Strive Hikes Preferred Share Dividend Rate as Bitcoin Treasury Companies Continue to Plunge
TL;DR
Strive raised its preferred stock dividend to 12.25% as its shares trade below par value. Bitcoin treasury companies plunged alongside bitcoin's drop below $87,000, with Strive hitting a record low.
Key Takeaways
- •Strive increased the dividend rate on its SATA Series A Perpetual Preferred Stock by 25 basis points to 12.25%.
- •Bitcoin treasury company shares fell sharply as bitcoin dropped below $87,000, with Strive down 9% to a record low.
- •Strive holds 7,525 bitcoin and issued preferred stock to mirror Michael Saylor's strategy, aiming to keep it trading near $100.
- •Other bitcoin treasury companies like MicroStrategy and KindlyMD also saw significant losses of 5-10% on Monday.
- •The broader crypto market faced pressure from macro uncertainty, with crypto-related stocks declining more than cryptocurrencies themselves.
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What to know:
- Strive raised the dividend rate by 25 basis points on its SATA Series A Perpetual Preferred Stock to 12.25%.
- SATA continues to trade below the par value of $100, currently at $91.
- Bitcoin treasury company shares are sharply lower Monday at bitcoin falls below $87,000.
- Strive raised the dividend rate by 25 basis points on its SATA Series A Perpetual Preferred Stock to 12.25%.
- SATA continues to trade below the par value of $100, currently at $91.
- Bitcoin treasury company shares are sharply lower Monday at bitcoin falls below $87,000.
It's another in what's been a long run of difficult days for bitcoin treasury companies (BTCTCs) as the price of bitcoin BTC$86,039.56 tumbles below $87,000 in morning U.S. action on Monday.
Among those headed lower is Strive (ASST), now down 9% to a record low of $0.78. At the height of the BTCTC mania in the spring, Strive at one point traded above $13.
Attempting to mirror Michael Saylor's Strategy, Strive last month issued a perpetual preferred series of stock (SATA), raising $160 million, with a dividend rate of 12%. The company's aim is to keep SATA trading in a tight range near $100. With SATA having dipped and held in the $90 area, Strive today announced a hike in the dividend rate to 12.25%.
Strive currently holds 7,525 bitcoin and the current share price indicates a mNAV (the stock valuation dividend by the value of the company's bitcoin holdings) of just 1.09.
A check of other BTCTCs Monday finds losses across the board, with Strategy (MSTR) itself down 6.6%. KindlyMD (NAKA), XXI (XXI), American Bitcoin (ABTC) and ProCap (BRR) are lower by 5%-10%.
Semler Scientific (SMLR), which has agreed to merge with Strive (shareholder vote is in January), is lower by 8%.
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- Bitcoin and major altcoins fell further throughout U.S. trading hours as macro uncertainty continued to pressure risk assets.
- Many crypto-related stocks, including leaders Coinbase and Strategy, posted deeper slumps than crypto itself.
- Wintermute's Jasper De Maere suggested the decline is and should remain orderly.
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