Strive bumps SATA preferred stock dividend to 12.75%, buys $50 million of Strategy's STRC and more bitcoin

Publicly traded bitcoin treasury Strive, Inc. is rolling out enhancements to its SATA preferred stock product, including raising its dividend by 25 basis points to 12.75%. 

The firm is also narrowing SATA’s price range to $99-$101 from $95-$105.

SATA, up around 1% following the balance sheet adjustments on Wednesday, is a high-yield, bitcoin-treasury-backed perpetual preferred instrument trading on Nasdaq. 

The equity is modeled on Strategy's STRC (aka Stretch) stock, which was designed as a stable, high-yield instrument with adjustable variable dividend rates to minimize price volatility, backed by Strategy’s massive 738,731 BTC trove.

"We’re focused on building a track record of success for SATA by maintaining a stable trading range and keeping a strong balance sheet, which we believe will generate attractive long-term returns to our common equity shareholders vs our Bitcoin hurdle rate,” Strive CEO Matthew Cole said. 

The company also bumped its bitcoin holdings to 13,311 BTC and purchased $50 million of Strategy's STRC, which currently yields 11.5%.

ASST, Strive’s Class A common stock, hit a high of $9.45 on Wednesday and is currently trading around $9.08, according to Yahoo Finance.

Founded in 2022 by Vivek Ramaswamy, Strive Asset Management agreed last year to acquire bitcoin treasury firm Semler Scientific. That asset management division manages over $2.5 billion in assets.

In January, Strive announced plans to raise an additional $150 million through a secondary public offering, following on from its oversubscribed SATA IPO in November, which raised about $160 million.