Strive CEO details 18-month cash reserve strategy for SATA preferred stock

Strive CEO Matt Cole wants investors to know his company can keep paying dividends even if Bitcoin decides to take an extended nap. The firm has bumped its cash and marketable securities reserve from 12 months to 18 months, specifically designed to cover SATA variable dividend payments through a bear market as severe as the 2022-2023 drawdown.

What SATA actually is and why the reserve matters

SATA is Strive’s Variable Rate Series A Perpetual Preferred Stock, trading on the Nasdaq under the ticker ASST. It’s being positioned as a “digital credit” instrument, giving investors Bitcoin exposure with income attached and, theoretically, less volatility than holding BTC outright.

The preferred stock trades in a range of $99 to $101 and currently pays a variable dividend of approximately 13% APR. Starting June 16, 2026, those dividends shifted to daily payments rather than the previous cadence.

Cole’s argument is straightforward. The longest Bitcoin bear market in history, the 2022-2023 stretch that saw BTC fall from roughly $69K to under $16K, lasted less than 18 months. By holding enough cash and marketable securities to cover dividend obligations for that full duration, Strive is saying it wouldn’t need to sell any Bitcoin at distressed prices to keep shareholders paid.

The company claims its reserves could theoretically enable dividend payments for up to 20 years under existing frameworks.

The Bitcoin stack and fundraising machine

Strive currently holds over 15,009 BTC while maintaining a debt-free balance sheet. Some sources place the figure closer to 19,000 BTC valued at approximately $1.2B.

In early June 2026, Strive was raising an average of roughly $8.1M daily through SATA issuance, even during Bitcoin price drawdowns. That money goes primarily toward purchasing additional BTC.

Volatility isn’t always what it seems

SATA and STRC preferred share prices experienced notable volatility in mid-June 2026. Cole attributed the price swings to leveraged liquidations rather than any underlying credit or liquidity problems at Strive.

What this means for investors

The 18-month reserve strategy positions SATA as a yield-bearing preferred equity instrument backed by a Bitcoin treasury, with a dedicated cash buffer meant to decouple dividend payments from short-term BTC price action. The daily payment structure, which went live on June 16, gives investors more frequent liquidity.

The risks are real and worth stating plainly. The 18-month reserve is a bridge, not a solution. If Bitcoin entered a bear market lasting significantly longer than any previous cycle, the reserves would eventually deplete and the company would face hard choices about selling BTC at a loss or suspending dividends.

There’s also the question of dilution. Raising $8.1M daily through new SATA issuance means more preferred shares outstanding, which means more dividend obligations. The math works as long as the Bitcoin purchased with that capital appreciates enough to cover the growing dividend burden. If it doesn’t, the reserve runway shortens.