The yield side of crypto treasuries

Strive ASST

Treasury asset: Bitcoin · holdings 36,818 BTC as of 2026-10-16 (filing) · updated 2026-10-21 06:00 UTC · prices delayed

Company basics

Common price
$27.06
ASST, Yahoo Finance (delayed), 2026-10-20 20:00 UTC; refreshed hourly
Basic shares outstanding
124,064,126
Class A 114,847,610 + Class B 9,216,516, as of 2026-10-16 (filing) · source
Market cap
$3.36B
common price × basic shares
Treasury value
$3.04B
36,818 BTC × $82,593 (holdings as of 2026-10-16) · source
mNAV (equity-only)
1.10×
market cap ÷ treasury value; ignores debt, preferreds and cash
mNAV (enterprise value)
1.69×
(market cap + debt $0.0M + preferred notional $2.10B − cash $317.5M) ÷ treasury value; cash = Cash & equivalents $317.5M (2026-10-16)
Preferred notional (total)
$2.10B
Σ shares out × stated amount (see table)
Total debt
$0
Debt principal, as of 2026-10-09 · source

Shares: 8-K (Oct 19, 2026) table: 114,847,610 Class A + 9,216,516 Class B as of Oct 16, 2026

Prices refresh hourly on market days; share counts and debt update when new filings or issuer figures are added. The homepage commons cards show this same mNAV.

Preferreds

TickerPriceRateEff. yieldNext paymentShares outMarket valueNotional
SATA$98.7513.00%
variable
13.16%$0.0516 on 2026-10-21 (declared)14,030,176
as of 2026-10-16
$1.39B$1.40B
SATS$94.6115.00%
fixed
15.85%$0.871 on 2026-11-09 (contingent)7,000,000
as of 2026-10-20
$662.3M$700.0M

Prices delayed (Yahoo Finance). Effective yield = rate × stated amount ÷ price. Market value = price × shares out; notional = shares out × stated amount (STRE converted at the live EUR/USD). Each ticker links to its own page.

Coverage summary

SATA14,030,176 × $100 × 13.00%$182.4M
SATS7,000,000 × $100 × 15.00%$105.0M
Annual pref. dividends
$287.4M
Treasury value
$3.04B
36,818 BTC × $82,593
Bitcoin coverage
10.6 yrs
BTC treasury value ÷ annual prefs (years, gross)
Breakeven BTC return
9.45%
per year
Cash coverage
Cash coverage
13 months
cash ÷ annual prefs (months) · $317.5M Cash & equivalents, as of 2026-10-16
Amplification
69.2%
prefs ÷ treasury, no debt
Amplification, prefs only
69.2%
preferred notional ÷ treasury value

These are separate measures — never added together. No designated reserve figure filed; cash & equivalents per 8-K filed Oct 19 (as of Oct 16), before SATS proceeds (~$630M gross) and the $22.50/share SATS dividend reserve deposit ($157.5M). No debt outstanding.

Same inputs and formulas as the homepage coverage cards: annual preferred dividends = shares × stated amount × rate (latest filings); treasury value = filed holdings × BTC price (CoinGecko, as of this build); amplification = (preferred notional + debt principal) ÷ treasury value.

Price stress test

%

Holdings, preferred dividends and debt are held fixed at the latest filings; only the BTC price moves. This shows the mechanics, not a forecast, and is not investment advice. Cash coverage does not depend on price and is unchanged.

Coverage history

Bitcoin coverage (years)

