Bitcoin (BTC) treasury company Strive has announced its proposed initial public offering (IPO) of a Series A Perpetual Preferred Stock under the ticker SATS.
According to a recently published press release, the company intends to offer 5 million shares priced at $100 per share. The shares will yield a dividend at an annual cumulative rate of 15.00%, with the first regular dividend payments scheduled to begin on November 9, 2026.
Importantly, capital raised from these rounds will be used to fund the acquisition of Bitcoin and Bitcoin-related products. Barclays and Cantor Fitzgerald will serve as the joint book-running managers, with additional management from Clear Street and B. Riley Securities.
Strive is funding Bitcoin purchases with preferred stock
Notably, Strive already has one existing preferred stock under the ticker SATA. Together with SATS, both instruments optimize the firm’s Bitcoin-backed corporate balance sheet.
However, Strive is offering a higher yield on SATS (15%) as compared to SATA (13%). The difference compensates shareholders for taking a subordinate position on the new shares as compared to the current ones.
At press time, SATA was trading at $98.96 in after-hours, up 3.89% year-to-date (YTD).
Source: MarketWatch
Bitcoin treasury companies
At the time of writing, Strive ranked fifth out of 100 public Bitcoin treasury companies, holding 32,773 BTC. Strategy remains the leader with 848,250 BTC, followed by Metaplanet at 44,000 BTC.
Source: Bitcoin Treasuries
Both Strive and Strategy utilize shares to raise capital for funding their Bitcoin accumulation models. Strategy, however, offers a lower annualized dividend of 8%-12% depending on the specific class. Additionally, Strategy is actively proposing a shift to daily payouts across its shares, mimicking Strive’s SATA stock architecture.