Strive's SATA preferred raised an estimated $55M for bitcoin, almost all in two sessions above par

Against the $317 million of SATA that traded during the week ^[4], the $55 million proceeds estimate comes to about 17% ^[17]. The tracker's two outputs imply about $86,200 a coin ^[15]. At Friday's bitcoin price near $82,800, 638 BTC is worth roughly $53 million ^[1], about $2 million less than the proceeds figure ^[16].

Almost all of that money came early in the week. Selling new preferred below par would dilute the promise the program makes to holders, so issuance pauses until buyers push the price back up ^[7]. On this week's evidence the rule worked as written, or rather, the more precise version: Strive's preferred funding is exactly as strong as the par trigger implies. It runs on the days yield buyers pay $100 and stops on the days they won't ^[6].

The counter-case is that heavy volume just under par shows buyers sitting close to $100, so a small rally would reopen the program at this week's pace. The source does not say how far below par SATA traded, and that gap decides between the two readings. From here SATA can reclaim par and repeat a week like this one, hover near $100 and issue in bursts of a day or two, or settle lower and stay shut. We'd expect the bursts, since this week already split into two sessions of issuance and three without ^[3][6]. We would be wrong if SATA holds above par through the coming weeks and this week's three-day stretch turns out to be a single pause.

The cost side is in the filings. Strive has zero debt principal ^[9]. It paid about $169 million for the 2,000 BTC it bought between Sept. 28 and Oct. 2, almost exactly one year of SATA dividends ^[18][9]. Its BTC Yield, the company's measure of bitcoin-per-share growth, stood at 18.5% quarter-to-date and 63.2% year-to-date as of Sept. 30 ^[10]. Both figures predate this week's below-par sessions.

Strategy built the model with STRC, its variable-rate perpetual preferred ^[13]. Its latest purchase took its holdings to 848,000 BTC ^[12], and Strive's 29,462 BTC ^[8] is about 3.5% of that ^[19]. News.bitcoin.com wrote that "the copy was busier than the original, at least on the latest filed data" ^[14]. Strategy's filed window ended Oct. 4, the day before Strive's estimated week began ^[11][2], so the comparison sets a modelled week against the filed week before it.