Strive, which holds 43,153 $BTC at an average cost of $87,821, is now trading at $67,018—about 24% below its cost basis. Yet CEO Matt Cole said on the November 12 episode of the Pomp Podcast that the company could survive even if Bitcoin fell to one cent.
The confidence comes from its financing structure: Strive issues only preferred shares and takes on no debt, so there is no liquidation price that would force it to sell its holdings. SATA pays a floating dividend of about 13%, rising to 13.25% in December; SATS pays a fixed 15% dividend. Bitcoin accounts for 85%–90% of its balance sheet, with cash making up the remaining 10%–15%.
Avoiding debt means it cannot be liquidated, but dividends of 13% to 15% are another bill to pay: the longer Bitcoin stays below the cost basis, the more those payments will have to come from cash or new preferred-share offerings. The question now is how many quarters that 10%–15% cash reserve can last.
#比特币 #财库公司 #Strive
The confidence comes from its financing structure: Strive issues only preferred shares and takes on no debt, so there is no liquidation price that would force it to sell its holdings. SATA pays a floating dividend of about 13%, rising to 13.25% in December; SATS pays a fixed 15% dividend. Bitcoin accounts for 85%–90% of its balance sheet, with cash making up the remaining 10%–15%.
Avoiding debt means it cannot be liquidated, but dividends of 13% to 15% are another bill to pay: the longer Bitcoin stays below the cost basis, the more those payments will have to come from cash or new preferred-share offerings. The question now is how many quarters that 10%–15% cash reserve can last.
#比特币 #财库公司 #Strive