Strive's new preferred stock, SATS, began trading on Nasdaq on Tuesday and pays a 15% dividend every business day. The listing follows an upsized IPO of 7,000,000 shares at $90 apiece, raising $630 million for the bitcoin treasury company founded by Vivek Ramaswamy.
The common stock, ASST, was up 4% on the day. Strive now holds 36,818 BTC, worth more than $3 billion at current prices, making it the fourth-largest corporate bitcoin holder.
A daily payout, not a quarterly one
Most preferred stock pays quarterly. SATS pays every business day, which is unusual enough to be the headline feature of the listing. Strive already runs a second preferred series, SATA, which carries a variable dividend rather than the fixed 15% on SATS.
The structure seems designed to appeal to income-focused buyers who want steady distributions without waiting three months between payments. Whether daily accrual matters in practice depends on how the shares trade, and that's something the first few weeks of Nasdaq volume will show.
The balance sheet behind the dividend
Strive says it carries no debt, no bonds, no credit lines and no leveraged positions. That's a real distinction among bitcoin treasury companies, several of which have borrowed against their coins or issued convertible notes to keep buying.
The company added 4,045 BTC between October 12 and October 16, according to its announcement. Combined with the existing stack, the treasury now sits at 36,818 coins.
Semler and the consolidation play
In January 2026, Strive completed an all-stock acquisition of Semler Scientific. It was the first time a publicly traded bitcoin treasury company bought another one outright, and it set a template that other firms in the sector are likely to follow as smaller treasuries run short of ways to grow.
Strive debuted as a bitcoin treasury last year, well after the model had already been established by others. It has since climbed to fourth place by holdings.
The Strategy comparison
Strategy, formerly MicroStrategy, remains the largest corporate bitcoin holder with 848,517 coins worth over $60 billion. It runs five preferred series — STRF, STRC, STRK, STRD and STRE — and proposed daily dividends on those products last month.
Strive's SATS launch puts a daily-paying preferred into the market before Strategy has finalized its own version. That's a narrow head start, but in a sector where product structure is one of the few ways to differentiate, it counts for something.
Matt Cole is chairman and CEO of Strive. The company has not said whether it plans further preferred issuance or additional bitcoin purchases beyond the October 12–16 window. Investors will get their first read on SATS liquidity when Nasdaq closes the book on its debut week.
