Jeff Walton thinks the idea is almost too simple. The chief risk officer at Strive Asset Management said this week that Bitcoin-backed securities could reshape how people think about money and credit — and that skepticism around the sector partly stems from how straightforward the concept seems.
A Growing Class Of Yield-Bearing Products
Strive is not alone in betting on that idea. The Dallas-based firm has joined a field of companies issuing preferred securities tied to Bitcoin treasury holdings, a category that issuers are calling “digital credit.”
Strategy, the world’s largest corporate Bitcoin holder, offers four such products: STRC, STRD, STRF, and STRK, with STRC emerging as the dominant instrument since its launch in July 2025.
Strive’s own entry into that space, its SATA preferred shares, carries a 13% annualized dividend rate and was described by the company as the first listed US security structured to pay dividends every business day.
The firm recently cleared all outstanding debt and announced that daily dividend payments on SATA would begin in June. SATA’s market capitalization currently sits at around $332 million, a fraction of STRC’s more than $10 billion.
Strive Climbs The Bitcoin Treasury Rankings
The fresh purchase puts Strive at 16,500 BTC total, according to a Securities and Exchange Commission filing covering the period of May 19 to 22.
At current valuations, that positions the firm seventh among public companies holding Bitcoin on their balance sheets, with roughly $1.3 billion in BTC.
The company also reported about $93 million in cash and cash equivalents as of May 22, along with approximately $50.1 million in fair value tied to its holdings of Strategy’s STRC product.
Strive also grew its Class A common shares outstanding by more than 2 million during the period, while SATA preferred share count rose by about 515,000, reflecting continued use of equity-linked financing to fund Bitcoin acquisitions.
The company said it is evaluating refreshed at-the-market stock sale programs that could support further purchases.
The Broader Digital Credit Push
STRC recorded a single-day trading volume of $1.53 billion earlier this month, a record for the product. Strategy chairman Michael Saylor called STRC the company’s main vehicle for funding Bitcoin purchases in 2026, and shareholders are set to vote soon on a proposal to shift dividend payments to twice monthly.
Strive was founded by Vivek Ramaswamy, who ran for US president before pivoting to a Republican gubernatorial campaign in Ohio.
Featured image from Getty Images, chart from TradingView
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