Strive’s SATA rebounds to about $97, nearing $100 par value

Strive’s SATA preferred shares have recovered nearly 16% from their June low of $83.30 to about $97, regaining most of the late-June selloff and trading within roughly 3% of the $100 level they were designed to track, according to Yahoo Finance data. The rebound has revived attention on preferred-share structures used by Bitcoin treasury companies to raise capital without issuing additional common stock. Strive launched SATA in November 2025 as a variable-rate perpetual preferred stock designed to trade near its $100 par value by adjusting its dividend rate. Strategy’s STRC, a similar 2025 product that also aims to maintain a $100 share price through a variable dividend, remains further below par. Yahoo Finance data show STRC closed at $86.89 on July 24 after rising 2.29% in the session and later traded at $87.14 in after-hours dealings, leaving it 13.11% below par. Jan3 CEO Samson Mow told Cointelegraph that actions by Bitcoin treasury companies to strengthen balance sheets and support preferred-share pricing are helping restore confidence in the model. He said SATA’s return toward par could help STRC do the same by reassuring investors that “this model’s not broken,” adding that issuers are capitalized for three or more years of dividend payments and that there was “no reason to panic all along.” Institutional demand has also supported the case for STRC even as it trades at a discount. Michael Saylor, Strategy’s co-founder and executive chairman, said on July 24 that STRC had become the largest holding in BlackRock’s iShares Preferred and Income Securities ETF, Virtus InfraCap’s U.S. Preferred Stock ETF and VanEck’s Preferred Securities ex Financials ETF. According to figures he shared, the three funds collectively hold $756 million of STRC. The pricing gap matters because Strategy uses STRC and other securities to fund additional Bitcoin purchases. Selling preferred shares near or above par provides more capital per share than issuing stock at a discount. Strategy remains the largest corporate Bitcoin holder with 843,775 BTC, while Strive holds 19,921 BTC, ranking seventh among public companies tracked by BitcoinTreasuries. Mow also pointed to Lyn Alden’s Orange Juice treasury company, launched on July 15, as another example of a new entrant using a different model and starting with a lower Bitcoin acquisition cost.