Key Takeaways
- • Strive (Nasdaq: ASST) proposed an IPO of 5 million shares of its Series A Perpetual Preferred Stock, ticker SATS, priced at $100 per share, targeting roughly $500 million in gross proceeds.
- • The SATS shares carry a 15.00% annual cumulative dividend, with the first regular dividend payment scheduled for November 9, 2026.
- • Proceeds will fund the acquisition of Bitcoin and Bitcoin-related products; Barclays and Cantor Fitzgerald are joint book-running managers, with Clear Street and B. Riley Securities also participating.
- • The 15% SATS yield exceeds the 13% on Strive's existing SATA preferred, reflecting SATS' subordinate position in the capital structure.
- • Strive ranks fifth among 100 public Bitcoin treasury companies with 32,773 BTC, behind Strategy (848,250 BTC) and Metaplanet (44,000 BTC).
Summary
Bitcoin treasury company Strive has announced a proposed initial public offering of a Series A Perpetual Preferred Stock under the ticker SATS, according to a press release cited by MarketWatch. The company intends to offer 5 million shares at $100 per share, implying gross proceeds of approximately $500 million, a figure reported by Bitcoin News. The shares will pay an annual cumulative dividend of 15.00%, with the first regular dividend scheduled for November 9, 2026. Capital raised will be used to acquire Bitcoin and Bitcoin-related products. Barclays and Cantor Fitzgerald are serving as joint book-running managers, with Clear Street and B. Riley Securities providing additional management.
SATS complements Strive's existing preferred stock, SATA, which yields 13%. The 200-basis-point spread compensates investors for SATS' subordinate position relative to SATA. According to MarketWatch, SATA was trading at $98.96 in after-hours trading, up 3.89% year-to-date at press time. Publisher reports noted that Strive's Nasdaq-listed common stock (ASST) rose overnight following the announcement.
According to Bitcoin Treasuries, Strive ranks fifth among 100 public Bitcoin treasury companies, holding 32,773 BTC at the time of writing. Strategy remains the leader with 848,250 BTC, followed by Metaplanet at 44,000 BTC. Both Strive and Strategy use preferred share issuance to fund Bitcoin accumulation. Strategy's preferred classes carry lower annualized dividends of 8% to 12%, depending on the class, and Strategy is reportedly proposing a shift to daily payouts modeled on Strive's SATA structure.
SATS complements Strive's existing preferred stock, SATA, which yields 13%. The 200-basis-point spread compensates investors for SATS' subordinate position relative to SATA. According to MarketWatch, SATA was trading at $98.96 in after-hours trading, up 3.89% year-to-date at press time. Publisher reports noted that Strive's Nasdaq-listed common stock (ASST) rose overnight following the announcement.
According to Bitcoin Treasuries, Strive ranks fifth among 100 public Bitcoin treasury companies, holding 32,773 BTC at the time of writing. Strategy remains the leader with 848,250 BTC, followed by Metaplanet at 44,000 BTC. Both Strive and Strategy use preferred share issuance to fund Bitcoin accumulation. Strategy's preferred classes carry lower annualized dividends of 8% to 12%, depending on the class, and Strategy is reportedly proposing a shift to daily payouts modeled on Strive's SATA structure.
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