TLDR
- Strive (ASST) put $50 million — over one-third of its corporate treasury — into Strategy’s (MSTR) STRC perpetual preferred stock, which yields 11.5%
- Strive also bought an additional 179 Bitcoin, bringing total holdings to 13,311 BTC (~$930 million)
- The dividend on Strive’s own SATA preferred stock was raised 25 basis points to 12.75%
- ASST stock was up 2.2% on Wednesday as Bitcoin climbed back above $70,000
- ASST has lost more than 90% of its value since its summer 2025 peak and recently completed a 1:20 reverse stock split
Strive (ASST) made several balance sheet moves on Wednesday, allocating $50 million to Strategy’s (MSTR) STRC Variable Rate Series A Perpetual Preferred Stock.
The $50 million investment represents more than one-third of Strive’s corporate treasury.
STRC currently yields 11.5%. Strategy reported that the instrument hit $409 million in daily traded volume on Tuesday — its highest ever — while its 30-day volatility fell to 3%, the lowest on record.
Strive CEO Matt Cole said the company holds USD reserves as a buffer for dividends and operational costs. Rather than keeping that cash in low-yield money market funds, Cole said it made sense to put it into instruments like STRC that offer stronger yield with stable price behaviour.
Strategy CEO Phong Le confirmed that other institutions have also added STRC to their treasuries, including Prevalon Energy, Anchorage Digital, and OranjeBTC.
More Bitcoin and a Dividend Bump
Alongside the STRC purchase, Strive bought an additional 179 Bitcoin, bringing its total holdings to 13,311 BTC. At current prices, that stack is worth roughly $930 million.
Strive also raised the dividend on its own perpetual preferred security, SATA, by 25 basis points to 12.75%. SATA was up 1.4% on the day, though it remains below par at $96.22.
The moves come as Bitcoin climbed back above $70,000 on Wednesday, giving a lift to ASST, which was up 2.2% in early trading.
Strive’s balance sheet shows it holds more cash than debt, with a current ratio of 11.97. The stock was trading at $8.98 with a market cap of $566 million.
A Rough Road Since Launch
Strive launched in 2025 as one of many companies that tried to replicate the Bitcoin treasury strategy made famous by Michael Saylor’s Strategy. It has not gone smoothly.
ASST has lost more than 90% of its value since its summer 2025 peak.
The company had to complete a 1:20 reverse stock split to keep its price above $1.
In recent months, Strive completed a $225 million preferred stock offering and used part of those proceeds to retire $110 million in debt from its acquisition of Semler Scientific. The remaining $10 million in debt is expected to be settled by April 2026.
That acquisition made Strive the 11th largest public corporate holder of Bitcoin globally at the time, with approximately 12,797 BTC.
B.Riley initiated coverage on Strive with a Buy rating and a price target of $12.00.
Strive’s subsidiary, Strive Asset Management LLC, manages over $2.5 billion in assets.
The Strive board also declared a cash dividend of $1.0208 per share on its Variable Rate Series A Perpetual Preferred Stock.
ASST was trading at $8.98 at the time of publication, up 2.2% on the day.
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