BTC holdings × that day's close ÷ annual preferred dividendsnow, at the live price
0102030Oct 25Dec 25Feb 26Apr 26Jun 26Aug 26Oct 26SATASATS2025-11-10: 7,525 BTC × $105,997 close = $797.6M; preferred dividends $24.0M/yr → 33.2 yrs; amplification 25.1%2025-12-31: 7,626.8 BTC × $87,509 close = $667.4M; preferred dividends $24.7M/yr → 27.1 yrs; amplification 30.2%2026-02-11: 13,131.8 BTC × $66,992 close = $879.7M; preferred dividends $52.3M/yr → 16.8 yrs; amplification 49.6%2026-03-09: 13,311 BTC × $68,402 close = $910.5M; preferred dividends $53.4M/yr → 17.0 yrs; amplification 48.0%2026-03-17: 13,628 BTC × $73,922 close = $1.01B; preferred dividends $54.5M/yr → 18.5 yrs; amplification 43.4%2026-04-02: 13,741 BTC × $66,889 close = $919.1M; preferred dividends $55.8M/yr → 16.5 yrs; amplification 48.7%2026-04-13: 13,768 BTC × $74,485 close = $1.03B; preferred dividends $55.8M/yr → 18.4 yrs; amplification 43.6%2026-04-24: 14,557 BTC × $77,455 close = $1.13B; preferred dividends $59.5M/yr → 19.0 yrs; amplification 41.5%2026-05-01: 15,000 BTC × $78,179 close = $1.17B; preferred dividends $64.5M/yr → 18.2 yrs; amplification 43.1%2026-05-12: 15,009 BTC × $80,477 close = $1.21B; preferred dividends $64.5M/yr → 18.7 yrs; amplification 41.1%2026-05-18: 15,391 BTC × $76,954 close = $1.18B; preferred dividends $68.2M/yr → 17.4 yrs; amplification 44.3%2026-05-22: 16,500 BTC × $75,488 close = $1.25B; preferred dividends $74.9M/yr → 16.6 yrs; amplification 46.2%2026-06-01: 19,000 BTC × $71,320 close = $1.36B; preferred dividends $97.7M/yr → 13.9 yrs; amplification 55.5%2026-06-05: 19,032 BTC × $60,923 close = $1.16B; preferred dividends $97.7M/yr → 11.9 yrs; amplification 64.8%2026-06-12: 19,105 BTC × $63,543 close = $1.21B; preferred dividends $97.7M/yr → 12.4 yrs; amplification 61.9%2026-06-18: 19,864 BTC × $62,896 close = $1.25B; preferred dividends $101.8M/yr → 12.3 yrs; amplification 62.7%2026-06-26: 19,864 BTC × $60,016 close = $1.19B; preferred dividends $101.8M/yr → 11.7 yrs; amplification 65.7%2026-07-02: 19,882 BTC × $61,485 close = $1.22B; preferred dividends $101.8M/yr → 12.0 yrs; amplification 64.0%2026-07-10: 19,900 BTC × $64,127 close = $1.28B; preferred dividends $101.8M/yr → 12.5 yrs; amplification 61.4%2026-07-17: 19,921 BTC × $63,899 close = $1.27B; preferred dividends $101.8M/yr → 12.5 yrs; amplification 61.5%2026-07-24: 20,000 BTC × $64,098 close = $1.28B; preferred dividends $101.8M/yr → 12.6 yrs; amplification 61.1%2026-07-31: 20,020 BTC × $62,814 close = $1.26B; preferred dividends $101.8M/yr → 12.3 yrs; amplification 62.3%2026-08-07: 20,167 BTC × $64,880 close = $1.31B; preferred dividends $101.8M/yr → 12.9 yrs; amplification 59.8%2026-08-14: 20,246 BTC × $62,976 close = $1.28B; preferred dividends $101.8M/yr → 12.5 yrs; amplification 61.4%2026-08-21: 21,356 BTC × $78,335 close = $1.67B; preferred dividends $107.5M/yr → 15.6 yrs; amplification 49.4%2026-08-28: 23,156 BTC × $77,830 close = $1.80B; preferred dividends $118.0M/yr → 15.3 yrs; amplification 50.4%2026-09-04: 24,531 BTC × $79,672 close = $1.95B; preferred dividends $129.9M/yr → 15.0 yrs; amplification 51.1%2026-09-11: 25,000 BTC × $77,174 close = $1.93B; preferred dividends $135.2M/yr → 14.3 yrs; amplification 53.9%2026-09-18: 26,355 BTC × $80,901 close = $2.13B; preferred dividends $145.4M/yr → 14.7 yrs; amplification 52.5%2026-09-25: 27,462 BTC × $84,035 close = $2.31B; preferred dividends $158.5M/yr → 14.6 yrs; amplification 52.8%2026-10-02: 29,462 BTC × $84,497 close = $2.49B; preferred dividends $175.5M/yr → 14.2 yrs; amplification 54.2%2026-10-09: 32,773 BTC × $82,546 close = $2.71B; preferred dividends $182.4M/yr → 14.8 yrs; amplification 51.9%2026-10-16: 36,818 BTC × $81,501 close = $3.00B; preferred dividends $182.4M/yr → 16.4 yrs; amplification 46.8%now (live $82,593): 36,818 BTC, current preferreds → 10.6 yrs
