Strive to Raise $500M via IPO of Fixed-Dividend Preferred Shares SATS

Huo Xing Finance reports that Bitcoin treasury company Strive (ASST) has announced the initial public offering of a new class of perpetual preferred shares, SATS, with a fixed dividend rate of 15%. The company plans to issue 5 million shares at $100 per share, raising a total of $500 million. The SATS shares will have a lower claim priority than Strive’s existing perpetual preferred shares, SATA, which carry a floating dividend rate currently at 13%. Like SATA, SATS will pay dividends daily. Following the offering, the company intends to establish a dividend reserve equal to the dividends payable on SATS for the first 18 months. Proceeds from the offering will be used to purchase Bitcoin, acquire income-generating assets, or repurchase shares. Strive has been steadily increasing its Bitcoin holdings; last week, it acquired 3,311 Bitcoin, raising its total holdings to 32,773 BTC—approximately $2.7 billion at current prices—up from fewer than 20,000 BTC three months ago. Unlike most Bitcoin treasury companies, including larger peers such as Strategy, Strive has significantly expanded its Bitcoin holdings over the past several weeks.