Strive has priced its expanded SATS preferred stock offering at $90 per share, targeting approximately $630 million in gross proceeds. The capital raise will support Bitcoin purchases and other corporate needs following the company's recent treasury expansion.
The new preferred shares carry a 15% annual cumulative dividend calculated on a stated value of $100 per share. Strive plans to make dividend payments each business day beginning November 9, subject to board approval. The company will reserve assets worth $22.50 per share at closing, equivalent to 18 months of dividends. Any unpaid dividends will accumulate until settled.
Beyond Bitcoin acquisitions, proceeds may be used for working capital, income-generating assets, business expenses, and potential share repurchases of Class A common stock or existing SATA preferred shares. The company has not disclosed specific allocation amounts for Bitcoin purchases.
Barclays Capital and Cantor Fitzgerald are serving as joint book-running managers, with Clear Street as the lead book runner for the offering.
In Strive's capital structure, existing SATA preferred stock and outstanding debt take priority over SATS shares.
Strive has been actively acquiring Bitcoin, purchasing 3,311 BTC earlier this month and an additional 2,822 BTC for $235 million in subsequent transactions, bringing total holdings to 35,595 BTC. According to BitcoinTreasuries.net, Strive ranks fourth among publicly traded Bitcoin treasury companies, ahead of MARA Holdings, which holds 35,577 BTC.
