Strive Drops $700M on Preferred Stock, Promptly Asks It to Go Buy More Bitcoin 🟧

Strive (ASST), the Bitcoin treasury company, has upsized a preferred stock offering to 7 million shares, generating approximately $630 million in gross proceeds at $90 per share. The sale of 15% Series A Perpetual SATS Preferred Stock, announced October 15, exceeded the initial deal size by 2 million shares and is scheduled to close October 20 on customary terms. While the company publicly framed the raise at $700 million, that number is calculated using the shares' stated notional value; net proceeds before underwriting fees, commissions and offering expenses are expected to total about $630 million.

Strive said proceeds will be directed toward several corporate uses, led by additional Bitcoin acquisitions to supplement its existing 35,595 BTC treasury. Remaining capital is earmarked for income-generating investments, business expansion, working capital, general capital expenditures, and the potential buyback of Class A common stock or outstanding SATA preferred stock. The company also disclosed that it may pursue acquisitions of complementary companies, assets or technologies, and could deploy funds into Bitcoin-related products. Strive CEO Matt Cole commented on the upsized deal via X, writing: "Strive announces upsized IPO of $SATS to $700M notional, priced at $90 per share. We'll discuss the details in depth on the next @HurdleRatePod, which will be released when the IPO settles next Tuesday."

The preferred stock structure marks the latest iteration of Strive's Bitcoin-focused capital strategy, with the firm using public market equity sales as a funding channel to expand its BTC holdings. Pricing at $90 per share on the perpetual preferred instrument gives the raise a $700M figure in notional terms, even as actual cash to the balance sheet lands closer to $630 million before expenses. Settlement is expected next Tuesday, October 20, subject to standard closing conditions.