Key Takeaways
- • Strive Inc. (Nasdaq: ASST) plans to offer 5,000,000 shares of its 15% Series A Perpetual SATS Preferred Stock in an initial public offering, with proceeds earmarked for Bitcoin purchases, working capital and potential acquisitions.
- • Each SATS share carries a $100 stated amount and par value of $0.001, with cumulative dividends at an annual rate of 15%; regular dividend payments are scheduled to begin Nov. 9.
- • Strive plans a dividend reserve equal to 18 months of dividend payments, or $22.50 per share, funded through existing cash and securities.
- • Strive acquired 3,311 BTC in the week ending Oct. 9 at an average price of approximately $84,500, lifting total holdings to 32,773 BTC, according to an SEC filing.
- • ASST shares rose 0.76% in overnight trading late Tuesday and are up nearly 87% year-to-date per Koyfin; retail sentiment on Stocktwits was 'bearish' with message volume up 250%.
Summary
Strive Inc. (Nasdaq: ASST) announced plans to offer 5,000,000 shares of its 15% Series A Perpetual SATS Preferred Stock in an initial public offering, according to the company's announcement on Tuesday. Shares of ASST gained 0.76% in overnight trading late Tuesday following the news. The company said it will use the net proceeds to acquire Bitcoin and bitcoin-related products, fund working capital requirements and pursue other general corporate purposes, and it may also use proceeds to fund acquisitions of businesses, assets or technologies.
The preferred stock is being issued at a par value of $0.001 and a stated amount of $100 per share. Cumulative dividends accrue at an annual rate of 15% on the stated amount, payable on dates declared by the board of directors, with regular dividend payments beginning Nov. 9. Strive also plans to establish a dividend reserve equal to 18 months of dividend payments, or $22.50 per share, funded through existing cash and securities. The company retains the right to redeem all outstanding SATS shares if total shares outstanding fall below 25% of the originally issued amount, or upon certain tax events.
In an SEC filing on Tuesday, Strive disclosed that it acquired 3,311 BTC during the week ending Oct. 9 at an average price of approximately $84,500 per coin, bringing total holdings to 32,773 BTC. The company reported total BTC holdings valued at $2.74 billion following the purchase. Strive Chairman and CEO Matt Cole said on X that investors exercised $208 million in warrants, with about 15.3 million remaining ahead of their Tuesday 5 PM ET expiration.
Michael Saylor, co-founder and executive chairman of Strategy (MSTR), posted on X that Strive is 'turning demand for digital equity ($ASST) and digital credit ($SATA) into demand for Bitcoin.' Retail sentiment on Stocktwits was bearish at the time of writing, with message volume up 250% over 24 hours according to platform data. ASST stock is up nearly 87% year-to-date, according to Koyfin.
The preferred stock is being issued at a par value of $0.001 and a stated amount of $100 per share. Cumulative dividends accrue at an annual rate of 15% on the stated amount, payable on dates declared by the board of directors, with regular dividend payments beginning Nov. 9. Strive also plans to establish a dividend reserve equal to 18 months of dividend payments, or $22.50 per share, funded through existing cash and securities. The company retains the right to redeem all outstanding SATS shares if total shares outstanding fall below 25% of the originally issued amount, or upon certain tax events.
In an SEC filing on Tuesday, Strive disclosed that it acquired 3,311 BTC during the week ending Oct. 9 at an average price of approximately $84,500 per coin, bringing total holdings to 32,773 BTC. The company reported total BTC holdings valued at $2.74 billion following the purchase. Strive Chairman and CEO Matt Cole said on X that investors exercised $208 million in warrants, with about 15.3 million remaining ahead of their Tuesday 5 PM ET expiration.
Michael Saylor, co-founder and executive chairman of Strategy (MSTR), posted on X that Strive is 'turning demand for digital equity ($ASST) and digital credit ($SATA) into demand for Bitcoin.' Retail sentiment on Stocktwits was bearish at the time of writing, with message volume up 250% over 24 hours according to platform data. ASST stock is up nearly 87% year-to-date, according to Koyfin.
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