Strategy Inc. and Strive Inc. are both running perpetual preferred equity instruments backed, at least philosophically, by their Bitcoin treasury positions. One trades at a discount to par. The other is nearly flat.
Strategy’s STRC is currently stabilizing around $85, against a target par value of $100. Strive’s SATA is trading closer to par, somewhere in the $97 to $98 range.
What these instruments actually are
Both are Nasdaq-listed perpetual preferred stocks, meaning they have no maturity date and sit ahead of common shareholders when it comes to residual asset claims. Neither is directly collateralized by Bitcoin holdings.
STRC currently carries a variable dividend yield in the 11.5% to 12% range. SATA offers a slightly higher annualized rate of 13%. Both emerged in 2025 as part of a broader wave of Bitcoin treasury companies trying to raise capital without diluting their common equity or taking on conventional debt.
