Bitcoin treasury company Strive disclosed an optional program to repurchase up to $500 million of its variable-rate perpetual preferred stock, traded as SATA, on Oct. 5.

The program exceeds its reported $284.7 million cash balance and lets management weigh further Bitcoin purchases against retiring dividend-paying preferred shares.

The SEC filing gives management discretion to repurchase shares from time to time. The ceiling is $215.3 million above reported Oct. 2 cash, so immediate full use would require resources beyond that dated balance.

The optional cap creates no obligation to spend the maximum and does not establish a liquidity shortfall. The filing discloses no completed SATA repurchases, dedicated funding source, or timetable for using the full capacity.

Strive reported 29,462 BTC as of Oct. 2 after buying 2,000 Bitcoin between Sept. 28 and Oct. 2 at an average price of approximately $84,422, including fees and expenses. Those holdings are separate from its preliminary, unaudited Sept. 30 figures, which showed 28,000 BTC and remained subject to change.

Strive's preferred-funded Bitcoin strategy carries recurring cash costs. Its website presents SATA dividends at $13 per share annualized, equivalent to 13% of the $100 stated amount.

The rate can change, and cash payments require board declaration. Under SATA's terms, dividends accumulate even when they are not declared, while declared cash payments are divided across business days.

Strive reported 13,498,082 SATA shares as of Oct. 2, up from 12,193,180 on Sept. m. cutoff for issuance on the following business day.

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