Strive’s SATA IPO Shatters Expectations: $80 Per Share Amid Frenzied Demand

Wall Street's latest darling just schooled the skeptics.

Strive's SATA IPO didn't just close oversubscribed—it turned into a feeding frenzy at $80 per share. Forget 'quiet capital raises'—this was a full-blown institutional stampede.

Who needs fundamentals when you've got FOMO?

The usual suspects are already calling it 'the new paradigm' (until the lockup period expires, of course). Meanwhile, retail investors are left deciphering whether that $80 price tag is a valuation or a dare.

Another day, another IPO that makes the efficient market hypothesis look like astrology.

Strive’s Bitcoin amplification efforts

Strive has become the first bitcoin treasury company to fund its Bitcoin amplification efforts exclusively through perpetual preferred equity. It follows Strategy as the second company to issue such a publicly traded security. This move shows the trend of leveraging established tools from traditional finance to structure capital for companies focused on digital assets.

The offering aims to create a “Bitcoin amplification toggle,” enabling Strive to accumulate additional Bitcoin through non-dilutive financing. Strive plans to build upon its current holding of 7,525 BTC and accrete value to its common equity shareholders (ASST). The SATA stock features a positive yield opportunity with a variable-rate cumulative dividend, initially set at 12% per annum, which is payable monthly. 

Strive aims to manage the dividend and issuance rate with the goal of maintaining the stock’s trading price within a stated long-term range of $95 and $105 per share. The company expects the dividends to be classified as return of capital (ROC) dividends, which are intended to enhance the after-tax yield potential for investors.

Strive’s journey so far

Strive is known as the first publicly traded asset management Bitcoin treasury company (BTCTC). Its common stock, ASST, began trading publicly in September 2025. The SATA stock is the second major component of the company’s capital structure strategy, following an equity-only financing in September 2025 that was, at the time, the largest ever for a BTCTC.

The company’s subsidiary, Strive Asset Management, LLC, has grown to manage over $2 billion in assets since launching its first ETF in August 2022. As of November 10, 2025, Strive holds 7,525 BTC, including 1,567 BTC purchased at an average price of $103,315.

Future implications

Strive’s leadership states that Bitcoin’s characteristics, i.e., scarcity, liquidity, and transparency, provide an “incredible foundation” for a disciplined, long-duration, risk-conscious yield instrument. The successful use of this non-dilutive perpetual preferred equity structure could establish a new blueprint for financing growth within the Bitcoin treasury industry.

The closing of the oversubscribed SATA IPO shows Strive’s ability to execute a capital strategy quickly, reinforcing its position as a leading BTCTC. By launching this perpetual preferred equity security, the company has secured a non-dilutive financial tool to further its strategy of Bitcoin accumulation.

Also Read: Strive Plans SATA IPO to Fund Bitcoin Purchases