Strive’s SATA Briefly Swallows the Entire Bitcoin Mining Daily Supply As BTC Purchases Ramp Up

Bitcoin Magazine

Strive’s SATA Briefly Swallows the Entire Bitcoin Mining Daily Supply As BTC Purchases Ramp Up

Strive, Inc. (ASST) crossed a threshold on Tuesday that few bitcoin treasury watchers expected to see this soon: its preferred stock instrument, SATA, absorbed an estimated 453 BTC — roughly 101% of the entire bitcoin mining supply for a single day — in what marks the first full-supply absorption event since May 14.

The milestone landed on what STRC.live tracking data described as the biggest volume day in SATA’s history, with approximately 384,000 shares traded through Strive’s at-the-market program. 

The single-day total of roughly 408 BTC eclipsed the prior single-day record of approximately 404 BTC set just last Friday, with Tuesday’s afternoon session still running when the record fell. 

The additional 3 BTC above the daily mining total came from secondary market sellers selling into open demand.

Bitcoin’s fourth halving, completed in April 2024, cut the block subsidy to 3.125 BTC. At approximately 144 blocks per day, global miners now produce roughly 450 BTC in fresh supply every 24 hours. 

Strive’s SATA is churning distributions 

Strive’s SATA preferred stock — which carries a 13% annual dividend rate and will begin paying cash distributions every business day starting June 16, a Wall Street first — has turned that fixed supply figure into a daily target.

The mechanism is straightforward. When SATA trades at or above its $100 par value, Strive issues new preferred shares via its ATM program and converts the proceeds directly into bitcoin. The firm has publicly committed to not issuing SATA below $100 par, concentrating buying pressure into windows when demand pushes the stock above that threshold. 

On Tuesday, demand did exactly that, and the ATM engine ran at full throttle.

Just weeks ago, SATA was still regarded as a secondary experiment in the bitcoin preferred-equity space, operating in the shadow of Strategy’s dominant STRC instrument. That framing has aged poorly.

In the week ending May 24, SATA acquired an estimated 794 BTC — more than double its prior weekly record of 371 BTC set at the start of May, and a figure that, relative to Strive’s treasury, represents a 5.16% week-on-week increase. 

Strategy, by comparison, added approximately 24,869 BTC in the same week, but against its 818,869 BTC base, that translates to a 3.04% proportional gain.

For Strategy to match Strive’s percentage-growth pace last week, it would have needed to purchase roughly 42,250 BTC in seven days — approximately 17,400 BTC more than it actually bought. Strategy remains the unchallenged leader in absolute holdings because of the bulk of their holdings, now at an estimated 843,738 BTC.

JPMorgan projects the firm could deploy roughly $30 billion in bitcoin acquisitions across all of 2026. But on the metric Strive has chosen to compete on — bitcoin per share, not bitcoin in total — the gap is narrowing in a way that is difficult to ignore.

Michael Saylor, Strategy’s executive chairman and the architect of the corporate bitcoin treasury model, publicly endorsed SATA last week, calling it “the most interesting story in Bitcoin right now” and singling out the rise of SATA in the credit markets and ASST in the equity markets as a development worth watching. 

This post Strive’s SATA Briefly Swallows the Entire Bitcoin Mining Daily Supply As BTC Purchases Ramp Up first appeared on Bitcoin Magazine and is written by Micah Zimmerman.