Strive's Preferred Stock Reaches Par Value: Unlocking Bitcoin Accumulation Through Equity Sales

Strive’s perpetual preferred equity (SATA) achieved a critical milestone by trading at its par value of $100 this week, joining Strategy’s comparable security (STRC) in demonstrating the market’s confidence in these bitcoin-focused corporate equity structures. This breakthrough holds significant implications for both companies’ ability to raise capital and accelerate their bitcoin holdings expansion.

Understanding Par Value’s Role in Bitcoin Treasury Strategy

Par value represents the baseline price at which preferred shares can unlock enhanced capital-raising capabilities. When SATA trades above this $100 threshold, Strive gains access to an at-the-market (ATM) issuance channel—a mechanism allowing the company to gradually issue new shares and convert proceeds into bitcoin acquisitions without dramatically impacting share prices.

Strive currently holds 12,797 BTC on its balance sheet, with its common shares trading at $0.94. The preferred equity carries a dividend rate of 12%, offering investors an effective yield of 12.2%. By reaching par value, the company signals its readiness to deploy this capital-raising tool at scale.

SATA and STRC: Parallel Paths Above Par

Strategy’s equivalent preferred security, STRC, established the template for this success earlier in January. Last week’s trading data reveals the extent of market appetite: STRC recorded $755 million in trading volume, with $582 million occurring above the $100 par level—the highest above-par trading volume recorded in any single week to date.

This sustained trading activity above par creates quantifiable opportunities. According to BitcoinQuant analysis, the trading patterns observed could enable Strategy to generate approximately 2,636 additional BTC through its ATM program. Similar potential now extends to Strive with SATA’s achievement.

Michael Saylor, Strategy’s executive chairman, underscored the significance of these dual breakthroughs in an X post, recognizing that perpetual preferred equities trading above par status represent a meaningful moment for bitcoin companies’ capital deployment strategies.

Scaling Bitcoin Holdings: The Mechanics of ATM Capital Raises

When preferred shares trade above par value, companies access a more efficient fundraising mechanism than traditional equity offerings. The ATM channel permits gradual share issuance, allowing Strive and Strategy to convert equity into bitcoin without facing the market pressure typical of large block offerings.

This approach contrasts sharply with traditional treasury expansion methods. Rather than seeking discrete funding events or taking on debt, these companies can now continuously tap capital markets at favorable terms—provided the preferred shares maintain their par value premium. The sustainability of this channel depends on sustained investor confidence in both the equity structures themselves and the companies’ underlying bitcoin holdings strategies.

Market Environment: Headwinds and Opportunities

The broader cryptocurrency market has faced considerable pressure in recent weeks, with spot trading volumes declining from $1.7 trillion annually to approximately $900 billion—reflecting cooled market enthusiasm and cautious investor positioning amid macroeconomic uncertainty.

Bitcoin itself has experienced volatility, recently trading around $83,900 as broader crypto sentiment fluctuates. Yet despite these headwinds, the performance of bitcoin treasury companies’ preferred equities demonstrates differentiated investor appetite for exposure to institutional bitcoin accumulation strategies.

Notably, bitcoin miners who have diversified into AI infrastructure and high-performance computing have continued outperforming during this period, suggesting that market participants distinguish between traditional cryptocurrency trading and enterprise-scale bitcoin utility strategies.

The Significance of Par Value Achievement

Strive’s SATA reaching par value represents more than a technical milestone—it validates a capital structure designed specifically for institutional bitcoin accumulation. By unlocking ATM issuance capabilities, the company gains a sustainable tool for converting shareholder equity into hard asset holdings. This mechanism, now proven viable by both Strive and Strategy, may establish a template increasingly adopted by other bitcoin-focused enterprises seeking to scale their treasury positions without traditional debt constraints.