Strive (ASST) said that its preferred stock will begin paying cash dividends every single business day from June 16, a first in U.S.-listed securities history.
CEO Matthew Cole called the daily dividend structure a "zero-to-one innovation," positioning SATA as a cash yield instrument designed to compete with and improve upon traditional money market alternatives.
"SATA will be the first listed security in the history of U.S. capital markets to pay cash dividends every single Business Day," Cole said in a statement on Thursday.
The firm maintained the Variable Rate Series A Perpetual Preferred Shares (SATA) dividend rate is at 13% per annum, but the move to daily payments from monthly lifts the effective annual percentage yield to approximately 13.88%, a 7.6 basis-point improvement over monthly payment structures, according to the statement. The increase in yield is due to the more frequent compounding process across roughly 250 business days per year.
In addition, the company has retired all outstanding debt. Following the repurchase of its remaining long-term notes payable, Strive now carries zero short or long-term debt obligations, with no margin requirements and no encumbered bitcoin, the company said in the statement.
