According to monitoring by BitcoinTreasuries.NET, Strive’s preferred shares SATA set a record for its largest single-day increase in Bitcoin holdings since its IPO on May 27. It bought an additional 402.11 BTC through a market-price subscription program, accounting for 51% of SATA’s total over the five trading days of the previous week. This increase occurred during SATA’s ex-dividend week.
Confirmed operational logic of SATA’s ATM mechanism during the ex-dividend week
SATA’s ATM issuance mechanism has a prerequisite condition: SATA’s market price must be above the $100 par value. The ex-dividend week provides a favorable environment for this mechanism:
1、Before the ex-dividend date, buyers compete to push SATA’s price above the par value in order to secure the dividends that are about to be distributed;
2、Strive then sells new preferred shares to the public market at the market price and converts the proceeds into Bitcoin;
3、After the ex-dividend date, SATA’s share price typically falls, and the ATM often pauses until demand returns in the next cycle.
In addition, Strategy’s STRC and SATA have their ex-dividend dates intentionally staggered. When STRC enters its share-price pullback period after its ex-dividend date, funds often rotate from STRC into SATA, further reinforcing SATA’s demand spike during the ex-dividend cycle.
Position data confirmed in the 8-K filing and the statistical basis for two sets of numbers
In its most recently filed 8-K, Strive disclosed that it increased its holdings by 1,109 BTC, bringing total holdings to 16,500 BTC, surpassing Riot Platforms and Coinbase (both at 16,492 BTC) and ranking seventh among globally listed companies.
The 402.11 BTC tracked by BitcoinTreasuries.NET is SATA-specific data for its ATM transactions on May 27; the 1,109 BTC recorded in the 8-K is the total increase in holdings from all sources of company funds. The two sets of figures use different statistical bases and cannot be directly added together. Strive uses an almost rolling approach to 8-K disclosures, while Coinbase discloses the company’s BTC holdings only on a quarterly basis.
The next confirmed timing: daily dividends starting June 16
Strive has confirmed that it will begin paying daily dividends starting on June 16, 2026, shifting from the previous monthly dividend schedule to a continuous dividend model. Under the old monthly-dividend pattern, there is a dividend “silence period” lasting several weeks between ex-dividend dates. The daily-dividend mechanism, by design, eliminates this silence period and turns the periodic demand spike into a continuous dividend-driven cycle.
FAQ
What is the difference between 402.11 BTC and 1,109 BTC in the 8-K filing?
402.11 BTC is the SATA-specific additional purchase amount from its single-day ATM trading on May 27; 1,109 BTC is the total company-wide increase in BTC holdings disclosed by Strive in its latest 8-K filing, covering all funding sources. The two sets of numbers use different statistical bases.
Why is SATA’s ATM mechanism strongest only during the ex-dividend week?
The ATM mechanism can only be activated when SATA’s share price is above the $100 par value. Before the ex-dividend date, buyers’ premium demand for the upcoming dividends actively drives SATA’s share price above par value, providing the most favorable window for ATM issuance—this is the core driver behind the monthly demand spike.
How does Strive’s disclosure differ from Coinbase’s?
Strive uses a near-rolling 8-K filing disclosure approach, enabling investors to track Bitcoin-holding growth almost in real time; Coinbase discloses the company’s Bitcoin holdings only on a quarterly basis, and the dynamics of increases between the two disclosure points remain opaque to the public.
