Strive Inc. just pulled off one of the more notable capital raises in the Bitcoin treasury space. The company priced its 15.00% Series A Perpetual SATS Preferred Stock offering on October 15, 2026, after upsizing the deal from an initial 5 million shares to 7 million shares at $90 each, generating approximately $630 million in gross proceeds. At the $100 par value, the notional stated value of the offering clocks in at around $700 million.
Settlement is expected on October 20, 2026, subject to customary closing conditions.
How the deal is structured
The SATS preferred stock carries a fixed 15% cumulative annual dividend on its $100 stated amount, paid daily when declared, with payments set to begin November 9, 2026. At the $90 IPO price, that translates to an effective yield of roughly 16.7%.
Barclays and Cantor Fitzgerald served as joint book-running managers.
Proceeds are earmarked for general corporate purposes, with Bitcoin acquisition and related products as the primary targets.
This is Strive’s second preferred equity offering. Its first, the SATA offering, originally closed in November 2025. Strive has kept its balance sheet free of traditional debt obligations since May 2026.
Strive’s Bitcoin position is growing fast
As of mid-October 2026, Strive holds approximately 35,595 BTC. At the end of 2025, that figure sat somewhere between 7,500 and 7,600 BTC.
The absence of debt since May 2026 means all of those Bitcoin holdings are unpledged. Pledged assets can be subject to margin calls or forced liquidation during sharp price drawdowns.
Strive has structured its dividend reserves to cover up to 18 months of payouts.
Chairman and CEO Matt Cole has positioned Strive’s strategy as a disciplined, long-term approach to Bitcoin accumulation. Where Strategy, formerly MicroStrategy, built its Bitcoin position partly through convertible notes and other debt instruments, Strive is financing its treasury accumulation program through preferred equity.
What this raise signals for the market
The upsizing of the deal from 5 million to 7 million shares — a 40% increase in size — suggests the book was well oversubscribed.
For income-focused investors, a 16.7% effective yield on a preferred stock backed by Bitcoin exposure is a genuinely unusual combination. Preferred shareholders get their dividend priority over common equity holders, but the company’s ability to sustain those dividends depends on its broader financial health and, indirectly, on Bitcoin’s trajectory.
Strive trades on Nasdaq under the ticker ASST. With approximately 35,595 BTC on its books and a freshly closed $630 million raise to add more, the company is now positioned as one of the more significant Bitcoin accumulators in the public markets.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.