[DigitalToday reporter Yoonseo Lee] Asset manager Strive has bought bitcoin for 9 straight trading days with funds raised by issuing SATA preferred shares.

On Sept. 2 (local time), blockchain media outlet Cryptopolitan reported that Strive bought an additional 104 BTC on Sept. 1, the most recent trading day.

The move is drawing attention because it comes as corporate bitcoin buying has generally declined. Companies using bitcoin treasury strategies supported demand for a time, but the number of buyers has recently shrunk quickly, leaving Strive's streak as a rare example of regular buying.

Based on the BitcoinTreasuries.net dashboard, bitcoin was priced at about $77,100, but Strive's average purchase price for buys executed from Aug. 24 to 28 was $79,431 including fees and other costs.

Strive has been accelerating its buying pace for weeks. In an Aug. 31 filing, it said it bought 1,800 BTC from Aug. 24 to 28, lifting total holdings to 23,156 BTC from 21,356 BTC. The transaction cost about $143 million. This brought Strive's bitcoin holdings to the fifth-largest among listed companies.

SATA is central to the fundraising. It trades on Nasdaq along with common shares ASST. The company has said SATA pays dividends every business day starting June 16 and has an annual dividend rate of 13.00 percent. Strive Chief Executive Matt Cole (맷 콜) at the time called SATA "the first U.S.-listed security to pay cash dividends every business day" and "a true 'zero-to-one' innovation."

It remains uncertain whether the structure will keep working. Glassnode said in an Aug. 27 report that balance sheet-based corporate buying fell in July while exchange-traded fund (ETF) flows recovered. ETF flows turned to 5,400 BTC by month-end from -70,400 BTC in early July, and holdings of corporate bitcoin treasury vehicles were tallied at around 7,600 BTC from 2,300 BTC.

The market environment is also challenging. Galaxy Research warned that if stock price premiums fall sharply, dilution from new share issuance could increase. NYDIG analyst Greg Cipolaro also assessed that the cycle depends on market confidence.

Strive's financial burden is also significant. The company posted a second-quarter GAAP net loss of $257.6 million. Of that, $234 million was linked to fair-value declines in assets held in bitcoin and Strategy preferred shares. An 8-K document also showed that the funds for these purchases came from SATA and a common-stock at-the-market (ATM) program.

In this situation, the key issue for the market is not simply the scale of buying but its sustainability. As corporate bitcoin demand concentrates more in a handful of companies able to keep raising funds in capital markets, whether Strive can maintain a structure of continuing to sell SATA and convert the proceeds into bitcoin is emerging as a test of future demand.

JUST IN: Strive's $SATA raised enough to buy 104 #Bitcoin today. 9 straight days of Strive's pref raising money to buy bitcoin:native. pic.twitter.com/iI9oVlv0ae