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Strive’s SATA Tops Estimated 490 Bitcoin in a Single Day — More Than the Entire Daily Mining Supply

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Bitcoin Magazine

Strive’s SATA Tops Estimated 490 Bitcoin in a Single Day — More Than the Entire Daily Mining Supply

Strive, Inc. crossed a notable threshold on Wednesday, with its Variable Rate Series A Perpetual Preferred Stock (Nasdaq: SATA) estimated to have acquired around 490 bitcoin through the company’s at-the-market program — a figure that exceeds the roughly 450 BTC the Bitcoin network produces in an average day.

The milestone places Strive in rare company. With miners currently earning 3.125 BTC per block and roughly 144 blocks produced each day, the global Bitcoin network adds approximately 450 new coins to circulation every 24 hours at baseline — a rate set at the April 2024 halving and unchanged until the next halving, expected in 2028.

On Wednesday, Strive’s SATA program absorbed more than that entire daily issuance through a single equity instrument in a single session.

Wednesday’s Bitcoin for Corporation’s SATA Tracker dashboard showed roughly $66.9 million in total volume, a 13% yield, and 95% of volume above the $100 par threshold — the floor below which Strive’s board has directed management not to issue shares. At a 58% estimated capture rate, ATM proceeds reached approximately $35.3 million, with bitcoin spot at $74,956.

In the week ending May 24, SATA posted a weekly record of approximately 794 BTC acquired. Wednesday’s revised 475 BTC estimate now stands as the instrument’s second confirmed daily supply absorption event in eight days.

The broader 8-K confirmed data visible in the dashboard showed that between May 18 and May 26, SATA generated $50 million in total proceeds and added roughly 650 BTC to Strive’s treasury at a 48% capture rate for that filing window. 

Strive’s most recent SEC filing confirmed the purchase of 1,109 bitcoin between May 19 and May 22 at an average cost of approximately $76,989 per coin, bringing total holdings to 16,500 BTC.

Strive is becoming a bitcoin company 

Strive is a Dallas based corporate treasury and structured finance company that uses preferred equity to accumulate bitcoin at scale. The firm issues Variable Rate Series A Perpetual Preferred Stock, branded SATA, which will soon pay cash dividends on each business day at a 13 percent stated annual rate that compounds through frequent distributions.

Strive eliminates traditional debt and leans on preferred stock instead, seeking long duration funding that matches bitcoin’s long duration profile. Proceeds from SATA offerings fund large bitcoin purchases, retirement of convertible notes from its Semler Scientific acquisition, and repayment of a Coinbase Credit loan, which leaves the company’s bitcoin stack unencumbered.

Founder Vivek Ramaswamy established Strive as a vehicle for “digital credit” strategies, and CEO Matthew Cole leads the current treasury design and capital markets playbook.

This post Strive’s SATA Tops Estimated 490 Bitcoin in a Single Day — More Than the Entire Daily Mining Supply first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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