Strive Hikes Preferred Share Dividend Rate as Bitcoin Treasury Companies Continue to Plunge

Core Insights - Bitcoin treasury companies (BTCTCs) are experiencing significant declines as Bitcoin's price falls below $87,000, impacting companies like Strive, which has reached a record low of $0.78 after trading above $13 during peak mania [1] Company Summary - Strive recently issued a perpetual preferred series of stock (SATA), raising $160 million with a dividend rate of 12%, aiming to maintain SATA's trading near $100. The dividend rate has been increased to 12.25% as SATA trades in the $90 range [2] - Strive currently holds 7,525 Bitcoin, with a market-adjusted net asset value (mNAV) of 1.09, indicating a low stock valuation relative to its Bitcoin holdings [3] - Other BTCTCs are also facing losses, with Strategy (MSTR) down 6.6%, and companies like KindlyMD (NAKA), XXI (XXI), American Bitcoin (ABTC), and ProCap (BRR) down by 5%-10%. Semler Scientific (SMLR), which is set to merge with Strive, has also seen an 8% decline [3]