102050100Oct 25Dec 25Feb 26Apr 26Jun 26Aug 26Oct 26SATASATS2025-11-10: 7,525 BTC × $105,997 close = $797.6M; preferred dividends $24.0M/yr → 33.2 yrs; amplification 25.1%2025-12-31: 7,626.8 BTC × $87,509 close = $667.4M; preferred dividends $24.7M/yr → 27.1 yrs; amplification 30.2%2026-02-11: 13,131.8 BTC × $66,992 close = $879.7M; preferred dividends $52.3M/yr → 16.8 yrs; amplification 49.6%2026-03-09: 13,311 BTC × $68,402 close = $910.5M; preferred dividends $53.4M/yr → 17.0 yrs; amplification 48.0%2026-03-17: 13,628 BTC × $73,922 close = $1.01B; preferred dividends $54.5M/yr → 18.5 yrs; amplification 43.4%2026-04-02: 13,741 BTC × $66,889 close = $919.1M; preferred dividends $55.8M/yr → 16.5 yrs; amplification 48.7%2026-04-13: 13,768 BTC × $74,485 close = $1.03B; preferred dividends $55.8M/yr → 18.4 yrs; amplification 43.6%2026-04-24: 14,557 BTC × $77,455 close = $1.13B; preferred dividends $59.5M/yr → 19.0 yrs; amplification 41.5%2026-05-01: 15,000 BTC × $78,179 close = $1.17B; preferred dividends $64.5M/yr → 18.2 yrs; amplification 43.1%2026-05-12: 15,009 BTC × $80,477 close = $1.21B; preferred dividends $64.5M/yr → 18.7 yrs; amplification 41.1%2026-05-18: 15,391 BTC × $76,954 close = $1.18B; preferred dividends $68.2M/yr → 17.4 yrs; amplification 44.3%2026-05-22: 16,500 BTC × $75,488 close = $1.25B; preferred dividends $74.9M/yr → 16.6 yrs; amplification 46.2%2026-06-01: 19,000 BTC × $71,320 close = $1.36B; preferred dividends $97.7M/yr → 13.9 yrs; amplification 55.5%2026-06-05: 19,032 BTC × $60,923 close = $1.16B; preferred dividends $97.7M/yr → 11.9 yrs; amplification 64.8%2026-06-12: 19,105 BTC × $63,543 close = $1.21B; preferred dividends $97.7M/yr → 12.4 yrs; amplification 61.9%2026-06-18: 19,864 BTC × $62,896 close = $1.25B; preferred dividends $101.8M/yr → 12.3 yrs; amplification 62.7%2026-06-26: 19,864 BTC × $60,016 close = $1.19B; preferred dividends $101.8M/yr → 11.7 yrs; amplification 65.7%2026-07-02: 19,882 BTC × $61,485 close = $1.22B; preferred dividends $101.8M/yr → 12.0 yrs; amplification 64.0%2026-07-10: 19,900 BTC × $64,127 close = $1.28B; preferred dividends $101.8M/yr → 12.5 yrs; amplification 61.4%2026-07-17: 19,921 BTC × $63,899 close = $1.27B; preferred dividends $101.8M/yr → 12.5 yrs; amplification 61.5%2026-07-24: 20,000 BTC × $64,098 close = $1.28B; preferred dividends $101.8M/yr → 12.6 yrs; amplification 61.1%2026-07-31: 20,020 BTC × $62,814 close = $1.26B; preferred dividends $101.8M/yr → 12.3 yrs; amplification 62.3%2026-08-07: 20,167 BTC × $64,880 close = $1.31B; preferred dividends $101.8M/yr → 12.9 yrs; amplification 59.8%2026-08-14: 20,246 BTC × $62,976 close = $1.28B; preferred dividends $101.8M/yr → 12.5 yrs; amplification 61.4%2026-08-21: 21,356 BTC × $78,335 close = $1.67B; preferred dividends $107.5M/yr → 15.6 yrs; amplification 49.4%2026-08-28: 23,156 BTC × $77,830 close = $1.80B; preferred dividends $118.0M/yr → 15.3 yrs; amplification 50.4%2026-09-04: 24,531 BTC × $79,672 close = $1.95B; preferred dividends $129.9M/yr → 15.0 yrs; amplification 51.1%2026-09-11: 25,000 BTC × $77,174 close = $1.93B; preferred dividends $135.2M/yr → 14.3 yrs; amplification 53.9%2026-09-18: 26,355 BTC × $80,901 close = $2.13B; preferred dividends $145.4M/yr → 14.7 yrs; amplification 52.5%2026-09-25: 27,462 BTC × $84,035 close = $2.31B; preferred dividends $158.5M/yr → 14.6 yrs; amplification 52.8%2026-10-02: 29,462 BTC × $84,497 close = $2.49B; preferred dividends $175.5M/yr → 14.2 yrs; amplification 54.2%2026-10-09: 32,773 BTC × $82,546 close = $2.71B; preferred dividends $182.4M/yr → 14.8 yrs; amplification 51.9%2026-10-16: 36,818 BTC × $81,501 close = $3.00B; preferred dividends $182.4M/yr → 16.4 yrs; amplification 46.8%now (live $82,593): 36,818 BTC, current preferreds → 10.6 yrs

