Strive, Inc. has achieved a significant milestone by absorbing an estimated 453 BTC through its preferred stock instrument, SATA, an event that caught the attention of bitcoin treasury analysts. This absorption represents around 101% of the total bitcoin mining supply produced in a single day, marking the first full-supply absorption event since mid-May. On this particular day, Strive’s preferred stock recorded its largest trading volume ever, with approximately 384,000 shares exchanged through its at-the-market program.
The single-day total of approximately 408 BTC surpassed the previous record of roughly 404 BTC set just the Friday before, with the trading session still ongoing during the break of this record. The additional 3 BTC contributed to this total originated from secondary market sellers capitalizing on heightened demand.
Since the completion of bitcoin’s fourth halving in April 2024, the block subsidy has been reduced to 3.125 BTC per block. With around 144 blocks mined daily, the global mining community generates approximately 450 BTC each day.
Strive’s SATA has begun producing daily distributions, featuring a 13% annual dividend rate set to debut on June 16. This financial instrument has effectively transformed the supply figure into a daily target for acquisitions. The process employed by Strive is straightforward: when SATA trades at or above its par value of $100, the company issues new preferred shares through its ATM program, utilizing the proceeds to purchase bitcoin. Notably, the firm has pledged not to issue SATA below the $100 threshold, allowing it to concentrate buying pressure during times of high demand.
On the recent trading day, this high demand saw the ATM mechanisms running at full capacity. Previously perceived as a secondary player in the bitcoin preferred-equity arena, SATA has seen its reputation shift dramatically. In the week ending May 24, SATA amassed around 794 BTC, more than double its previous weekly record of 371 BTC established earlier in May. This figure represents a meaningful 5.16% increase week-on-week relative to Strive’s overall bitcoin treasury.
In contrast, Strategy, another major player, added about 24,869 BTC in the same period. However, compared to its total holdings of approximately 818,869 BTC, this translates to a more modest proportional gain of 3.04%. For Strategy to keep pace with Strive’s growth seen in that week, it would have needed to make purchases of around 42,250 BTC, which exceeds its actual acquisitions by a considerable margin.
While Strategy remains dominant in sheer total bitcoin holdings, with estimates now placing its assets at around 843,738 BTC, Strive’s targeted metric of bitcoin per share is witnessing an increasingly notable narrowing of the gap. Analysts from JPMorgan have forecast that Strategy could potentially allocate around $30 billion for bitcoin acquisitions throughout 2026.
Michael Saylor, the executive chairman of Strategy and a prominent figure in the corporate bitcoin treasury model, has publicly endorsed SATA, referring to it as “the most interesting story in Bitcoin right now.” His endorsement highlights the growing role of SATA in the credit markets and Strive’s overall ascent in equity markets. This evolving narrative in the realm of corporate bitcoin treasuries is garnering significant interest from investors and analysts alike.
