Strive Added 1,375 Bitcoin While Strategy Added None. Their Preferred Shares Explain Why.

Both Strive and Strategy use the same floating-rate preferred stock structure to fund their Bitcoin ambitions, yet one just bought 1,375 coins while the other spent $176 million buying back its own shares. The reason comes down to where each…

Strive (NASDAQ:ASST) bought 1,375 Bitcoin (CRYPTO:BTC) between August 31 and September 4, 2026, paying an average of $79,281 per coin and about $109 million in total, lifting its Bitcoin holdings to 24,531 BTC. Strategy (NASDAQ:MSTR | MSTR Price Prediction), meanwhile, bought no Bitcoin during the same period and spent $176.3 million buying back its own preferred stock.

Strive’s SATA trades around its $100 par value, giving it room to raise more money and buy Bitcoin. Strategy’s STRC trades near $98, making buybacks more attractive than new issuance. Both companies use variable-rate perpetual preferred stock to fund their Bitcoin strategies, which is equity with no maturity date, a floating dividend, and a claim that ranks above common stock. So why is the same funding model pushing the two companies in opposite directions?

Strive Keeps Buying Because SATA Still Sells at $100

Strive’s SATA pays cash dividends every business day starting June 16, 2026, at an annualized rate of 13.00%, which CEO Matt Cole describes as the first listed U.S. security to make daily payments. The stated face value of the shares issued, or notional outstanding, reached $999 million.