Cash coverage (months)

Cash & equivalents
0102030Oct 25Dec 25Feb 26Apr 26Jun 26Aug 26Oct 26SATASATS2025-12-31: Cash & equivalents $67.6M ÷ $24.7M/yr preferred dividends = 33 months2026-02-11: Cash & equivalents $127.2M ÷ $52.3M/yr preferred dividends = 29 months2026-03-09: Cash & equivalents $143.4M ÷ $53.4M/yr preferred dividends = 32 months2026-04-02: Cash & equivalents $86.9M ÷ $55.8M/yr preferred dividends = 19 months2026-04-13: Cash & equivalents $89.7M ÷ $55.8M/yr preferred dividends = 19 months2026-04-24: Cash & equivalents $90.5M ÷ $59.5M/yr preferred dividends = 18 months2026-05-01: Cash & equivalents $97.9M ÷ $64.5M/yr preferred dividends = 18 months2026-05-12: Cash & equivalents $87.6M ÷ $64.5M/yr preferred dividends = 16 months2026-05-18: Cash & equivalents $87.3M ÷ $68.2M/yr preferred dividends = 15 months2026-05-22: Cash & equivalents $93.3M ÷ $74.9M/yr preferred dividends = 15 months2026-06-01: Cash & equivalents $137.3M ÷ $97.7M/yr preferred dividends = 17 months2026-06-05: Cash & equivalents $139.2M ÷ $97.7M/yr preferred dividends = 17 months2026-06-12: Cash & equivalents $141.4M ÷ $97.7M/yr preferred dividends = 17 months2026-06-18: Cash & equivalents $144.5M ÷ $101.8M/yr preferred dividends = 17 months2026-06-26: Cash & equivalents $141.7M ÷ $101.8M/yr preferred dividends = 17 months2026-07-02: Cash & equivalents $153.4M ÷ $101.8M/yr preferred dividends = 18 months2026-07-10: Cash & equivalents $154.1M ÷ $101.8M/yr preferred dividends = 18 months2026-07-17: Cash & equivalents $157.4M ÷ $101.8M/yr preferred dividends = 19 months2026-07-24: Cash & equivalents $154.0M ÷ $101.8M/yr preferred dividends = 18 months2026-07-31: Cash & equivalents $151.3M ÷ $101.8M/yr preferred dividends = 18 months2026-08-07: Cash & equivalents $154.9M ÷ $101.8M/yr preferred dividends = 18 months2026-08-14: Cash & equivalents $154.8M ÷ $101.8M/yr preferred dividends = 18 months2026-08-21: Cash & equivalents $171.9M ÷ $107.5M/yr preferred dividends = 19 months2026-08-28: Cash & equivalents $183.5M ÷ $118.0M/yr preferred dividends = 19 months2026-09-04: Cash & equivalents $202.6M ÷ $129.9M/yr preferred dividends = 19 months2026-09-11: Cash & equivalents $204.2M ÷ $135.2M/yr preferred dividends = 18 months2026-09-18: Cash & equivalents $229.6M ÷ $145.4M/yr preferred dividends = 19 months2026-09-25: Cash & equivalents $248.8M ÷ $158.5M/yr preferred dividends = 19 months2026-10-02: Cash & equivalents $284.7M ÷ $175.5M/yr preferred dividends = 19 months2026-10-09: Cash & equivalents $310.3M ÷ $182.4M/yr preferred dividends = 20 months2026-10-16: Cash & equivalents $317.5M ÷ $182.4M/yr preferred dividends = 21 months
