Preferred Shares Strive Breaks Par Level, Paving the Way for Bitcoin Funding

Strive’s company treasury bitcoin just reached an important milestone: its perpetual preferred stock (SATA) successfully traded above the $100 par value for the first time. This achievement is not just a number—it’s a strong signal that the market is increasingly confident in the company’s business model and opens new funding doors for further bitcoin acquisitions.

Why Is the Par Price So Important for Preferred Shares?

The par price is a reference level at which preferred shares are traded at their nominal value. When Strive’s shares surpass the par, it creates a highly advantageous situation for the company. When the price is above par, Strive has access to at-the-market (ATM) channels—a sale mechanism that allows the issuance of new shares at more attractive prices for investors.

The SATA shares themselves offer a dividend yield of 12%, with an effective yield reaching 12.2%, making this instrument very attractive to shareholders. Meanwhile, Strive’s common shares are currently valued at $0.94, indicating a significant premium for preferred shareholders.

Similar Model to Strategy: Proven Bitcoin Funding Strategy

Strive adopts a structure similar to Strategy (MSTR), a larger public bitcoin treasury company. Strategy also has perpetual preferred stock (STRC) that follows a similar pattern, and recently also succeeded in trading above par with strong momentum.

Latest data shows that STRC recorded a trading volume of $755 million last week, with $582 million of that occurring above the $100 par level. This is the highest volume record for above-par transactions in the company’s history. Such a large volume reflects substantial market confidence in both companies.

According to BitcoinQuant analysis, the consistent trading level of STRC above par could generate around 2,636 additional bitcoins for Strategy through the ATM program. If Strive experiences a similar pattern, the company could leverage this moment for significant bitcoin acquisitions.

ATM Program: Funding Machine for Bitcoin Acquisition

The at-the-market program allows both companies to gradually issue new preferred shares when the price is above par. This is a much more efficient strategy compared to one-time share issuance, as it can adjust to real-time market conditions.

Michael Saylor, Strategy’s CEO, commented on the importance of this achievement, saying that perhaps nothing is more significant than maintaining preferred shares above par. The comment highlights how reaching the par price becomes an important marker for the viability of the bitcoin treasury business model in the public market.

Strive currently holds 12,797 bitcoins in its treasury. With access to funding through the ATM program when the par price is met, the company has a golden opportunity to significantly strengthen its bitcoin position.

NFT Ecosystem Evolution: Pudgy Penguins Shows New Trends

While the market focus is on bitcoin preferred shares, other digital ecosystems are also showing interesting dynamics. Pudgy Penguins has emerged as one of the strongest NFT brands in this cycle, transforming from a speculative “digital luxury item” concept into a comprehensive multi-vertical consumer IP platform.

Pudgy Penguins’ strategy is to attract users through mainstream channels first—toys, retail partnerships, and viral media—before converting them to Web3 via games, NFTs, and PENGU tokens. This ecosystem now includes phygital products with retail sales exceeding $13 million and over 1 million units sold, interactive games and experiences like Pudgy Party that surpassed 500,000 downloads in two weeks, and tokens widely distributed via airdrops to over 6 million wallets. Although the market currently values Pudgy Penguins with a premium relative to traditional IP counterparts, ongoing success depends on execution in retail, gaming adoption, and increased token utility.

XRP Shows Resilience Despite Price Drop

Amid general market volatility, XRP has experienced about a 4 percent decline this month. However, on-chain signals tell a different story—indicating strengthening underlying investor interest.

Investor confidence is evidenced by net inflows of $91.72 million into the XRP spot ETF with the US-listed ticker this month. This phenomenon is contrary to the trend seen in bitcoin ETFs, which have experienced continuous outflows. This suggests that certain market segments still show appreciation for XRP as a fundamental asset in their crypto portfolios.

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