Strive

Strive is a Bitcoin treasury company listed on Nasdaq. Its core business is to raise capital by issuing common stock (ASST) and perpetual preferred stock (SATA), then use the proceeds to buy and hold Bitcoin. The company aims to increase Bitcoin holdings per share over time.

The market pain point it addresses is the lack of efficient, direct Bitcoin exposure through a corporate vehicle. Traditional Bitcoin ETFs charge management fees, while direct holding involves custody risks. Strive offers an alternative where investors can gain Bitcoin exposure through a stock, but with the added complexity of share dilution.

Its main competitive edge lies in its capital structure: no debt, no Bitcoin collateral, and a perpetual preferred stock (SATA) that pays a 13% annual dividend daily—the first of its kind on a US exchange. This design avoids the maturity pressure of convertible bonds, reducing forced selling risk during downturns.

In the past six months (March to September 2026), Strive significantly accelerated its Bitcoin accumulation. Holdings grew from about 13,132 BTC at the end of January to 23,156 BTC by the end of August, making it the fifth-largest public company Bitcoin holder. In late August alone, it purchased 1,800 BTC at an average price of $79,431. However, the company reported a GAAP net loss of $257.6 million in Q2, largely due to a $234 million fair value decline on its Bitcoin and Strategy preferred stock holdings.

Key risks include: about 30% of ASST's float is shorted, and warrants worth $700 million expire in mid-October if the stock fails to stay above $27. SATA once fell to 75% of par value earlier this year. The company emphasizes it has no debt-collateralized Bitcoin and held about $183.5 million in cash as of August 28.