Strive Inc. (NASDAQ: ASST) is offering perpetual preferred securities backed by its Bitcoin reserves, SATA and SATS, which provide yields of approximately 13% and 15%, respectively. The securities are supported by the company’s Bitcoin holdings and liquid cash, while common shares absorb most of the downside risk associated with Bitcoin. Strive raised nearly $700 million through an oversubscribed SATS offering, selling 7 million shares at $90 each, and held between 32,773 and 36,800 BTC as of mid-October 2026. Jeff Walton says the products could unlock up to $1 trillion in institutional capital, although broader adoption in rated credit depends on securing a credit rating and on how the securities perform during a future Bitcoin sell-off. The volatility is not eliminated but shifted toward common shares, which have roughly twice the Bitcoin sensitivity of the broader market.
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