Strive's new preferred and warrant proceeds give it capital to expand its bitcoin treasury. Holdings rose from 27,462 to 36,818 BTC in three weeks; the upsized $630M SATS IPO, its second preferred with a 15% coupon paid every business day, and another $369M from warrants are not in that count yet. The bullish case is 100,000 BTC by summer 2027. x.com 

Strive's live SATS preferred has raised $630m, advancing its Bitcoin accumulation case and making Strive shares super, super bullish. It offers a 15% annualized return paid daily. Strive is most likely now the world's second-largest corporate Bitcoin holder, though that has not yet been announced. x.com 

Bitcoin treasury companies will and should trade at a discount to NAV, since money in a double-tax structure has no reason to trade at a premium to money. Participants are harvesting the premium against each other in a zero-sum game until it flips to a discount, in bull or bear markets. Since tracking began, bitcoin rose 4.9% and Strive's bitcoin holdings 4.7%, yet Strive shares fell 14.8%, leaving bitcoin 19.7% ahead. x.com  x.com 

Strive's bitcoin treasury is scaling at a striking pace. It bought 6,182 BTC in a week to reach 43,000, up 17%; holdings are up 54% less than a month into the quarter and 5.6 times since the start of the year. Effective common shares outstanding also rose from 124.1 million to 127.3 million during the week. x.com  x.com 

Strive's common ATM can lift long-run returns by funding bitcoin purchases at a share premium. Bitcoin is historically cheap; stacking in a bear market or before the bull market begins drives the biggest gains later. But too much weekly issuance can blunt upside, exhaust investors and cap mNAV expansion; share scarcity matters. The ATM is crucial, but caution is preferable. Cole Macro said preferreds should help keep dilution below Strategy's levels on the way up. x.com  x.com  x.com 

Bitcoin treasury company equity like Strive's should trade at a discount to NAV, so its 59% premium is mispriced and declining as shareholders realize they pay up to take on lots of incremental risk. Only a rising bitcoin price increases bitcoin per share. Shareholders can collapse the premium by doing what the company does: sell the stock and buy bitcoin directly. x.com  x.com 

Strive replicates Strategy's playbook, raising sticky perpetual capital through its SATA preferred and putting the proceeds into bitcoin, so bitcoin per share compounds while it can issue at a premium. SATA's daily cash dividends from June 16 should attract income investors and dampen volatility. Q1's $265.9M GAAP loss came from unrealized bitcoin losses; Strive has no corporate debt and Semler's medical business is cash-flow positive. At ~$1.2B it is a high-beta bitcoin proxy. x.com 

Heavy inflows could lift Strive's mNAV above Strategy's for periods because they have more impact on the smaller company. Strive could do even better than 6x versus Strategy's 4x, as investors seek the faster Bitcoin treasury stock. x.com  x.com  x.com 

Strive's move to daily dividends on its SATA preferred transfers value from common holders to preferred holders through a higher effective yield, which is bad for mNAV though good for Bitcoin. That makes owning the common hard to justify. Strategy needed a shareholder vote just to pay twice a month. x.com  x.com  x.com 

Strive's bitcoin stack keeps growing fast, while trading liquidity in its shares and SATA preferred keeps compounding. Strive now holds 29,462 BTC, up 3.9x in 2026, with 9,216 added in the last six weeks alone, a 46% jump, and its average cost has fallen to $89,994 from $116,610 at its first purchase. Average weekly dollar volume in ASST and SATA rose from $617M in the first four weeks after SATA's IPO to $1.47B over the last four. Everyone on the Strive team is bullish. x.com  x.com  x.com