Strive Asset Management’s Bitcoin-focused fund, SATA, has made a dramatic entrance into the market, demonstrating institutional demand so high that it absorbed more Bitcoin in a single day than the entire network produces. On Wednesday, the firm’s SATA preferred stock program purchased an estimated 490 BTC, surpassing Bitcoin’s average daily issuance of around 450 BTC.
The one-day haul was fueled by roughly $35.3 million in at-the-market proceeds from $66.9 million in trading volume, according to the Bitcoin for Corporations SATA Tracker dashboard. Data showed a 13% yield and 95% of volume above the $100 par level set by Strive’s board. For the week ended May 24, the tracker indicated purchases of about 794 BTC, and Wednesday’s revised estimate of 475 BTC was the second confirmed daily supply absorption event in eight days.
Institutional Appetite on Full Display
The rapid capital accumulation highlights a robust appetite for Bitcoin exposure among accredited and institutional investors. Earlier in the week, Strive had already raised enough capital in a single trading day to purchase 396 BTC — enough to break the previous weekly inflow record for Bitcoin funds in just two sessions. This pace suggests a structural shift toward dedicated Bitcoin vehicles as large-scale investors allocate more aggressively.
How SATA Works
Strive, a Dallas-based corporate treasury and structured finance company, uses Variable Rate Series A Perpetual Preferred Stock (SATA) as a funding tool. The preferred equity pays cash dividends daily at a 13% annual rate, with compounding. By relying on equity instead of traditional debt, the firm aims to support its Bitcoin treasury strategy while minimizing refinancing pressure. Proceeds go toward Bitcoin purchases, retiring convertible notes, and repaying credit obligations.
Regulatory Filings Confirm the Buys
Strive’s latest 8-K filing with the SEC confirmed the company bought 1,109 BTC between May 19 and May 22 at an average price of roughly $76,989, lifting total holdings to 16,500 BTC. The filing covered the period from May 18 to May 26, during which SATA generated $50 million in total proceeds and added around 650 BTC to Strive’s treasury.
Market Implications
A single fund buying more Bitcoin than the daily mining reward creates a notable supply-demand imbalance. With daily issuance fixed at 3.125 BTC per block post-halving, persistent institutional buying at this scale could underpin prices and signal growing mainstream acceptance. Analysts view the SATA fund’s performance as a real-time gauge of institutional sentiment, with the longer-term orientation of such capital reducing the likelihood of sudden sell-offs.
