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 

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 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 completed $630 million perpetual preferred IPO gives it capital to add more Bitcoin to its reserves. The preferred traded $89 million on day one and pays a 15% dividend in daily installments; expect more Bitcoin in Strive's corporate reserves. 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'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 

Daily STRC dividends advance Strategy's Bitcoin financing machine. Shareholders approved the payments, and Strategy's Bitcoin printer is unstoppable. x.com 

Strive looks like a company that hired an influencer posing as a CIO, with its CIO hyping competitor Strategy through his MSTR podcast, a reason to stay away. The stock has since fallen 87%. x.com 

Strategy is attracting some of the world's largest fund managers because they want Bitcoin exposure. Their buying supports the bullish case for MSTR as a listed vehicle for institutional Bitcoin demand. x.com