Strive set the price of its new SATS preferred stock at $90 a share late on Oct. 15, selling 7 million shares after adding 2 million to the deal, the Nasdaq-listed bitcoin treasury company announced. Gross proceeds are estimated at about $630 million before underwriting discounts and expenses, and the sale is scheduled to settle on Oct. 20.
When Strive launched the offering on Oct. 13, it planned to sell 5 million shares. The 15.00% Series A Perpetual SATS Preferred Stock accrues a cumulative dividend of 15% a year on a $100 stated amount per share, so buyers at $90 paid less than the figure the payout is calculated on. Some outlets are reporting the deal as $700 million, which is 7 million shares times the $100 stated amount; at the $90 price, gross proceeds are about $630 million. Dividends accrue daily and are payable each business day, if declared by the board, starting Nov. 9.
Strive said it plans to put the money toward general corporate purposes, including more bitcoin and bitcoin-related products, income-generating assets and buybacks of its Class A common stock or SATA preferred. At closing, it intends to add $22.50 per SATS share, equal to 18 months of dividends, to its existing dividend reserve.
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A Second Preferred
SATS ranks below SATA, Strive’s variable-rate preferred, and above its common stock, according to the preliminary prospectus supplement. Strive made SATA’s $100 minimum sale price binding on Oct. 13; the new stock instead pays a fixed rate. “Importantly, there is no target trading range for SATS like there is for SATA,” CEO Matt Cole said in an investor presentation.
Cole said Strive had seen “a massive desire for, actually, income stability” among investors and tied the timing to the end of its traditional warrants. “With the expiry of the warrants, we felt like now was the perfect opportunity to launch a second preferred equity in our capital structure,” he said.
Warrant Cash and More Bitcoin
Holders exercised 273,493,909 traditional warrants covering 13,674,703 Class A shares on Oct. 12 and 13, for expected gross proceeds of $369.2 million, Strive disclosed on Oct. 14. It also bought 2,822 BTC over those two days at about $83,266 each. Before those purchases, as of Oct. 9, it held about 32,773 BTC and had no consolidated debt, per the prospectus.
Strive’s first preferred also came to market below $100. The company priced the SATA IPO at $80 a share on Nov. 5, 2025, upsizing it by 750,000 shares to 2 million and raising about $160 million. As of Oct. 9, 14,030,176 SATA shares were outstanding. Earlier this month, Strive disclosed a buyback facility for that stock.
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