Strive increased its Bitcoin holdings, leading to a surge in preferred shares, and the weekly dividend burden soared by 12 million

According to Woofun AI, Bitcoin asset manager Strive's annualized preferred dividend burden soared by nearly $12 million in a week, and the core driver was a significant increase in the number of Satan Preferred Stock (Satan Preferred Stock) holdings.

From August 28 to September 4, the number of Satan preferred shares held by Strive surged from 9,073,914 shares to 9,995,425 shares, a net increase of 921,511 shares. The stock is a perpetual preferred stock with a variable interest rate. The current dividend rate is 13%. Based on the current dividend rate of 13%, regular dividend expenses have increased accordingly. Based on the total number of shares sold and in circulation as of the daily cutoff at 4 p.m., the total annualized dividend on September 4 reached US$129.9 million, an increase of approximately US$12 million compared to US$118 million on August 28.

According to data compiled by Woofun AI, this increase is directly due to the multiplication effect of the expansion of the share base and the fixed dividend rate.

For September, the Board decided to pay dividends of $0.0516 per share to shareholders up to the close of the previous day for 21 business days on each payment date. Over the same period, the company's cash and cash equivalents increased from $183.5 million to $202.6 million, an increase of $19.1 million. By dividing the cash balance by the annualized dividend amount and multiplying by 12 to calculate the static coverage period, the coverage period on September 4 was 18.71 months, slightly higher than 18.67 months on August 28, indicating that the liquidity buffer was generally stable.

Notably, this static ratio does not cover operating needs, future financing costs, and other current assets. Of these, STRC preferred shares, which were not included in the calculation, had a total of 505,000 shares as of September 4, with a market capitalization of $49.364 million. The complexity of this asset structure means that actual solvency may be higher than surface data, but it also makes financial transparency more difficult to interpret.