Dallas-based Bitcoin treasury company Strive says its strategy has two pillars: institutional custodians hold its coins, while an 18-month cash reserve covers its dividends.
The aim is to keep paying investors without being forced to sell Bitcoin, even if the market remains depressed for an extended period.
How the Strive model works
Strive, Inc., co-founded by Vivek Ramaswamy, trades on Nasdaq under the ticker ASST. As of early November 2026, the company held 43,153 $BTC, valued at approximately $3 billion.
That makes Strive the fourth-largest publicly traded corporate holder of Bitcoin. The company has said it aims to move into second place.
Institutional custodians safeguard the holdings. These specialized firms secure large digital-asset positions for clients who cannot afford to lose a private key, much like a bank vault protects valuables.
The more distinctive part of Strive’s approach is how it funds itself: the company has no traditional debt.
Instead, Strive raises money through preferred stock, offering two types: SATA, with a variable dividend of roughly 13%, and SATS, with a fixed dividend of 15%.
The dividends are paid daily, an unusual schedule for a corporate security. Most preferred shareholders receive payments quarterly.
Strive holds 18 months of cash and marketable securities to meet its dividend obligations.
In effect, the company has set aside enough to fund a year and a half of payouts. If Bitcoin declines, Strive can continue paying dividends without using its coins.
CEO Matt Cole has described the 18-month reserve as a conservative buffer. He says it allows Strive to meet its dividend commitments while keeping its core Bitcoin holdings untouched for long-term growth.
From Semler Scientific to a top-five holder
Strive began its treasury strategy in 2025. It acquired its initial Bitcoin through the acquisition of Semler Scientific in a deal involving a reverse merger.
Semler had already built its own Bitcoin position before the combination. Incorporating the company gave Strive a head start rather than requiring it to build a treasury from scratch.
Strive has continued buying since then. Its average acquisition cost is between $87,000 and $88,000 per $BTC.
The figures point to a notable gap. At an average cost of $87,000 to $88,000, 43,153 $BTC would have cost well over $3.7 billion, while the position is valued at approximately $3 billion.
That suggests the holdings are worth less than Strive paid for them, the kind of situation the cash reserve was designed to address.
A company whose main asset is underwater and whose debt payments are looming might have to sell at the worst possible time. Strive has no debt, and its dividend bill is covered for 18 months.
What this means for investors and the treasury trade
For preferred shareholders, the appeal is yield. SATS offers a fixed 15%, while SATA’s variable rate is near 13%. Both are well above what conventional fixed-income products typically offer. The 18-month buffer is intended to make those payments feel less dependent on Bitcoin’s price next quarter.
The daily dividend schedule also matters. It creates a steady, predictable outflow, which is why a dedicated cash reserve is central to the model.
For ASST common shareholders, having no debt removes one traditional risk: no lender can demand repayment or seize collateral. But preferred equity ranks ahead of common stock in the payment line, making the dividend commitments a real claim on the company.
Strive says it aims to become the second-largest public Bitcoin holder, a goal that will require substantial additional purchases. How the company funds those buys, and whether it keeps the 18-month reserve intact while doing so, will be the clearest indication of whether its conservative framing holds up in practice.
