Summary Strive Asset Management has transformed into a Bitcoin treasury company, with its financials now heavily dependent on spot Bitcoin prices. SATA preferred shares offer a 12% variable, cumulative dividend (currently yielding ~14%), but the coupon can be adjusted at Strive's discretion. ASST's average Bitcoin purchase price is $105,569, leaving the company underwater and exposed to further unrealized losses if Bitcoin declines. SATA is highly speculative, with a 1-year dividend reserve, and is only attractive if Bitcoin finds a durable bottom. Thesis Bitcoin was in the news in the past week after a significant move lower: Data by YCharts Before the rebound on Friday, February 6, 2026, the coin was down roughly -20% in the past week alone. This move saw a pull of capital from all the crypto ecosystem, including miners, bitcoin treasury companies, and meme stocks. In today's article we are going to talk about the Series A Preferred Shares ( SATA ) from Strive Asset Management ( ASST ), a crypto treasury company. Who is Strive Asset Management? As per their website , Strive: Was founded in 2022 with a mission to maximize long-term value for shareholders through the unapologetic embrace of capitalism, meritocracy, and innovation. Following our merger in September 2025, we became the first publicly traded asset management Bitcoin Treasury Corporation — a company whose primary objectives are to (i) accumulate Bitcoin; (ii) increase Bitcoin per-share; and (iii) outperform Bitcoin over the long run by deploying both beta Bitcoin treasury accumulation strategies and alpha investment strategies with the goal of beating Bitcoin’s investment performance as the hurdle rate. Strive Asset Management, LLC, a direct, wholly owned subsidiary of Strive and an SEC-registered investment adviser, manages over $2 billion in assets under management (“AUM”) across 13 exchange-traded funds, collective investment trusts, and a direct indexing platform. So Strive is a blend of a traditional asset manager that has ETFs outstanding with a Bitcoin treasury company. Let us look at some financials as well: Balance Sheet (SEC Filing) The company is fairly small, with only $0.8 billion in assets, which is mainly composed of $100 M of cash on the balance sheet and $672 M of bitcoin holdings. The name seems to be following in the footsteps of Strategy ( MSTR ), which has a very similar balance sheet in terms of proportions and intent. On the income statement side, we see the following: Income Statement (SEC Filing) The company made very little in terms of investment advisory fees (only $246k) and had employee compensation and benefits of $18 M. The company was therefore operationally negative even before accounting for the unrealized losses on bitcoin and other derivative losses. We can see that from the statement of cash flows as well: Cash Flow Statement (SEC Filing) Strive seems to be going through a transformation where it is betting on bitcoin, thus betting on unrealized gains via bitcoin appreciation, with a very small proportion of revenues from the asset management side. We are not sure if the timing is right for this. The company has issued significant common equity in 2025 to fund this transformation: Financing Cash Flows (SEC Filing) We can see that after September 12, 2025, the company issued a large swath of common stock and pre-funded warrants, raising over $700 M. Preferred Shares Issuance Just like the big brother MSTR, Strive decided to increase its bitcoin purchasing firepower by issuing preferred shares: 11.05.2025 DALLAS, TX—( GLOBE NEWSIRE )—November 5, 2025—Strive, Inc. (Nasdaq: ASST) (“Strive” or the “Company”) today announced the upsizing and pricing of its initial public offering (the “offering”) on November 5, 2025 of 2,000,000 shares of Strive’s Variable Rate Series A Perpetual Preferred Stock (the “SATA Stock”), an upsize of 750,000 shares over the amount previously announced, at a public offering price of $80 per share. The issuance and sale of the SATA Stock is scheduled to settle on November 10, 2025, subject to customary closing conditions. We will take a close look at the details for SATA shortly, but please note the preferred shares were issued at what is called an 'original issue discount (OID)' in order to make them more appealing to investors and bump up the yield for the securities. The company followed this original issuance with another one in 2026: Strive $208.8 million preferred stock follow-on offering and private exchanges, January 29, 2026 Davis Polk advised Strive, Inc. in connection with its upsized SEC-registered offering of 1,320,000 shares of variable-rate Series A perpetual preferred stock. Strive intends to maintain the trading price of the preferred stock within its stated long-term range of $95 and $105 per share, and to use the net proceeds from the offering to finance the redemption, repurchase, repayment, satisfaction and discharge or other payment of all or a portion of Semler Scientific, Inc.’s 4.250% convertible notes due 2030 and Semler Scientific, Inc.’s outstanding borrowings under its master loan agreement with Coinbase Credit Inc., purchase bitcoin and for general corporate purposes, including for working capital. The preferred stock is listed on the Nasdaq Global Market under the symbol “SATA.” The company is undergoing a capital structure realignment, where it is using preferred share issuance to retire convertible debt. Similarly to Strategy and their STRC preferred shares, Strive is declaring that it is aiming to keep SATA in a $95–$105 range. So far it has not been successful: SATA Price (Seeking Alpha) SATA was issued with an OID and has actually spent most of its brief life under $95/share. Let us look at some of the security characteristics : Liquidation preference: $100/share Dividend rate: 12% Type of rate: Variable ("The initial regular dividend rate will be 12.00% per annum. However, we will have the right, in our sole and absolute discretion, to adjust the regular dividend rate applicable to subsequent regular dividend periods in the manner described in this prospectus supplement.") Payment Date: Monthly on the 15th Dividend Reserve: " At the closing of this offering, we intend to establish a dividend reserve in an amount equal to the first 12 months of dividend payments (assuming dividend payments are made at a rate of 12.00% per annum) calculated as of the date of this offering (the “Dividend Reserve”) Optional Redemption: continuous after listing at the issuer's preference Cumulative dividend: yes Maturity date: perpetual SATA is therefore very reminiscent of STRC from Strategy, with the company having the ability to adjust the rate paid on the securities, although the dividend is cumulative. Given the market move lower for the bitcoin ecosystem, SATA is currently trading with a current yield of roughly 14%, with the next payment date on February 15, 2026 (although the record date has passed already). Strive is ultimately a play on Bitcoin now, so let us take a look at how the company has done and its average purchase price for Bitcoin. Performance and Purchase Price ASST has done very poorly in the past six months: Stock Price (YCharts) The company is down over -80% in the past six months and has been forced to do a reverse stock split in order to remain listed: Reverse split (Nasdaq) The company was forced to do a one-for-twenty reverse split in order to move its stock price above $1/share. In terms of bitcoin purchase prices, we will get more from the company on their next earnings date, but ASST basically switched to being a bitcoin treasury company at the top: BTC Purchases (Company website) The company has a dedicated website for its purchases and analytics, very similar to Strategy again. It seems that even the color scheme was copied, with orange playing a large role here. The declared average purchase price on the website is $105,569, so expect more unrealized losses in the next earnings statement: Holdings (website) Given the company structure, SATA is a take on bitcoin and on the company's solvency long-term. The securities are highly speculative and ultimately represent a play on the cryptocurrency. Conclusion SATA represents preferred shares from Strive, a bitcoin treasury company. Strive's finances are mainly driven by spot bitcoin prices, with the income from the asset management business being very small. The company has an average bitcoin purchase price of $105,569 and thus is currently underwater. SATA is currently yielding 14% but has a variable coupon that can be adjusted by Strive. There is a 1-year reserve balance to pay the 12% coupon on the shares, but a severe crypto winter with lower bitcoin prices can see that depleted. We consider SATA a highly speculative investment that is only interesting once Bitcoin bottoms.
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