Implications for Investors
For preferred shareholders, the appeal centers on yield substantially above conventional fixed-income products, with the 18-month reserve intended to provide confidence in payment reliability independent of short-term Bitcoin price movements.
Common shareholders benefit from the debt-free structure, which eliminates lender claims and collateral seizure risks. However, preferred dividends represent a priority claim on company assets ahead of common equity.
Strive's stated goal of becoming the second-largest public Bitcoin holder will require significant additional purchases, with funding methods and reserve maintenance representing key indicators of whether the conservative model can sustain its stated objectives.
