U.S. asset manager Strive, which holds a substantial Bitcoin position, may have raised funds equivalent to approximately 1,192 BTC through the issuance of preferred stock, according to analysis by a Bitcoin treasury company data site. The company has been steadily accumulating Bitcoin, and market participants are watching closely to see whether this capital raise will translate into further purchases.

According to analysis published by BitcoinTreasuries.net on the 28th, trading data for Strive’s Variable Rate Series A Perpetual Preferred Stock (ticker: SATA) suggests the capital raised could purchase 1,192 Bitcoin. The figure was calculated by applying an estimated capture rate—derived from documents Strive filed with the U.S. Securities and Exchange Commission (SEC)—to trading volume occurring when SATA traded at or above its $100 par value.

The analysis excludes secondary market transactions between investors from total trading volume, estimating the portion attributable to newly issued shares sold by Strive based on historical figures.

SATA is a perpetual preferred stock with a $100 par value, designed to pay a 13% annual dividend on each business day. The company’s policy is to issue new shares under its ATM (at-the-market) program only when the stock trades at or above $100 in the market. Issuing below par value would dilute existing shareholders and is therefore avoided.

An ATM program is a capital-raising method in which a company issues and sells shares incrementally at prevailing market prices.