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BTC Strive's bitcoin financing relies on SATA's share price above par
Summary: During the week of October 5, Strive's bitcoin financing was estimated to reach US$55 million through the SATA Preferred Stock Program. The funds were enough to purchase approximately 638 bitcoins at recent prices. SATA traded above par value of $100 on October 5 and most of October 6, but remained below par value until October 9, causing the expected pace of issuance to slow down. As of October 2, Strive held 29,462 bitcoins, and its quarter-to-date Bitcoin yield (BTC Yield) reached 18.5%.
Differences between SATA transaction volume and financing amount
Strive's bitcoin financing is accelerating through its SATA preferred stock program. The company generated an estimated $55 million in revenue during the week of October 5, which could purchase approximately 638 bitcoins at current prices. During this period, SATA's total transaction volume reached US$317 million. However, the key to the issuance is whether the shares trade at or above the face value of $100.
This distinction is crucial because transaction volume is not the same as corporate financing. Traders can swap SATA at below face value without creating new revenue for the company. As a result, Strive needs active demand and supportive prices. The next filing will actually determine how much cash went into its Bitcoin treasury.
市场追踪者估计，Strive 通过其“在市场销售”（At-The-Market, ATM）程序出售了约 5,500 万美元的股票。该估算基于符合条件的 SATA 交易量以及一个捕获比率（capture ratio）。该比率反映了通常有多少交易转化为新发行的股份。过去的美国证券交易委员会（SEC）备案有助于校准这一计算。
ATM 程序允许公司逐步向公众交易发行股票，从而避免大规模融资带来的时机压力。然而，当 SATA 的市场价格跌至面值以下时，发行效率会降低。以低于 100 美元的价格出售会削弱该计划的经济性，并稀释其收益主张。
价格支撑对发行的影响
SATA 在10月5日及10月6日的大部分时间里交易于 100 美元以上，随后在10月9日前一直保持在面值之下。尽管每日交易量仍达到较高水平，但这表明仅凭交易活动并不能保证比特币的购买力。
对于 Strive 的比特币买家而言，交易量与发行量之间的区别具有实质性意义。繁忙的交易盘口可能暗示需求强劲，但公司可能收到的现金很少。只有符合条件的交易才能为新股份的发行腾出空间。因此，在公司提交下一次报告之前，估算结果仍然是临时的。
This mechanism forms a "brake". Investors must support SATA's share price at or above par for Strive to expand its supply. When this support disappears, distribution is suspended. At this point, the purchase of Bitcoin can only rely on existing cash or other financing channels.
Strive's Bitcoin holdings grow, while Strategy uses common shares for financing
Strive's position data and financial structure
Strive reported a bitcoin balance of 29,462 on October 2. This balance was formed after purchasing 2,000 bitcoins between September 28 and October 2, with an average purchase price of approximately $84,422 each.
The company also reported that it added 8,137 bitcoins in the third quarter, with the average cost of these purchases being US$78,885 each. As of September 30, Strive's quarter-to-date Bitcoin yield reached 18.5%, and year-to-date yield was 63.2%. This indicator measures the growth per share of Bitcoin.
Although there is no debt principal on the balance sheet, SATA has an annualized dividend obligation of approximately $168 million. Each increase in new shares will increase future payment burdens. The model relies on investors 'continued demand for the income-oriented security.
Comparison of Strategy
作为更大的参照对象，Strategy 在10月5日的备案显示，从9月28日至10月4日期间未出售任何 STRC 股份。尽管如此，Strategy 仍在10月1日至10月4日期间购买了 334 枚比特币。它是利用 MSTR 普通股为此次购买提供资金的，将其持仓总量提升至 848,000 枚比特币。
两家公司展示了相同的比特币国库模型：无论是优先股还是普通股权益，都是为比特币积累筹集资本。随着市场价格波动，融资渠道也会发生变化。由于发行在面值以下停止，Strive 的 SATA 计划目前更明显地显示了这一约束条件。
接下来的每周 8-K 备案文件应提供用 SATA 收益购买的确切比特币数量。它们还将显示，在优先股价格恢复到 100 美元以上后，Strive 是否恢复了发行。
