Strive CEO Matt Cole said the company is willing to sell Bitcoin if such a move benefits shareholders, even as Strive remains a net buyer of the asset over time and aims to outperform Bitcoin rather than simply hold it.
The stance reflects an active treasury-management approach: use Bitcoin as a strategic asset and exercise optionality if it enhances shareholder value, rather than committing solely to accumulation regardless of cost or market conditions.
Strive, which trades on Nasdaq under the ticker ASST, holds 19,882 BTC as of early July 2026, placing it among the top 10 public corporate holders of Bitcoin globally. The accumulation accelerated after fall 2025, when holdings rose from roughly 5,000 BTC to nearly four times that amount through a combination of equity raises and structured financial instruments. In early June 2026 alone, Strive acquired 2,500 BTC for $185 million.
The company has zero debt and no encumbered holdings. Cole has emphasized that Strive’s balance sheet could theoretically survive Bitcoin dropping to $0.01. The firm also holds reserves to cover 18 months of dividend obligations.
One of the notable tools in Strive’s toolkit is its Variable Rate Series A Perpetual Preferred Stock, trading under the ticker SATA, which currently yields a 13% dividend rate. Rather than selling Bitcoin to fund operations or pay dividends, Strive uses structured products like SATA to generate capital that is then deployed to buy more Bitcoin, amplifying the amount of BTC attributable to each common share. Cole has also set a base case Bitcoin price target of $120,000 by year-end 2026, reflecting a strategy to generate alpha beyond a simple buy-and-hold approach.
Strive solidified its position by acquiring Semler Scientific, becoming the first public Bitcoin treasury company to buy another listed Bitcoin treasury business. By absorbing Semler Scientific’s Bitcoin holdings and operations, Strive increased its total BTC position without relying solely on open-market purchases or additional equity raises.
The debt-free approach stands out in a market where several Bitcoin treasury companies have taken on significant leverage. If Bitcoin experiences a sharp correction, leveraged players would face margin calls and forced liquidations. Strive’s structure is designed to avoid that scenario. The 13% yield on SATA deserves scrutiny, given the volatility of Bitcoin and the need to sustain payouts while maintaining the overall net-buying thesis. Even with 18 months of dividend coverage, investors should monitor whether Strive can maintain the payout without requiring sales of Bitcoin at inopportune times.
Analysts note that the 13% SATA yield is high for a Bitcoin treasury company, and it should be examined in light of sustainability. Investors should watch whether Strive can sustain the payout without periodically selling Bitcoin, which could undermine the net-buyer strategy. Cole’s background in large fixed-income portfolios informs his approach, treating Bitcoin as the benchmark against which capital allocation decisions are measured.
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