102050100Oct 25Dec 25Feb 26Apr 26Jun 26Aug 26Oct 26SATASATS2025-12-31: Cash & equivalents $67.6M ÷ $24.7M/yr preferred dividends = 33 months2026-02-11: Cash & equivalents $127.2M ÷ $52.3M/yr preferred dividends = 29 months2026-03-09: Cash & equivalents $143.4M ÷ $53.4M/yr preferred dividends = 32 months2026-04-02: Cash & equivalents $86.9M ÷ $55.8M/yr preferred dividends = 19 months2026-04-13: Cash & equivalents $89.7M ÷ $55.8M/yr preferred dividends = 19 months2026-04-24: Cash & equivalents $90.5M ÷ $59.5M/yr preferred dividends = 18 months2026-05-01: Cash & equivalents $97.9M ÷ $64.5M/yr preferred dividends = 18 months2026-05-12: Cash & equivalents $87.6M ÷ $64.5M/yr preferred dividends = 16 months2026-05-18: Cash & equivalents $87.3M ÷ $68.2M/yr preferred dividends = 15 months2026-05-22: Cash & equivalents $93.3M ÷ $74.9M/yr preferred dividends = 15 months2026-06-01: Cash & equivalents $137.3M ÷ $97.7M/yr preferred dividends = 17 months2026-06-05: Cash & equivalents $139.2M ÷ $97.7M/yr preferred dividends = 17 months2026-06-12: Cash & equivalents $141.4M ÷ $97.7M/yr preferred dividends = 17 months2026-06-18: Cash & equivalents $144.5M ÷ $101.8M/yr preferred dividends = 17 months2026-06-26: Cash & equivalents $141.7M ÷ $101.8M/yr preferred dividends = 17 months2026-07-02: Cash & equivalents $153.4M ÷ $101.8M/yr preferred dividends = 18 months2026-07-10: Cash & equivalents $154.1M ÷ $101.8M/yr preferred dividends = 18 months2026-07-17: Cash & equivalents $157.4M ÷ $101.8M/yr preferred dividends = 19 months2026-07-24: Cash & equivalents $154.0M ÷ $101.8M/yr preferred dividends = 18 months2026-07-31: Cash & equivalents $151.3M ÷ $101.8M/yr preferred dividends = 18 months2026-08-07: Cash & equivalents $154.9M ÷ $101.8M/yr preferred dividends = 18 months2026-08-14: Cash & equivalents $154.8M ÷ $101.8M/yr preferred dividends = 18 months2026-08-21: Cash & equivalents $171.9M ÷ $107.5M/yr preferred dividends = 19 months2026-08-28: Cash & equivalents $183.5M ÷ $118.0M/yr preferred dividends = 19 months2026-09-04: Cash & equivalents $202.6M ÷ $129.9M/yr preferred dividends = 19 months2026-09-11: Cash & equivalents $204.2M ÷ $135.2M/yr preferred dividends = 18 months2026-09-18: Cash & equivalents $229.6M ÷ $145.4M/yr preferred dividends = 19 months2026-09-25: Cash & equivalents $248.8M ÷ $158.5M/yr preferred dividends = 19 months2026-10-02: Cash & equivalents $284.7M ÷ $175.5M/yr preferred dividends = 19 months2026-10-09: Cash & equivalents $310.3M ÷ $182.4M/yr preferred dividends = 20 months2026-10-16: Cash & equivalents $317.5M ÷ $182.4M/yr preferred dividends = 21 months

