Strive Aims for $500M Raise With New 15% Yield Preferred Stock to Fund Bitcoin Treasury

Bitcoin treasury company Strive announced plans to issue a new perpetual preferred stock class, SATS, featuring a 15% fixed dividend. The company aims to sell 5 million shares at $100 each to raise $500 million, with proceeds intended for purchasing additional Bitcoin, acquiring income-producing assets, or executing stock buybacks. The new SATS shares will pay dividends daily and sit junior to Strive’s existing SATA perpetual preferred stock, which currently carries a 13% variable rate. Strive intends to establish a cash dividend reserve at closing equal to the first 18 months of SATS payouts. The company recently surpassed 32,773 coins in its treasury, valued at approximately $2.7 billion, after acquiring 3,311 Bitcoin last week.