Strive's high-yield perpetual preferred stock, SATA, raised enough capital to buy approximately 603 bitcoins in its first week after switching to daily dividends. According to ATM Tracker data from BitcoinTreasuries.net, this result occurred during a week when the product, along with Strategy's similar tool STRC, faced similar pressure.
The first week's fundraising corresponds to approximately 603 bitcoins.
SATA was designed to trade around a $100 face value and to fund Strive's Bitcoin treasury strategy. The company changed its dividend frequency to daily payments to mitigate price volatility around dividend dates and attract investors who prioritize cash returns.
Data shows that SATA raised enough funds through its at-the-market (ATM) offering in the first three trading days of this week to support the purchase of approximately 603 bitcoins. The trading week was interrupted on June 19th due to the US Juneteenth holiday, but this did not affect the overall fundraising performance in the first week.
Currently, Strive holds approximately 19,105 bitcoins. If calculated at 603 bitcoins, this new purchasing power represents about 3.2% of its existing holdings. The report cites a comparison, stating that if Strategy were to achieve the same proportional expansion, it would need to raise enough funds to purchase approximately 26,728 bitcoins, while Strategy has disclosed holding 846,842 bitcoins.
SATA and STRC prices once fell below par value.
Despite rapid fundraising progress, digital credit products experienced significant volatility this week. Strategy's STRC once fell to a new low of $82.53; SATA also dipped from around $100 to just over $90 before rebounding.
Closing data showed that SATA was at $97.71, having touched a low of $92.90 during the session; STRC was at $88.59, having previously fallen to its intraday low. Trading volume for both products also increased significantly.
- STRC's trading volume that day was approximately US$10.6 million.
- SATA's daily trading volume was approximately US$1.57 million.
- Both were significantly higher than their respective daily averages.
The company stated that buying interest appeared at low prices.
Strive CEO Matt Cole stated that this decline was more likely a result of passive liquidation of leveraged positions than a deterioration in the issuer's credit quality. He explained that some investors may have leveraged these high-yield, low-volatility products to amplify returns, and the price's inverse movement triggered a chain reaction of selling, causing the market price to temporarily deviate from fundamentals.
Cole also stated that Strive's dividend reserves remain intact and the company is not under pressure. He noted that buying interest emerged near intraday lows for both SATA and STRC, helping prices recover from the sharp drop.
Bitcoin supporter Samson Mow also commented on the STRC, stating that such tools are designed to provide investors with structured return products while reducing exposure to Bitcoin price volatility. He noted that the STRC falling below $100 is a market-driven pricing result and does not necessarily indicate a problem with the product's structure itself.
The report also mentioned that Strategy Executive Chairman Michael Saylor did not directly respond to STRC's price fluctuations, only stating that market volatility is not easy, but Bitcoin continues to play a role. Previously, Strategy sold 32 bitcoins to pay preferred stock dividends and then bought another 1,587 bitcoins the following week.
Both Strive and Strategy are currently using preferred stock structures to raise funds for Bitcoin accumulation. When SATA or STRC approaches or exceeds a face value of $100, the issuer can sell more shares through an ATM program and use the proceeds to buy Bitcoin or support treasury operations.
