What SATA Is
SATA is Strive Inc's Variable Rate Series A Perpetual Preferred Stock. Strive has turned itself into a Bitcoin-treasury company: it raises money in the capital markets and uses it to hold Bitcoin. SATA is one of the securities it sells to fund that strategy.
SATA has a $100 stated amount and pays 13.00% a year. Since mid-June 2026 it has paid that dividend daily, every business day. Strategy, the largest Bitcoin-treasury company, sells a similar preferred called STRC. Right now these issuers are competing on yield and payment frequency to attract income buyers.
Owning SATA means getting paid a premium to take on two risks: that Bitcoin holds its value, and that Strive can keep raising money. That role is closer to writing insurance than to holding a savings product.
The Chart Every Holder Is Looking At
Since March 2026, SATA's price chart is mostly a flat line just under $100, broken by sharp drops that each recovered. The first drop, in November 2025, came before any ceiling existed: SATA fell from about $96 in its first week of trading. SATA has also closed below par every trading day since October 7. The common question is whether those drops can be bought.
The short answer: so far, each of the three drops has recovered. The longer answer is that the reason it worked is also the way it could fail.
Why the Flat Line Exists
Two features hold SATA near par:
- A variable rate the board can reset. If the price drifts too far from $100, the issuer can change the rate to pull it back. It did that in early 2026: the monthly payout stepped from $1.0208 in January (12.25% a year) to $1.0833 by May (13.00%), and the rate has held at 13.00% since.
- A $100 minimum price on new issuance. In March 2026, Strive narrowed its target trading range from $95–$105 to $99–$101 and said it would not issue SATA below $100. That policy wobbled in the June selloff: after SATA closed at $83.53 on June 25, CEO Matt Cole said the firm might not adhere strictly to the $100 rule, calling conditions atypical. An October 2026 8-K then made the $100 minimum sale price binding. When the price gets near par, new supply becomes available.
Because new shares appear whenever the price nears $100, upside is capped around par. There is no binding mechanism on the downside. The board can raise the rate, and since October Strive has a repurchase facility of up to $500 million for SATA, but both are choices, not rules. The flat line is a ceiling, not a floor.
Performance and yield figures are historical and may change. Total return includes price movement and distributions where available. Past performance does not guarantee future results. Yield is not the same as total return.
The Three Dumps
Using daily closes, each SATA drop matched a Bitcoin drawdown over roughly the same weeks.
| Episode | SATA closing low | Bitcoin move (window) |
| November 2025 | $87.50 | ~−20% (Nov 10–21) |
| February 2026 | $82.50 (Feb 5) | ~−35% (Jan 14–Feb 5) |
| June 2026 | $83.53 (Jun 25) | ~−18% (May 28–Jun 26) |
