Strive Sets SATS Preferred Stock IPO at $90, Targets $630M for Bitcoin Purchases

Strive has priced its expanded SATS preferred stock offering at $90 per share, targeting approximately $630 million in gross proceeds as the company seeks fresh capital to support further Bitcoin purchases and other corporate needs following its recent treasury expansion.

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Strive Lists Bitcoin Buys Among Uses For $630M

According to the company’s offering details, Strive will allocate a portion of the proceeds to acquire Bitcoin and other related products, but hasn’t shared how much it will spend on such acquisitions.

Beyond Bitcoin acquisitions, the company may use the funds for working capital, income-generating assets, business expenses and potential share repurchases. Under the offering terms, Strive can buy back its Class A common stock or existing SATA preferred shares.

Barclays Capital and Cantor Fitzgerald are serving as joint book-running managers and Clear Street is the lead book runner for the offering. The fundraising follows Strive’s recent purchase of 3,311 Bitcoin, which brought its holdings to 32,773 BTC earlier this month.

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SATS Preferred Stock Carries a 15% Annual Dividend

Under Strive’s SEC filing, the new preferred shares carry a 15% annual cumulative dividend calculated on a stated value of $100 per share, although investors will pay $90 per share in the offering.

Starting November 9, Strive plans to make dividend payments each business day, subject to approval by the company’s board. Any unpaid dividends will continue accumulating until Strive settles them.

To support these payments, Strive plans to reserve assets worth $22.50 per share at closing, equivalent to 18 months of dividends.

In terms of payment priority, Strive’s existing SATA preferred stock and outstanding debt will take priority over SATS shares in the company’s capital structure.

Strive’s Bitcoin Holdings Reach 35,595 BTC

Strive has been buying more Bitcoin since its previous purchase, as the company added 2,822 more BTC worth $235 million. 

Following the latest transaction, the company’s BTC holdings increased after two acquisitions totaling 6,133 Bitcoin within days.

According to BitcoinTreasuries.net, Strive ranks fourth among publicly traded Bitcoin treasury companies, holding 35,595 BTC. The lead in the rankings is Strategy, with 848,250 BTC, followed by Metaplanet with 44,000 BTC and Twenty One Capital with 43,514 BTC.

Meanwhile, fifth-ranked MARA Holdings holds 35,577 BTC, placing it just 18 BTC behind Strive in the rankings. At press time, Bitcoin was trading at $81,609 down 0.68% over the past 24 hours. 

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