Strive's SATS Offering Hits $700M as Firm Doubles Down on Bitcoin Treasury Strategy 📈

Strive (ASST) has priced its expanded SATS preferred stock offering at $90 per share, raising the sale to 7 million shares with anticipated gross proceeds of approximately $630 million, based on a $700 million notional valuation. The Bitcoin treasury company announced the upsize from its original offering, adding 2 million additional shares to the deal. Pricing occurred on October 15, with the offering expected to close on October 20 under customary terms.

The newly issued 15% Series A Perpetual SATS Preferred Stock carries a stated value of $100 per share, though investors paid $90 per share in the offering. Under the terms disclosed in Strive's SEC filing, the shares will pay a 15% annual cumulative dividend. Starting November 9, Strive plans to make dividend payments each business day, subject to approval by the company's board, with any unpaid dividends continuing to accumulate.

Proceeds from the offering will be directed toward several corporate purposes, including additional Bitcoin acquisitions and related products, though the company has not specified an exact allocation amount. Strive currently holds 35,595 BTC in its treasury, ranking fourth among public Bitcoin treasury companies. The company may also use the funds for income-generating investments, working capital, business expansion, and other capital expenditures. Additionally, Strive reserves the right to repurchase Class A common stock or existing SATA preferred shares, and may pursue acquisitions of complementary companies, assets, or technologies.

Barclays Capital and Cantor Fitzgerald are serving as joint book-running managers for the offering, with Clear Street acting as lead book runner. The fundraising follows Strive's recent purchase of 3,311 Bitcoin, which brought its holdings to 32,773 BTC earlier this month. The $700 million headline figure reflects the notional valuation at the $100 stated value, while the actual proceeds before underwriting fees, commissions, and other offering costs are expected to total approximately $630 million.