Strive, a Nasdaq-listed Bitcoin treasury company founded by Vivek Ramaswamy, debuted its second preferred stock offering, SATS, on Tuesday. The upsized initial public offering closed at $90 per share for 7,000,000 shares, raising approximately $630 million to acquire additional Bitcoin and income-generating assets. According to the company announcement, SATS will pay a 15% dividend every business day.
This launch marks a critical milestone in Strive’s strategy to maximize long-term total returns for common equity investors, as stated by Chairman and CEO Matt Cole. Strive currently holds 36,818 BTC, valued at over $3 billion, and recently purchased an additional 4,045 BTC between October 12 and 16. The company maintains a debt-free balance sheet, avoiding bonds, credit lines, or leveraged positions that could trigger forced liquidations during market downturns.
Strive is now the fourth-largest corporate Bitcoin holder, following in the footsteps of Strategy (formerly MicroStrategy), which remains the largest with 848,517 coins worth over $60 billion. Strategy has also been financializing Bitcoin through various products, including five different preferred stocks and proposals for daily dividends. In January 2026, Strive completed the acquisition of Semler Scientific in an all-stock deal, representing the first instance of a publicly traded Bitcoin treasury company acquiring another such entity. Strive’s common stock, ASST, traded 4% higher on Tuesday.
The debut of SATS highlights the evolving sophistication of corporate Bitcoin treasuries, moving beyond simple accumulation to complex capital structures designed to attract yield-seeking investors. By offering a high-frequency dividend on a preferred instrument, Strive attempts to create a stable cash flow narrative that contrasts with the volatility of the underlying asset. This approach mirrors broader trends where digital asset companies seek to decouple their equity valuation from pure spot price exposure by introducing fixed-income-like characteristics into their capital stack.
However, this model introduces specific operational risks regarding sustainability and regulatory scrutiny. Paying a 15% dividend daily requires consistent liquidity generation, likely dependent on the performance of the newly acquired assets or further capital raises. While the debt-free balance sheet mitigates liquidation risk, the reliance on continuous equity issuance to fund acquisitions creates dilution pressure for common shareholders. Investors must monitor whether the income-generating assets can support these payouts without eroding the core Bitcoin holdings, especially as competitors like Strategy expand their own preferred stock offerings.
