Strive’s SATA to become first U.S. listed security to pay daily cash dividends

The daily payout structure lifts the effective yield to 13.88% as the company eliminates all debt and expands its bitcoin treasury strategy.

What to know:

• SATA will become the first U.S. listed security to pay cash dividends every business day starting June 16.
• While the stated annual dividend rate remains 13%, the daily payout structure increases the effective yield to roughly 13.88% through more frequent compounding.
• The company has also eliminated all outstanding debt and now holds 15,009 bitcoin, making it the ninth largest publicly traded corporate bitcoin holder globally.

Strive (ASST) said that its preferred stock will begin paying cash dividends every single business day from June 16, a first in U.S.-listed securities history.

CEO Matthew Cole called the daily dividend structure a "zero-to-one innovation," positioning SATA as a cash yield instrument designed to compete with and improve upon traditional money market alternatives.

"SATA will be the first listed security in the history of U.S. capital markets to pay cash dividends every single Business Day," Cole said in a statement on Thursday.

The firm maintained the Variable Rate Series A Perpetual Preferred Shares (SATA) dividend rate is at 13% per annum, but the move to daily payments from monthly lifts the effective annual percentage yield to approximately 13.88%, a 7.6 basis-point improvement over monthly payment structures, according to the statement. The increase in yield is due to the more frequent compounding process across roughly 250 business days per year.

In addition, the company has retired all outstanding debt. Following the repurchase of its remaining long-term notes payable, Strive now carries zero short or long-term debt obligations, with no margin requirements and no encumbered bitcoin, the company said in the statement.

SATA is structured similarly to Strategy’s (MSTR) equivalent, Stretch (STRC), and trading above par allows the company to issue more through an at-the-market (ATM) sales channel, raising cash to bolster its bitcoin holdings.

Strive currently holds 15,009 bitcoin, ranking it as the ninth-largest publicly traded company globally by bitcoin treasury holdings.

The company's shares have risen about 10% this year, while Strategy has climbed 15%. Bitcoin fell about 9% in the same time period.

Read more: Strategy's STRC preferred series gets $50 million investment from fellow BTC treasury company Strive

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