BREAKING: Strive Upsizes ASST, SATA Stock Offering By $4.2 Billion To Buy More Bitcoin
Highlights
- Strive is eyeing to raise its ASST and SATA stock offering value.
- CEO Matthew Cole revealed that they expect to raise each ATM offering's value by $2.1 billion.
- Recently, the company drew in $194 million in proceeds via the SATA stock.
Bitcoin treasury company Strive is greatly boosting its capital-raising initiatives as it ramps up its BTC acquisition initiatives. It aims to upsize the ASST and SATA stock offering by a whopping 4.2 billion.
Matthew Cole Reveals Plans To Raise ASST, SATA ATM Offering Size
Strive CEO Matthew Cole posted on X that the company will raise the value of its at-the-market (ATM) programs for both ASST and SATA securities. The combined increase in value will be $4.2 billion as it’ll add an extra $2.1 billion to each ATM program.
“Strive expects to increase the size of both the $ASST and $SATA ATM programs by $2.1 billion each, reflecting a sustained increase in liquidity and demand for both securities,” Cole wrote. The company would provide a balance sheet update prior to the opening of the stock market on Tuesday, he added.
For context, the ASST and SATA products are important funding mechanisms for Strive’s Bitcoin treasury program. The proceeds of the securities can be invested in further acquisitions of the BTC. Therefore, the company can grow its BTC holdings by investing money raised through the securities rather than using traditional financing.
Moreover, Bitcoin Treasuries data reveals that Strive’s Series A Perpetual Preferred Stock (SATA) has raised roughly $194.3 million last week. It could lead to an estimated purchase of about 2,621 BTC.
Strive vs. Strategy: What’s Different In The Approach of Both Companies’?
The company has also tried to attract investors by improving shareholder returns. SATA’s dividend yield recently jumped to 13%, much higher than the current 11.50% yield of Strategy’s STRC stock.
The new fundraising campaign comes on the heels of Strive’s Bitcoin purchase. The company announced its acquisition of 1,109 BTC worth around $85.4 million last week.
The average price per Bitcoin paid for the acquisition has been $76,988. At the time, Strategy had paused its BTC buying to repurchase $1.5 billion in convertible bonds.
After this deal, Strive’s total Bitcoin holdings grew to 16,500 BTC worth about $1.27 billion at the time of the announcement, per crypto tools data.
While Strive is increasing its stock sale to facilitate further BTC transactions, Michael Saylor’s Strategy has sold Bitcoin. According to Monday’s 8K filing, Strategy sold around $2.5 million worth of BTC in the previous week.
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