Strive SATA and SATS Explained: Two Preferreds, Two Risks

Short answer: SATA and SATS are two perpetual preferred stocks of Strive, a US company holding about 43’000 bitcoin. Both have a $100 stated amount and pay a dividend every business day. SATA has a variable rate, currently 13%, and ranks first. SATS pays a fixed 15%, but ranks behind it and is much more thinly covered.

Strive offers you two securities with almost the same name, the same stated amount and daily payouts. The difference is in the small print: the 2 percentage points of extra dividend on SATS cost you a large part of the safety. Here you'll see how Strive SATA and SATS work, what sets them apart and at what bitcoin price things get tight.

Who is Strive?

Strive is a listed US company from Dallas (ticker: ASST). It started as an asset manager and, according to its own quarterly report, manages about $2.9 billion of client money. Since 2025, Strive has been buying bitcoin for its own balance sheet, and in January 2026 it also took over Semler Scientific along with its bitcoin.

On Oct 30, 2026, Strive held 43’124 BTC, plus about $490 million in cash and 505’000 STRC shares of Strategy. Strive has no loans or bonds. That makes it one of the larger corporate bitcoin holders after Strategy. Holdings, mNAV and capital structure are shown in Strive's treasury profile; what SATA and SATS mean for shareholders is explained in the profile Strive stock (ASST).

Strive finances new bitcoin mainly through two preferred stocks: SATA and SATS. How bitcoin-backed preferred stocks work in general is explained in the guide Digital Credit explained.

Strive SATA and SATS compared

As of Nov 13, 2026. Holdings per Strive's filing of Nov 2, 2026 (reporting date Oct 30, 2026), prices from Yahoo Finance, BTC price €64’086. Live figures on the Digital Credit overview.

SATA: the variable rate meant to hold the price at $100

SATA works like Strategy's STRC: Strive resets the dividend rate every month. The stated goal is a price between $99 and $101.

1. If SATA is below $99, Strive can raise the rate to bring buyers back. That has happened several times since launch: from 12.00% to 13.00%, most recently on Apr 15, 2026.
2. If SATA is above $100, Strive sells new SATA shares on the exchange and buys bitcoin with the money. Since October 2026, Strive may no longer sell new SATA below $100; this is binding in the terms.
3. Strive may only cut the rate slowly, by at most 0.25 percentage points a month plus any fall in the US reference rate SOFR, and never below that reference rate.

In practice this has mostly worked, but not always. On Feb 5, 2026, SATA closed at $82.50, 17% below the stated amount. The price since issue is shown under history.

SATS: the fixed rate with the higher risk

SATS is Strive's second security. The rate is fixed at 15% and can't be cut. So you know what you'll get, as long as Strive pays.

The price for that is rank. SATS stands behind SATA: if things get tight at Strive, SATA holders get their dividend first and, in an emergency, their money. Strive may also issue further securities ranking ahead of or equal to SATS without asking SATS holders.

Two further details make SATS weaker than SATA:

• No compounding on missed dividends. If Strive suspends payment, it owes you the dividend later, but without interest. With SATA, an unpaid dividend grows monthly.
• No price steering. Because the rate is fixed, Strive has no lever to hold the price at $100. SATS was issued at $90 and has traded between $92 and $97 since.

Since Oct 26, 2026, Strive has been selling new SATS shares on the exchange through a programme of up to $1 billion. Every new SATS share lowers the coverage of all SATS holders, unless Strive uses the money to buy at least as much bitcoin.

Rule of thumb: SATA is the front seat with a variable rate. SATS is the back seat with a fixed, higher rate. The 2 percentage points of difference are the price of the extra risk.

Yield: what you actually receive

The rate refers to the $100 stated amount. If you pay less, you earn more: that is the effective yield. On Nov 12, 2026, it was 13.3% for SATA and 15.5% for SATS.

How much cash flow your own amount produces, and what a different rate or price changes, you can work out here:

How safe are SATA and SATS? Coverage and ranking

Neither SATA nor SATS is secured by specific bitcoin. There is no collateral. Their safety comes from Strive's bitcoin holdings and from who gets paid first in an emergency:

As of Nov 13, 2026, Strive's 43’124 BTC at €64’086 (CHF 59’220) per bitcoin, claims per Strive's filing of Nov 2, 2026.

On Nov 13, 2026, Strive's bitcoin are worth about €2.76 billion. If bitcoin falls 54%, they only just cover SATA. For SATS, a drop of 31% is enough.

What does that mean compared with the Power Law?

The Power Law floor on Nov 13, 2026, was about €60’570 (CHF 55’980). It is the line below which bitcoin has hardly ever closed in the model; it is calculated according to the methodology.

• SATA would still be covered a good 2 times even at the floor.
• SATS would be covered 1.37 times at the floor. It would only no longer be fully covered if bitcoin fell 27% below the floor.

The floor is a model, not a guarantee. How the coverage of all preferreds looks side by side is shown in the yield vs. coverage chart: SATS sits on the far left there, with the lowest coverage of all traded securities. How to read and calculate these figures yourself for any security is explained in BTC coverage and effective yield.

Where does the money for the dividend come from?

SATA and SATS together cost Strive about $287 million a year: $182 million for SATA and $105 million for SATS. Strive's asset management and Semler's medical technology business don't earn that. Strive pays the rest from cash and from selling new shares.

As a cushion, Strive holds a dividend reserve for 18 months, $22.50 per share for SATS. Strive's cash of about $490 million corresponds to about 20 months of dividends. After that, Strive needs open capital markets or has to sell bitcoin.

The risks of Strive SATA and SATS

1. Price risk

Both securities can fall well below $100. SATA stood at $82.50 in February 2026. If you have to sell then, you lose money, even if every dividend was paid.

2. Rate risk (SATA only)

Strive can cut the SATA rate, slowly, but month after month. 13% is not a promise for the years ahead.

3. Suspension and rank

Strive may suspend dividends. They are made up before ASST shareholders get anything, but not on a fixed date. SATS carries this risk more heavily: it ranks behind SATA, and new senior securities are allowed.

4. Redemption (mainly SATA)

Strive may redeem SATA at any time at $110. Then your income ends and you have to reinvest. Strive can only redeem SATS if less than a quarter of the issued shares remain or the tax situation changes.

5. Currency and taxes

Both pay in US dollars; a weaker dollar lowers your income in euros or francs. Tiny daily amounts also create many bookings that your broker and your tax return have to handle. How the distribution is taxed in Germany, Austria or Switzerland is shown in Taxing Digital Credit dividends.

6. Short history

SATA has existed for a year, SATS for three weeks. Neither has been through a multi-year bear market. Nobody knows how they will behave in one.

Who are SATA or SATS for?

SATA may suit you if you hold bitcoin for the long term, want a regular income in dollars and accept a variable rate. It is the more cautious of the two securities.

SATS only suits you if you deliberately trade the higher fixed rate for much thinner coverage and plan for a one-third drop in bitcoin as realistic. For income you need to live on, the junior rank of a young security is a weak foundation.

Neither suits you if you need your money back on a fixed date or can't stomach price losses of 20%. And neither replaces bitcoin in your own custody: you hold a claim against Strive, not the coins. How income from Digital Credit fits into a plan for living off bitcoin is shown in Living off bitcoin; terms such as stated amount or cumulative are explained in the Digital Credit glossary.