Amplification (%)

(preferred notional + debt) ÷ treasurypreferreds only
0%20%40%60%Oct 25Dec 25Feb 26Apr 26Jun 26Aug 26Oct 26SATASATS2025-09-30: 5,886 BTC × $114,056 close = $671.3M; preferred dividends $0.0M/yr (no preferreds yet); amplification 0.0%2025-11-10: 7,525 BTC × $105,997 close = $797.6M; preferred dividends $24.0M/yr → 33.2 yrs; amplification 25.1%2025-12-31: 7,626.8 BTC × $87,509 close = $667.4M; preferred dividends $24.7M/yr → 27.1 yrs; amplification 30.2%2026-02-11: 13,131.8 BTC × $66,992 close = $879.7M; preferred dividends $52.3M/yr → 16.8 yrs; amplification 49.6%2026-03-09: 13,311 BTC × $68,402 close = $910.5M; preferred dividends $53.4M/yr → 17.0 yrs; amplification 48.0%2026-03-17: 13,628 BTC × $73,922 close = $1.01B; preferred dividends $54.5M/yr → 18.5 yrs; amplification 43.4%2026-04-02: 13,741 BTC × $66,889 close = $919.1M; preferred dividends $55.8M/yr → 16.5 yrs; amplification 48.7%2026-04-13: 13,768 BTC × $74,485 close = $1.03B; preferred dividends $55.8M/yr → 18.4 yrs; amplification 43.6%2026-04-24: 14,557 BTC × $77,455 close = $1.13B; preferred dividends $59.5M/yr → 19.0 yrs; amplification 41.5%2026-05-01: 15,000 BTC × $78,179 close = $1.17B; preferred dividends $64.5M/yr → 18.2 yrs; amplification 43.1%2026-05-12: 15,009 BTC × $80,477 close = $1.21B; preferred dividends $64.5M/yr → 18.7 yrs; amplification 41.1%2026-05-18: 15,391 BTC × $76,954 close = $1.18B; preferred dividends $68.2M/yr → 17.4 yrs; amplification 44.3%2026-05-22: 16,500 BTC × $75,488 close = $1.25B; preferred dividends $74.9M/yr → 16.6 yrs; amplification 46.2%2026-06-01: 19,000 BTC × $71,320 close = $1.36B; preferred dividends $97.7M/yr → 13.9 yrs; amplification 55.5%2026-06-05: 19,032 BTC × $60,923 close = $1.16B; preferred dividends $97.7M/yr → 11.9 yrs; amplification 64.8%2026-06-12: 19,105 BTC × $63,543 close = $1.21B; preferred dividends $97.7M/yr → 12.4 yrs; amplification 61.9%2026-06-18: 19,864 BTC × $62,896 close = $1.25B; preferred dividends $101.8M/yr → 12.3 yrs; amplification 62.7%2026-06-26: 19,864 BTC × $60,016 close = $1.19B; preferred dividends $101.8M/yr → 11.7 yrs; amplification 65.7%2026-07-02: 19,882 BTC × $61,485 close = $1.22B; preferred dividends $101.8M/yr → 12.0 yrs; amplification 64.0%2026-07-10: 19,900 BTC × $64,127 close = $1.28B; preferred dividends $101.8M/yr → 12.5 yrs; amplification 61.4%2026-07-17: 19,921 BTC × $63,899 close = $1.27B; preferred dividends $101.8M/yr → 12.5 yrs; amplification 61.5%2026-07-24: 20,000 BTC × $64,098 close = $1.28B; preferred