Bitcoin treasury firm, Strive’s ASST$26.85 perpetual high-yielding preferred stock, SATA, is approaching a $1 billion market capitalization.
Strive acquired an additional 1,375 $BTC last week for $109 million, or an average price of $79,281 per bitcoin, bringing its total holdings to 24,531 $BTC, worth approximately $1.96 billion.
CEO Matt Cole said SATA accounted for 70% of the capital Strive raised last week; the other 30% came from common stock sales. SATA offers daily dividends at a 13% annualised rate and continues to trade around its $100 par value, allowing Strive to raise additional capital through at-the-market offerings. ASST shares have more than doubled over the past month, and are up 56% year-to-date. They remain about 90% off their record high reached roughly one year ago.
ASST has recently outperformed Strategy MSTR$138.81, which remains down 12% this year. Strategy last week repurchased another $176 million of STRC, its high-yielding (12%) preferred stock, while doubling its authorized STRC repurchase program from $1 billion to $2 billion.
Strategy made no changes to its bitcoin holdings, which remain at 845,050 $BTC. It funded the STRC repurchases with cash rather than issuing common stock, reducing its USD cash balance to $1.438 billion.
STRC continues to underperform SATA, trading at approximately $98. It has not returned to its $100 par value since mid-May.
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