SATA
Variable Rate Series A Perpetual Preferred Stock
At this price
The price below $100 raises the indicated yield above the variable 13% rate. SATA ranks ahead of the new SATS, but both draw on the same issuer resources. The binding minimum price for future issuer sales does not stop secondary-market losses.
Assessment and scenario use October 30 prices. A later price-only update does not silently refresh this assessment. Indicated yield annualizes the snapshot ordinary rate; it is not promised income or total return.
One-year scenario at the October 30 entry price
Not a forecast: assumes distributions are realized in cash-equivalent value, no reinvestment, fees or taxes. STRK cash settlement is not assured; variable rates may change.
Entry $94.86. At the assumed $13 distributions, price-only decline to $81.86 would offset that income before costs. Omitted or deferred payments change the result.
SATA price history
Why consider it?
Cash preferred senior to SATS for dividends and liquidation.
Main trade-off
A variable rate and conditional payments; the $100 issuer-sale restriction is not a market-price floor.
Income terms
Business-day installments. Cumulative.
Cash installments on business days, subject to declaration and legally available funds. October rate 13%; November maintained at 13%; later rates may change.
No scheduled maturity. Preferred equity is not a secured loan or direct ownership of the issuer’s digital assets. Priority does not guarantee payment or recovery.
What supports the dividends?
At October 23, Strive reported $504.4m cash, $50.177m of STRC investments separately, and 43,000 BTC. Reported counts were 14,030,176 SATA and 7,000,000 SATS, including sold shares pending issuance. No consolidated debt was reported; this does not mean no liabilities.
Holding SATA at 13% and SATS at 15% gives $287.392m annual ordinary dividends combined: $182.392m SATA plus $105m SATS. This is a static rate-and-share-count scenario, not a cash-flow coverage measure.
Six-month operating cash flow through June 30 was negative $39.4m before $33.224m preferred cash dividends; financing supplied $702.736m. That period predates SATS and does not establish current operating coverage.
Dividend-only scenario, reserve and new issuance
Cash divided by the combined annual ordinary dividend estimate is 21.06 months of dividends alone—not forecast runway. It excludes operations, taxes, asset purchases and other uses, and assumes no rate or share-count changes.
The initial SATS reserve contribution is $157.5m (7m shares × $22.50), funded with existing cash/securities. Its overlap with reported cash is not reconciled: do not add it as a new asset or treat it as pledged collateral or guaranteed payments. The $1bn SATS ATM is permission to raise capital, not money already received; 17m shares is an offering assumption, not the current reported count.
ST_S1: Item 8.01 October23 holdings/share-count table and footnote1 · ST_S2: S-4 to S-7 offering/ranking; S-19 to S-31 Description of SATS; Use of Proceeds · ST_S7: Condensed Consolidated Statements of Cash Flows and MD&A Cash Flows, six monthsJune30 · ST_S8: Items3.03,8.01
Detailed terms, arrears and exit rights
Unpaid dividends
Monthly compliance rules govern arrears compounding: the annual compounding rate starts at the annual ordinary dividend rate applicable for that month plus 0.25 percentage point, rises by 0.25 point per month and is capped at 20%. Director triggers use 12/24 monthly compliance tests with grace/deferral rules, not missed daily payments.
Exit limits
Ordinary optional call $110 plus applicable arrears; cleanup/tax calls instead use liquidation preference. Fundamental-change put is conditional. No holder conversion or scheduled maturity.
Liquidation preference is a contractual calculation, not a guaranteed $100 recovery or market floor.
The October 12 amendment binds future issuer sales at no less than $100 before costs. It does not bind secondary-market prices. Broader Business Day language does not mean weekend payments have started. Rate reductions have contractual SOFR, arrears and prior-average-price restrictions.
ST_S4: SATA May13 A&R certificate Definitions; Sections5,6,7,8,9 · ST_S5: Items5.03 and8.01; October13 announcement, filedOctober13 · ST_S11: Item8.01 October dividend table; filedSeptember15
Sources, dates and limits
Primary-source review updated October 31; financial periods and effective dates remain separately stated. This is investment research, not a financial-statement audit. Declarations and scheduled payment dates are not proof of brokerage receipt. Distribution tax treatment depends on issuer reporting and investor circumstances; return of capital is not a blanket tax-free promise.
ST_S4: SATA May13 A&R certificate Definitions; Sections5,6,7,8,9 · ST_S5: Items5.03 and8.01; October13 announcement, filedOctober13 · ST_S11: Item8.01 October dividend table; filedSeptember15