Bitcoin · Decrypt
Bitcoin Firm Strive Introduces Daily Dividend Payments for SATA Preferred Shares
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Strive’s preferred stock will soon become the first U.S.-listed security to provide investors with daily cash dividends, the Bitcoin-buying firm declared on Thursday.
Key facts
- Strive shares jumped more than 5% to a recent price of $17.60, according to Yahoo Finance, after touching a high of $18.22 earlier Thursday
- With Bitcoin changing hands around $81,500 as of this writing, the sum was valued around $1.2 billion
- Strive noted on Thursday that it owns $50.5 million worth of STRC, in addition to $87.6 million worth of cash and cash equivalents
- CEO Matt Cole described the shift as a “zero-to-one innovation,” affecting the company’s Variable Rate Series A Perpetual Preferred Stock (SATA) starting June 16
Summary
SATA is set to become the first U.S. security to pay cash dividends every business day starting June 16. Strive reported a first-quarter loss of $265.9 million, driven by a decline in the value of its Bitcoin holdings. The firm said that it had eliminated outstanding debt by repurchasing long-term notes. CEO Matt Cole described the shift as a “zero-to-one innovation,” affecting the company’s Variable Rate Series A Perpetual Preferred Stock (SATA) starting June 16.