Strive, the Nasdaq-listed bitcoin treasury shop co-founded by Vivek Ramaswamy, grabbed 2,000 BTC between Sept. 28 and Oct. 2 at an average of $84,422 a coin — call it $169 million, its fattest haul in four months. Stack now sits at 29,462 BTC, about $2.5 billion at Monday's price. Nice number. Look at how it got paid for.
▪️ The cash didn't come from the business. It came from SATA, the preferred stock: $100 stated amount, ~13% a year, dividends paid every business day since June 16.
▪️ SATA was 70% of Strive's capital in the week ending Sept. 4 — and 85% in the week ending Sept. 25. That's not a side channel, that's the funding model now.
▪️ Bitcoin pays zero interest. So that 13% comes out of cash or out of the next raise. The filing lists no debt, which is the part they want you to screenshot.
▪️ Average cost was $90,170 a coin at the end of September, above Monday's ~$86,000 spot. The whole stack is under water on paper. Funny how that headline never trends.
▪️ Built by acquisition, not by conviction: Semler Scientific's ~5,000 BTC, deal approved in January for ~12,800 combined — then 14,557 by late April, 20,246 by mid-August.
▪️ Fifth among public holders, behind Strategy, Twenty One Capital, Metaplanet and MARA. Twenty One sits at 43,514 BTC — Strive is 14,052 coins short of the podium.
📊 Avg cost per BTC:
$90,170📊 SATA dividend:
~13% a year📊 Cash on hand:
$284.7MIf you're in SATA for that 13%, take a long hard look at what you actually own: a claim on a company that's under water on its own stack. Every dividend gets paid from cash or from printing more SATA — and more SATA means dilution, plus more BTC that has to hit the market the moment this thing turns. Holdings are up 48% in dollar terms since July 2, and that was the market doing the work, not the strategy. The treasury-company trade is just leveraged BTC in a dividend wrapper, and right now the wrapper is the only piece still paying you. Classic.
🔮 Selling 13% paper to buy an asset that yields nothing. Works right up until the music stops — and the bag is SATA holders.
@exverse_chat
