SATA stock is a perpetual preferred issued by Strive, a bitcoin treasury company. The dividend rate is variable, reviewed monthly and paid every business day.
Since the summer it has stayed close to its $100 stated amount, while Strategy's STRC spent months well under it. The two look alike on paper, so the gap needs explaining.
Every figure here is dated Sept. 28, 2026 or earlier, because both issuers change terms often. This is analysis, not a recommendation.
Key Takeaways
- SATA is Strive's variable-rate perpetual preferred, set at 13.00% for periods commencing on or after October 1, 2026 and paid every business day.
- It trades near its $100 par value. STRC pays 12.00% and closed September 24 at $98.31.
- Strive reports no debt. STRC sits behind roughly $6.7 billion of Strategy convertible notes.
- SATA isn't secured by bitcoin, and neither dividend is guaranteed.
- Watch the monthly rate calls, distance to par, the Oct. 28 vote on daily STRC dividends and the bitcoin price.
What SATA Stock Is and How the Dividend Works
SATA is the ticker for Strive's Variable Rate Series A Perpetual Preferred Stock on Nasdaq. Preferred shares sit between debt and common stock, and that middle position explains most of what follows.
What Preferred Stock Is
Preferred stock is equity that pays a stated dividend ahead of common shareholders and has no maturity date. In a wind-down, holders rank behind creditors but ahead of common stock.
Preferred stock vs common stock is a trade of upside for payout priority. It isn't fixed income investments in the strict sense, though. The board declares each dividend and can skip one.
How the Variable Rate and Daily Payment Work
Par value is $100. Strive's board reviews the rate monthly and can lift it to pull the price back toward par, which it did in steps from 12.25% to 12.50% in February, and on to 13.00% by April.
The rate from Oct. 1 is 13.00%, or $0.0516 a share each business day, paid to holders of record on the preceding business day. Strive targets a $99 to $101 trading range.
Not Secured by Bitcoin
SATA isn't secured by bitcoin. Strive's 27,462 BTC are unpledged and, per its August report, carry no short or long-term debt, but SATA holders have no lien or claim on those coins. What supports the payments is the balance sheet, not a specific asset.
Fast Fact
- Strive says SATA will be the first listed security in U.S. capital markets to pay cash dividends every business day. The schedule began June 16, 2026.
SATA vs STRC at a Glance
Both are variable-rate perpetual preferreds built to trade near $100. Pulled Sept. 28, 2026, they differ on rate, payment frequency and what ranks above them.
Why SATA Held Par and STRC Didn't
STRC's drop wasn't a mystery once bitcoin fell. It plunged below $75 in June with the bitcoin price hovering around $65,000, and CEO Phong Le said some holders who'd borrowed against bitcoin to buy it were forced to sell. SATA faced the same market and held.
The Rate Gap and Payment Frequency
SATA pays 13.00% and STRC 12.00%. A point of extra dividend yield on a $100 security pulls in buyers. SATA also pays daily, while STRC only moved to twice a month in June.
Strategy said it won't necessarily raise the STRC rate solely because it trades below its stated amount, and planned to hold 12% until sustained trading near $100.
Debt Ranking
Strive reported no debt in August. STRC sits behind Strategy's convertible notes, about $6.7 billion as of August, and its STRF preferred. Creditors get paid first if something breaks, and the market prices that in.
Buybacks and Bitcoin Sales
To support STRC, Strategy has been buying it back. It had spent $635.2 million by Sept. 1 and has put more than $100 million into it in each weekly filing since, including $151.7 million in the week to Sept. 27.
It also sold about $218 million of bitcoin by late July to fund a portion of preferred dividends, while still adding 1,665 BTC last week. Buybacks support the price, but they use cash.
The Par Loop
Par feeds a loop. When SATA trades at or above $100, Strive can issue new shares without diluting at a discount through its at-the-market program and buy bitcoin. SATA supplied 85% of the capital behind last week's 1,107 BTC purchase.
As CEO Matt Cole wrote when SATA neared $1 billion, "Time to break the billion-dollar wall." Below $100, Strive says it won't issue. STRC sits on the other side of that loop: Strategy funded last week's bitcoin with MSTR share sales.
What Both Securities Share
The differences are real, but the exposure underneath is the same.
Funded by Capital Markets, Not Profits
Neither dividend is paid from operating profit. Both issuers fund them from reserves and by raising money in capital markets. Strive held $248.8 million in cash on Sept. 25, and Strategy held $5.02 billion in its USD Reserve on Sept. 27. That works while investors keep buying.
Bitcoin Volatility is The Shared Test
What to Watch Next
Four things matter over the coming weeks.
The first is the monthly rate decision. SATA's board resets it monthly, and the Oct. 1 rate is the latest confirmed. The second is distance to par: SATA's $99 to $101 band against STRC's gap from $100.
Third is Strategy's proposal to move STRC to daily dividends. Common shareholders vote Oct. 28, and if it passes, STRC would switch first, with an initial daily record date of Nov. 1. Rates and total obligations wouldn't change, and the board could still drop the amendments. Michael Saylor framed the aim as "price stability, liquidity, and demand."
Conclusion
SATA held par for a mix of reasons: a higher rate, daily pay, a debt-free balance sheet and a loop that rewards staying near $100. STRC is closing the gap, but with buybacks and bitcoin sales, and its own daily-dividend vote is due Oct. 28. Neither is safe income. Both rise and fall with the bitcoin price.
If you'd rather follow the theme than the preferreds, you can follow Bitcoin on XBTFX and test a risk-managed view in a demo account with virtual funds before trading live. CFDs are derivatives on price and carry no shareholder rights.
FAQ
What is SATA stock?
It's Strive's Variable Rate Series A Perpetual Preferred Stock, listed on Nasdaq with a $100 stated amount. The current rate is 13.00%, paid on business days.
Is SATA backed by bitcoin?
Not directly. Strive held 27,462 BTC as of Sept. 25, but SATA holders have no lien or claim on those coins.
How is SATA different from STRC?
SATA pays a higher rate (13.00% vs 12.00%), pays daily instead of twice a month, and has no debt ahead of it. STRC has traded below par for months.
Is the SATA dividend guaranteed?
No. The board declares it monthly, so dividends are not guaranteed or tied to operating profit.
Can I trade SATA or STRC on XBTFX?
No. XBTFX offers CFDs, which track price only and carry no shareholder rights or dividends.
Disclaimer: This content is for informational purposes only and should not be considered investment advice. Trading financial markets involves significant risk. Always conduct your own research before making any trading decisions.
