Strive (ASST), a Bitcoin treasury firm, has upsized its preferred stock offering to 7 million shares of Series A Perpetual SATS Preferred Stock, raising approximately $630 million in gross proceeds. The shares were priced at $90 per share on October 15, representing an increase of 2 million shares from the original offering. The transaction is expected to close on October 20.
The $700 million deal represents the gross proceeds at the stated valuation, though the company will receive approximately $630 million after underwriting fees, commissions, and other offering costs.
Use of Proceeds
Strive indicated it plans to allocate funds toward augmenting its Bitcoin treasury, which currently holds 35,595 BTC. The company also identified several other potential uses for the capital, including income-generating investments, business expansion, working capital, and capital expenditures.
Additionally, Strive may use proceeds to repurchase Class A common stock or existing SATA preferred stock, or to acquire complementary companies, assets, or technologies.
Dividend Structure
The newly offered preferred shares carry a 15% annual dividend based on a stated value of $100 per share, subject to board approval and fund availability. The first scheduled dividend date is November 9, 2026.
Strive will set aside $22.50 per share in dividends for the first 18 months as a reserve fund, to be paid from actual cash and securities on the company's books. Preferred shares carry an initial liquidation preference of $100 per share, subject to market-based adjustments.
Barclays and Cantor Fitzgerald serve as joint book running managers for the offering, with Clear Street as the lead manager.
