Strive Makes History With First-Ever Daily-Dividend Bitcoin Preferred Stock

Welcome to the Bitcoin Balance Sheet. Each Monday, we recap last week's key developments and share our publication's leading stories.

Last week brought two major corporate Bitcoin treasury milestones: Strategy won shareholder approval to shift STRC to semi-monthly dividends following a tactical 32 BTC sale, and SpaceX went public in one of the largest IPOs in history, disclosing 18,712 BTC on its balance sheet. Today, Strive officially launched daily dividend payments on SATA — the first listed security in U.S. markets to pay cash dividends every business day. Let's break it down.

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Strive’s SATA Officially Launches Daily Dividend Payments

Strive just launched daily dividend payments on its Variable Rate Series A Perpetual Preferred Stock, making SATA the first listed security in U.S. capital markets to pay cash dividends every business day. The first record date is today June 15, with payments beginning June 16.

SATA pays a 13% annualized rate on its $100 par value. Buyers purchasing shares on any business day become entitled to the next day's dividend. The structure eliminates ex-dividend dates and associated price pressure while providing more frequent income and modest compounding benefits. Strive maintains a debt-free balance sheet with significant cash and marketable securities reserves to support payouts through market fluctuations.

The company holds approximately 19,105 Bitcoin and ranks as the seventh-largest public Bitcoin-holding company. Chairman and CEO Matthew Cole described the launch as a “true zero-to-one innovation,” positioning Strive as “The Daily Dividend Company.”

Strategy STRC Shareholders Approve Semi-Monthly Dividends

Strategy’s preferred stockholders voted to shift STRC dividend payments from monthly to semi-monthly. The annualized yield remains unchanged at 11.5%.

The move follows Strategy’s sale of 32 BTC earlier this month — a tactical step CEO Phong Le later described as a “stress test” the company’s processes passed — and a subsequent purchase of 1,550 BTC that restored total holdings to 845,256 BTC.

Michael Saylor said the team concluded that doubling the frequency would make the instrument “twice as good.” By compressing the typical ex-dividend recovery window and cutting the usual 45-cent price dip roughly in half, the new cadence should support tighter pricing near par, smoother index eligibility, and more efficient ATM issuance for additional Bitcoin acquisitions. The first semi-monthly record date is June 30, with the initial payment scheduled for July 15.

Bitcoin Treasury Leaders Debate BPS vs CEBE

The debate over Bitcoin Per Share versus Common Equity Bitcoin Exposure has intensified this week as more companies add preferred stock and debt to their treasuries. BPS, which simply divides total Bitcoin by shares outstanding, remains popular for its simplicity and clear tracking of accumulation. Critics argue it overstates common shareholder exposure the moment senior capital is used to buy Bitcoin, since those new coins are offset by claims that rank ahead of common equity.

CEBE was introduced to fix that exact issue by deducting the Bitcoin-equivalent of net senior claims before calculating per-share ownership. Proponents say it delivers a more accurate view of what common shareholders actually control, particularly as leveraged structures become more common. The split now centers on whether headline BPS numbers are still sufficient or whether the community needs the adjusted metric to properly assess premiums and capital structure risk.

A look at the leaderboard

The leaderboard saw only modest movement this week outside the headline stories. Strategy added 1,587 BTC to reach 846,842 BTC. Strive acquired an additional 73 BTC to reach 19,105 BTC. BitFuFu added 43 BTC to reach 1,855 BTC. Cango increased its holdings by 7.65 BTC to 1,065.11 BTC.

Smaller but consistent additions came from:
• Farmhouse +1 BTC → 4.209 BTC
• West Main Self Storage +0.16 BTC → 14.92 BTC
• Bitcoin Treasury Capital +0.67 BTC → 172 BTC
• Hyperscale Data +4.62 BTC → 708.96 BTC

Nakamoto sold 591 BTC to reduce outstanding debt, bringing its total to 4,467 BTC and slipping in the ranks. No other major sellers stood out this week, preserving the net positive tone across the Bitcoin 100.

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• Hemi. develops open-source solutions designed to help treasury teams securely manage, deploy, and optimize their BTC holdings, with benefits of self-custody and Bitcoin native deployment. Learn more: Hemi

• Orange Wheel Advisors. Orange Wheel Advisors is a strategic consulting firm that helps companies navigate Bitcoin’s impact on corporate finance and competitive strategy. With expertise spanning treasury management, payments, capital structure, mining, and investor communications, they provide executive education, tailored strategies, and execution support to guide businesses through the global monetary transition. Learn more: Orange Wheel Advisors

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• Stacking Sats Inc. Official IT partner at BitcoinTreasuries, Stacking Sats Inc via its subsidiary, Framework IT, is a managed IT services firm with a 17-year track record of providing best-in-class IT support, strategy, and cybersecurity, boasting high recurring revenue and long-term client contracts. It’s also one of the top 20 holders of Bitcoin among global private companies. Learn more: Stacking Sats Inc

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