It has been another tough day for bitcoin treasury companies (BTCTCs), as the price of bitcoin drops below $87,000 in morning trading in the U.S. on Monday.
Strive (ASST) is among those experiencing declines, down 9% to a new low of $0.78. During the peak BTCTC excitement last spring, Strive traded over $13 at one point.
Following Michael Saylor’s strategy, Strive issued a perpetual preferred stock series (SATA) last month, raising $160 million and offering a 12% dividend rate. The goal is to keep SATA’s trading price relatively stable around $100. With SATA now fluctuating in the $90 range, Strive announced an increase in the dividend rate to 12.25% today.
Strive possesses 7,525 bitcoins, and the current share price indicates a mNAV (market net asset value) of just 1.09.
A review of other BTCTCs shows widespread losses today, including Strategy (MSTR) down 6.6%. KindlyMD (NAKA), XXI (XXI), American Bitcoin (ABTC), and ProCap (BRR) are also declining between 5% and 10%.
Semler Scientific (SMLR), which plans to merge with Strive pending a shareholder vote in January, is down by 8%.
