Strive Is Winning the Bitcoin Treasury Race: Speed, Structure, Discipline
One bitcoin treasury is winning this cycle, and it isn’t the one with the most coins.
Objectively, by the metrics the category itself uses, it’s Strive. $SATA $ASST
Speed. Zero to 26,355 BTC in about a year. 19,921 to 26,355 in the nine weeks to Sept 18, up 32%, while common shares rose 16%. Bitcoin per share up 14% in nine weeks. Strategy’s own disclosed BTC Yield ran 9.4% over four months. Fastest horse means fastest per share, and Strive is.
Structure. No debt. One credit instrument. SATA sits at the very top of the stack with nothing ahead of it, cumulative with penalty compounding, paid daily. MSTR common sits behind convertible debt plus five preferred series. MARA sold 15,000 BTC in March to buy back its own converts. The debt-based treasuries got tested this year, and the test showed.
Discipline. Strive accumulated straight through the winter, including at 0.75x mNAV in August. SATA held par through June while STRC had to be repurchased and Strategy sold bitcoin to service credit. Same storm, two different boats.
Scoreboard. Bitcoin per share is the only number that matters in this category, and it’s the one Strive is compounding fastest. Watch coverage, watch par, watch the weekly 8-K.
Long $ASST