dividends $101.8M/yr → 12.6 yrs; amplification 61.1%2026-07-31: 20,020 BTC × $62,814 close = $1.26B; preferred dividends $101.8M/yr → 12.3 yrs; amplification 62.3%2026-08-07: 20,167 BTC × $64,880 close = $1.31B; preferred dividends $101.8M/yr → 12.9 yrs; amplification 59.8%2026-08-14: 20,246 BTC × $62,976 close = $1.28B; preferred dividends $101.8M/yr → 12.5 yrs; amplification 61.4%2026-08-21: 21,356 BTC × $78,335 close = $1.67B; preferred dividends $107.5M/yr → 15.6 yrs; amplification 49.4%2026-08-28: 23,156 BTC × $77,830 close = $1.80B; preferred dividends $118.0M/yr → 15.3 yrs; amplification 50.4%2026-09-04: 24,531 BTC × $79,672 close = $1.95B; preferred dividends $129.9M/yr → 15.0 yrs; amplification 51.1%2026-09-11: 25,000 BTC × $77,174 close = $1.93B; preferred dividends $135.2M/yr → 14.3 yrs; amplification 53.9%2026-09-18: 26,355 BTC × $80,901 close = $2.13B; preferred dividends $145.4M/yr → 14.7 yrs; amplification 52.5%2026-09-25: 27,462 BTC × $84,035 close = $2.31B; preferred dividends $158.5M/yr → 14.6 yrs; amplification 52.8%2026-10-02: 29,462 BTC × $84,497 close = $2.49B; preferred dividends $175.5M/yr → 14.2 yrs; amplification 54.2%2026-10-09: 32,773 BTC × $82,546 close = $2.71B; preferred dividends $182.4M/yr → 14.8 yrs; amplification 51.9%2026-10-16: 36,818 BTC × $81,501 close = $3.00B; preferred dividends $182.4M/yr → 16.4 yrs; amplification 46.8%2025-09-30: preferreds only 0.0%2025-11-10: preferreds only 25.1%2025-12-31: preferreds only 30.2%2026-02-11: preferreds only 48.5%2026-03-09: preferreds only 47.0%2026-03-17: preferreds only 42.4%2026-04-02: preferreds only 47.6%2026-04-13: preferreds only 42.6%2026-04-24: preferreds only 40.6%2026-05-01: preferreds only 42.3%2026-05-12: preferreds only 41.1%2026-05-18: preferreds only 44.3%2026-05-22: preferreds only 46.2%2026-06-01: preferreds only 55.5%2026-06-05: preferreds only 64.8%2026-06-12: preferreds only 61.9%2026-06-18: preferreds only 62.7%2026-06-26: preferreds only 65.7%2026-07-02: preferreds only 64.0%2026-07-10: preferreds only 61.4%2026-07-17: preferreds only 61.5%2026-07-24: preferreds only 61.1%2026-07-31: preferreds only 62.3%2026-08-07: preferreds only 59.8%2026-08-14: preferreds only 61.4%2026-08-21: preferreds only 49.4%2026-08-28: preferreds only 50.4%2026-09-04: preferreds only 51.1%2026-09-11: preferreds only 53.9%2026-09-18: preferreds only 52.5%2026-09-25: preferreds only 52.8%2026-10-02: preferreds only 54.2%2026-10-09: preferreds only 51.9%2026-10-16: preferreds only 46.8%now (live price): 69.2%

