Key takeaways
- Strive offers SATS, a cumulative perpetual preferred stock paying a fixed 15% dividend every business day.
- SATS ranks junior to Strive's SATA preferred and senior to ASST common stock, according to Strive's page.
- Strive holds 32,773 bitcoin worth $2.7B, the fifth-largest publicly traded bitcoin company per Bitcoin Treasuries.
Strive is offering SATS through an IPO available to select investors, a cumulative, fixed-rate perpetual preferred stock paying a 15% dividend every business day. Strive's SATS page says the new stock is junior to SATA and senior to ASST common stock. The post summarized the terms:
"15% fixed-rate perpetual preferred stock - Cumulative dividends paid every business day - Junior to SATA"
Strive, led by CEO Matt Cole, now holds 32,773 bitcoin worth $2.7B after buying 3,311 BTC last week, according to a filing. That makes Strive the fifth-largest publicly traded bitcoin company after crossing 30,000 BTC, according to Bitcoin Treasuries.
Where SATS Sits in Strive's Capital Stack
In a preferred stack like this one, senior means paid first, both for dividends and in liquidation. SATA holders are paid first, SATS holders are paid next, and ASST common shareholders get what is left.
A perpetual preferred stock has no maturity date, so the issuer never has to repay the principal. Cumulative means unpaid dividends keep accruing and must be paid before common shareholders receive anything.
Strive's disclosure says SATA's dividend rate is variable and subject to monthly adjustment, while SATS carries a fixed 15% rate paid every business day. Because SATS sits behind SATA and takes more risk, it has to offer a higher stated yield.
What SATS Buyers Actually Own
SATS holders own a claim on Strive's capital stack, not bitcoin itself. Their return is set in dollars, while the company's bitcoin sits on Strive's balance sheet rather than in their wallets.
SATS is a cumulative, perpetual preferred paying a fixed daily dividend, so SATS holders are paid next after SATA holders and that fixed daily dividend comes due whether the bitcoin price rises or falls. The post said Strive plans an 8-K filing with warrant exercise and bitcoin purchase details.
Why It Matters
SATS turns a bitcoin treasury into fixed fiat income, paying a 15% dividend every business day to investors who sit behind SATA and ahead of ASST common, and not one of them holds a key. The incentive is plain: Strive sells dollar yield to people who want fiat income, while every layer of the preferred stack is a paper claim on a company rather than bitcoin in self-custody. The further down that stack a claim sits, the more counterparty risk it carries, and the higher the yield it has to pay. For Bitcoin holders the yield is the bait, while sats in your own custody leave nobody ahead of you in line, no dividend to miss and no issuer to trust.
