Overview
- Strive sold 7 million shares of its Series A Perpetual Preferred (SATS) at $90 a share, generating roughly $630 million in gross proceeds with settlement planned later this month subject to closing conditions.
- The SATS issue carries a 15% cumulative annual dividend and Strive will deposit $22.50 per share into a reserve to cover 18 months of payments, with regular dividend dates to begin in November.
- Proceeds may be used for general corporate purposes, specifically to buy bitcoin and bitcoin‑related products, while also leaving room for working capital, buybacks or acquisitions.
- The company already holds about 35,595 BTC in its treasury, and the market pushed Strive’s common stock up about 3.9% on the pricing news.
- The deal was run by a syndicate led by Barclays, Cantor and Clear Street, and continues Strive’s pattern of funding bitcoin accumulation through preferred equity instead of traditional debt, which creates ongoing cash obligations and a liquidation preference that ranks ahead of common shares.