34 dated points, 2025-09-30 to 2026-10-16, each from an SEC filing (8-K/10-Q/10-K or exhibit press release). Nothing is interpolated: lines just join filed points. BTC prices: Yahoo Finance daily closes (UTC day, BTC-USD) on each filing's as-of date. Dashed vertical lines mark when each preferred was first issued. Dividend rates are those in effect on each date. Debt principal as filed; carried forward between filings.

Data points and sources (34 + 31 cash)
As ofHoldingsPreferred sharesCoverage (yrs)Amplification
2026-10-1636,818 BTCSATA 14,030,17616.4546.76%filing
2026-10-0932,773 BTCSATA 14,030,17614.8351.86%filing
2026-10-0229,462 BTCSATA 13,498,08214.1954.22%filing
2026-09-2527,462 BTCSATA 12,193,18014.5652.84%filing
2026-09-1826,355 BTCSATA 11,184,16014.6652.45%filing
2026-09-1125,000 BTCSATA 10,397,96614.2753.89%filing
2026-09-0424,531 BTCSATA 9,995,42515.0451.14%filing
2026-08-2823,156 BTCSATA 9,073,91415.2850.35%filing
2026-08-2121,356 BTCSATA 8,270,81515.5649.44%filing
2026-08-1420,246 BTCSATA 7,829,50212.5361.41%filing
2026-08-0720,167 BTCSATA 7,829,50212.8659.84%filing
2026-07-3120,020 BTCSATA 7,829,50212.3562.26%filing
2026-07-2420,000 BTCSATA 7,829,50212.661.07%filing
2026-07-1719,921 BTCSATA 7,829,50212.5161.51%filing
2026-07-1019,900 BTCSATA 7,829,50212.5461.35%filing
2026-07-0219,882 BTCSATA 7,829,50212.0164.05%filing
2026-06-2619,864 BTCSATA 7,829,50211.7165.67%filing
2026-06-1819,864 BTCSATA 7,829,50212.2762.67%filing
2026-06-1219,105 BTCSATA 7,513,90712.4361.89%filing
2026-06-0519,032 BTCSATA 7,513,90711.8764.8%filing
2026-06-0119,000 BTCSATA 7,513,90713.8755.45%filing
2026-05-2216,500 BTCSATA 5,759,71916.6346.24%filing
2026-05-1815,391 BTCSATA 5,244,42117.3744.28%filing
2026-05-1215,009 BTCSATA 4,959,53618.7341.06%filing
2026-05-0115,000 BTCSATA 4,959,53618.1943.14%filing
2026-04-2414,557 BTCSATA 4,573,19418.9741.45%filing
2026-04-1313,768 BTCSATA 4,373,19418.3943.62%filing
2026-04-0213,741 BTCSATA 4,373,19416.4848.67%filing
2026-03-1713,628 BTCSATA 4,275,11818.4843.43%filing
2026-03-0913,311 BTCSATA 4,275,11817.0448.05%filing
2026-02-1113,131.8 BTCSATA 4,265,51816.8449.62%filing
2025-12-317,626.8 BTCSATA 2,012,72927.0730.16%filing
2025-11-107,525 BTCSATA 2,000,00033.2325.07%filing
2025-09-305,886 BTCnone—0.0%filing
As ofPoolBalanceCoverage
2026-10-16Cash & equivalents$317.5M21 mofiling
2026-10-09Cash & equivalents$310.3M20 mofiling
2026-10-02Cash & equivalents$284.7M19 mofiling
2026-09-25Cash & equivalents$248.8M19 mofiling
2026-09-18Cash & equivalents$229.6M19 mofiling
2026-09-11Cash & equivalents$204.2M18 mofiling
2026-09-04Cash & equivalents$202.6M19 mofiling
2026-08-28Cash & equivalents$183.5M19 mofiling
2026-08-21Cash & equivalents$171.9M19 mofiling
2026-08-14Cash & equivalents$154.8M18 mofiling
2026-08-07Cash & equivalents$154.9M18 mofiling
2026-07-31Cash & equivalents$151.3M18 mofiling
2026-07-24Cash & equivalents$154.0M18 mofiling
2026-07-17Cash & equivalents$157.4M19 mofiling
2026-07-10Cash & equivalents$154.1M18 mofiling
2026-07-02Cash & equivalents$153.4M18 mofiling
2026-06-26Cash & equivalents$141.7M17 mofiling
2026-06-18Cash & equivalents$144.5M17 mofiling
2026-06-12Cash & equivalents$141.4M17 mofiling
2026-06-05Cash & equivalents$139.2M17 mofiling
2026-06-01Cash & equivalents$137.3M17 mofiling
2026-05-22Cash & equivalents$93.3M15 mofiling
2026-05-18Cash & equivalents$87.3M15 mofiling
2026-05-12Cash & equivalents$87.6M16 mofiling
2026-05-01Cash & equivalents$97.9M18 mofiling
2026-04-24Cash & equivalents$90.5M18 mofiling
2026-04-13Cash & equivalents$89.7M19 mofiling
2026-04-02Cash & equivalents$86.9M19 mofiling
2026-03-09Cash & equivalents$143.4M32 mofiling
2026-02-11Cash & equivalents$127.2M29 mofiling
2025-12-31Cash & equivalents$67.6M33 mofiling

Machine-readable: history.json

Issuer-reported figures

SATA dividend reserve (company claim, Mar 11, 2026)18 months
BTC held (Oct 16, 2026)36,818
Cash (Oct 16, 2026)$317.5M
SATA shares out (Oct 16, 2026)14,030,176
SATA stated amount (Sep 30, 2026)$1,294.1M
SATA annualized dividends (Sep 30, 2026)$168.2M
SATS shares issued (Oct 20, 2026)7,000,000
SATS annualized dividends (7M × $100 × 15%)$105.0M
SATS dividend reserve deposited ($22.50/sh)$157.5M
Debt principal (Oct 9, 2026)$0

Sources

Prices: Yahoo Finance (delayed). BTC: CoinGecko. Holdings, shares, cash and debt: issuer SEC filings and press releases. History: history.json. PrefWatch is independent and not affiliated with any issuer. Not investment advice.

All preferreds, the dividend calendar and the income modeler on PrefWatch

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