Strive launches daily-dividend SATA preferreds, debt-free

Strive Inc. announced that its Variable Rate Series A Perpetual Preferred Stock, trading under the ticker SATA, will pay cash dividends each business day starting June 16 at a current annual rate of 13%. CEO Matthew Cole described SATA as “the first listed security in the history of U.S. capital markets to pay cash dividends every single business day.” The company’s shares (NASDAQ: ASST) rose as much as 7% on the announcement.

The preferred shares are structured as variable-rate, perpetual securities and will begin daily distributions on business days from the June 16 start date. Strive released the dividend plan alongside its first-quarter financial results.

In the quarter the company completed its acquisition of bitcoin treasury firm Semler Scientific. Strive repurchased the remaining balance of its long-term notes during the quarter and reported it now has no short- or long-term debt outstanding. The company also stated it holds zero encumbered bitcoin.

Strive disclosed total bitcoin holdings of 15,009 BTC, valued at more than $1.22 billion as of May 12. The company acquired 6,001 BTC in the first quarter, including 5,048 BTC through the Semler acquisition, and added 1,381 BTC in the second quarter to date. Those holdings place Strive as the ninth-largest public bitcoin treasury firm, just behind Riot Platforms.

The company recorded an unrealized net loss of nearly $266 million for the quarter, nearly all attributable to markdowns on its bitcoin holdings. Strive also disclosed a $50.5 million position in Strategy’s STRC preferred shares, a crypto-linked preferred instrument Strategy has used to finance bitcoin purchases.

Regulatory filings noted the Semler transaction was presented as a preferred-equity-only deal intended to avoid debt maturity risk. Company management said the SATA issuance and the debt repurchases are intended to preserve balance-sheet flexibility while expanding Strive’s bitcoin treasury.