Strive’s SATS: How 15% Yield Becomes A Bitcoin Accretion Machine
Strive’s newly IPO’d SATS perpetual preferred stock introduces an interesting opportunity: the company could potentially issue preferred equity above its $100 stated amount and grow Net Bitcoin Per Share (Net BPS) in each issuance round, subject to risks and parameters described below. This article discusses how and why it works. The key question is whether […]
Impacts of Daily Dividends on Digital Credit
In May 2026, Strive rebranded itself as “The Daily Dividend Company,” then moved SATA to daily cash dividends beginning June 16. Strategy has now pushed the same idea into its own digital credit engine. On September 24, its board proposed moving STRC, STRF, STRK and STRD to daily dividends, subject to shareholder approval at an […]
Quant Framework for Digital Credit Risk
Abstract Digital credit instruments—exchange-listed, perpetual preferred shares backed by Bitcoin-heavy corporate treasuries (e.g., STRC, SATA)—have grown rapidly, yet traditional risk models rely on subjective statistical assumptions. This paper introduces an objective, quantitative framework that decomposes digital credit yield into three components: the risk-free rate, the market-implied cost of hedging Bitcoin price risk, and a residual […]