Article produced with artificial intelligence systems and published under the editorial responsibility of Amelia Tomasicchio. How we work
BlackRock’s iShares Preferred and Income Securities ETF has disclosed its first purchase of Strive’s SATS preferred stock, holding approximately $39.2 million of the security as of November 4, 2026. The shares offer a fixed 15% annual dividend, adding to the fund’s exposure to a company whose Bitcoin treasury exceeds 43,000 BTC.
Summary
Key takeaways
- PFF disclosed ownership of 412,353 SATS shares.
- Strive’s SATS offering raised approximately $630 million for Bitcoin acquisitions.
- SATS ranks behind Strive’s SATA preferred shares for payout priority.
- PFF selects securities using market capitalization and liquidity criteria.
BlackRock’s first position in Strive’s SATS preferred stock
The fund’s holdings data put its SATS position at $39,177,658.53 on November 4, 2026. The holder of the 412,353-share stake is the iShares Preferred and Income Securities ETF, traded on the market under the ticker symbol PFF.
The security is Strive Inc.’s 15% Series A Perpetual SATS Preferred Stock, traded on Nasdaq as SATS. Its inclusion gives PFF investors indirect exposure to Strive’s Bitcoin-focused balance sheet, alongside the fund’s existing holding of the company’s more senior SATA preferred shares.
A 15% dividend and a $630 million offering
Strive’s SATS preferred stock pays a fixed 15% annual dividend calculated on a stated value of $100 per share. The perpetual structure has no maturity date.
Strive raised approximately $630 million through the SATS initial public offering, which closed on October 20, 2026. It sold 7 million shares at $90 each, with the stated purpose of supporting Bitcoin acquisitions.
Between October 17 and October 23, 2026, Strive bought 6,182 BTC for $511.4 million. That purchase window spanned the offering’s closing date.
Bitcoin reserves and SATA’s payout priority
Strive’s Bitcoin treasury exceeds 43,000 BTC, with much of its growth financed through earlier preferred stock offerings. Strive describes itself as a Nasdaq-listed structured finance company, issuing securities and using the proceeds to build its Bitcoin reserve.
PFF already held another part of that financing structure before adding SATS. By mid-September 2026, the fund had expanded its SATA position by 133% to 236,159 shares.
SATA sits above SATS in Strive’s capital structure, giving SATA holders priority over SATS holders for payouts. That junior position helps explain the richer dividend attached to SATS.
PFF’s rules and the exposure for income investors
PFF uses a rule-based investment strategy, selecting securities that meet criteria including market capitalization and liquidity thresholds rather than a portfolio manager’s view of an asset. The purchase should therefore not be read as a discretionary bet on Bitcoin.
Rule-based ownership can provide a steadier source of demand and support trading liquidity while a security continues to qualify. For PFF investors, the SATS holding also brings exposure to an issuer whose principal asset fluctuates with Bitcoin’s price.
The fixed dividend rate does not remove that exposure: a substantial Bitcoin decline can pressure Strive’s ability to sustain its payout. SATS holders also rank behind SATA holders in payout priority.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
