TD Cowen analyst Lance Vitanza just trimmed his price target on Strive, Inc. from $32 to $28. The stock still trades between $12 and $15, meaning the new forecast implies 85% to 130% upside. Vitanza kept his Buy rating intact.

What's interesting is what Vitanza actually thinks about the company's core strategy. Strive has been raising capital through its at-the-market equity program to fund Bitcoin purchases. No debt on the balance sheet, just continuous share sales to buy more crypto. That's the whole playbook.

Beyond the common stock, Vitanza initiated coverage on Strive's preferred offering, the Variable Rate Series A Perpetual Preferred Stock trading as SATA. This is where things get unusual. The preferred carries a 13% annualized dividend paid out every single business day, a structure the company claims is the first of its kind for US preferred securities. Daily payouts began in mid-June 2026.

The numbers underneath

The company reported a GAAP net loss of $265.9 million in Q1 2026. That's a substantial figure, though it reflects the nature of how Strive operates. Equity raises to acquire Bitcoin mean accounting losses stack up, but the balance sheet stays clean. SATA preferred shares have been trading close to their $100 par value, hovering between $99 and $101.

The daily dividend mechanism is genuinely different from traditional preferred structures. Most pay quarterly. Some aggressive ones pay monthly. A daily payout changes how investors think about the instrument, especially since payments are classified as return of capital to the extent of the holder's tax basis, a meaningful distinction for tax-conscious allocators.

Vitanza's move from $32 to $28 reflects some recalibration, though the fundamental thesis on Bitcoin treasury companies appears unchanged. Traders should watch SATA's behavior during Bitcoin volatility swings. Any sustained break below the $99 to $101 range would signal the market is repricing the credit risk embedded in the preferred, which could ripple across to common stock sentiment.

This material is informational only and should not be construed as financial advice. Cryptocurrency investments carry substantial risk.