Strive’s SATA has raised enough capital to support an estimated 603 Bitcoin purchases during its first week of daily dividends, according to BitcoinTreasuries.net ATM Tracker data, marking a strong start for the preferred stock product that competes with Strategy’s STRC.
SATA is Strive’s high-yield perpetual preferred stock, designed to trade near a $100 par value while supporting the company’s Bitcoin treasury strategy. The product moved to daily dividends during the week, a structure intended to reduce dividend-related price swings and support steadier demand from income-focused investors.
BitcoinTreasuries.net data showed that SATA raised enough capital through at-the-market activity to support an estimated 603 BTC purchase across the first three trading days of the week. The activity came during a volatile period for digital credit products, as both SATA and Strategy’s STRC briefly traded below par before rebounding.
SATA Raises Capital After Daily Dividends Begin
SATA’s strongest activity came on June 16, when the ATM Tracker recorded $19.45 million in net proceeds from about 199,500 shares issued. That amount was enough to support an estimated 296.33 BTC purchase, making it the largest single-day Bitcoin purchase estimate of the week.
On June 15, SATA recorded $7.84 million in net proceeds from about 80,400 shares issued, enough to support an estimated 117.16 BTC purchase. On June 17, the product recorded $12.28 million in net proceeds from about 126,000 shares issued, enough to support an estimated 189.85 BTC purchase.
SATA did not reach its $100 par value during regular trading hours on June 18, while U.S. markets were closed on June 19 for the Juneteenth holiday. Despite that interruption, the first week of daily dividends generated enough capital to support an estimated 603 BTC purchase.
Strive currently holds about 19,105 BTC, meaning the estimated 603 BTC purchase capacity from SATA would represent roughly 3.2% of the company’s Bitcoin holdings. For comparison, Strategy would need to raise enough capital to buy about 26,728 BTC to match the same percentage increase relative to its reported 846,842 BTC treasury.
STRC and SATA Face Digital Credit Stress Test
The strong SATA issuance came during a difficult week for digital credit products. Strategy’s STRC fell to a record low of $82.53, while SATA dropped from par into the low $90s before recovering.
SATA closed at $97.71 after touching $92.90, while STRC closed at $88.59 after its intraday low. Trading volumes also rose sharply, with STRC recording $10.6 million in volume compared with an average of $3.6 million, and SATA recording $1.57 million compared with an average of about $386,698.
Strive CEO Matt Cole described the session as the most difficult day in the history of digital credit. He said the decline was caused by leverage liquidations rather than weaker issuer credit quality.
Cole said investors may have borrowed against high-yield, low-volatility digital credit instruments to enhance returns. When prices moved against leveraged positions, forced selling triggered additional liquidations and caused prices to move away from fundamentals.
Strive CEO Says Demand Remained Strong
Cole said Strive’s dividend reserves remain intact and that the company is not under stress. He also said both STRC and SATA saw buying interest near intraday lows, which helped the securities recover from the sharpest part of the decline.
Bitcoin advocate Samson Mow also commented on STRC, saying the instrument was designed to reduce Bitcoin volatility exposure while offering investors a structured income product. He said STRC can trade below $100 because it moves according to market forces, but added that below-par pricing may create opportunities for long-term capital.
Mow said there was nothing structurally wrong with STRC, SATA, or similar products unless investors believe Bitcoin will not appreciate over the long term. He also compared below-par trading in STRC to temporary discounts in other market instruments, while noting that STRC is not a stablecoin.
Strategy Executive Chairman Michael Saylor did not directly address STRC’s price action but wrote that volatility is never easy and that Bitcoin keeps working. As we reported, Strategy recently sold 32 BTC to cover preferred dividends before acquiring 1,587 BTC the following week.
Both Strive and Strategy use preferred stock structures to raise capital for Bitcoin accumulation. When SATA or STRC trades near or above $100, the issuing company can sell more shares through ATM programs and use the proceeds to buy Bitcoin or support treasury operations.
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