Strive, the Dallas bitcoin-treasury company co-founded by Vivek Ramaswamy, bought 1,567 BTC between Oct. 28 and Nov. 9 for about $162 million. The purchases raised total holdings to 7,525 BTC as of Nov. 10 and were financed entirely through a new perpetual preferred stock program.
SATA preferreds become the funding engine
Strive closed an upsized initial public offering of SATA, its Variable Rate Series A Perpetual Preferred Stock, at $80 per share for 2.0 million shares. The company expects SATA dividends to be paid as return of capital, which can improve after-tax yield for income-oriented investors. Management said the latest bitcoin tranche carried an average purchase price of $103,315, underscoring SATA’s role as a direct funding vehicle for treasury growth.
Quick snapshot:
- Period of purchase: Oct. 28–Nov. 9
- Bitcoin acquired: 1,567 BTC
- Total consideration: roughly $162 million
- Holdings after buys: 7,525 BTC (as of Nov. 10)
- Funding source: SATA perpetual preferreds
- Average BTC price: $103,315
- Dividend design: return-of-capital (ROC)
A pivot to a pure bitcoin-treasury model
Strive’s shift accelerated after its reverse-merger path to Nasdaq this fall. In September, the firm announced an all-stock deal to acquire Semler Scientific and said it would buy 5,816 BTC alongside the transaction. If completed as outlined, combined holdings would top 10,900 BTC. The company says it plans to rely on preferred equity for future purchases, positioning itself as an alternative to the debt-heavy strategies used by earlier corporate adopters.
Building the apparatus and the investor pitch
To support execution, Strive named former Swan Bitcoin executive Ben Werkman as chief investment officer on Oct. 6. The CIO will oversee capital deployment and risk frameworks aimed at amplifying bitcoin exposure while managing balance-sheet volatility. Meanwhile, the firm’s ETF arm filed for a Bitcoin Bond ETF, signaling a broader push to wrap corporate bitcoin exposure in yield-oriented products.
Market reactions to corporate buys often fade fast. However, pairing perpetual preferred equity with ROC dividends may appeal to investors who want bitcoin exposure packaged as income. If the Semler deal closes and SATA remains a receptive funding channel, Strive will test whether a capital-markets-driven model can outgrow simple buy-and-hold—without the dilution or leverage that tripped up past cycles.
