Strive has priced an upsized public offering of 7 million shares of Series A Perpetual SATS Preferred Stock at $90 per share, targeting approximately $630 million in gross proceeds. The company increased the deal by 2 million shares from its previously announced size.
The preferred stock carries cumulative dividends at an annual rate of 15% on a $100 stated amount. Strive said regular dividends, when declared and legally available, will begin on 9 November. The company’s announcement also says it intends to fund a reserve equal to the first 18 months of dividend payments at closing.
Strive’s Form 8-K says the offering is scheduled to settle on 20 October, subject to customary conditions. Barclays and Cantor Fitzgerald are joint bookrunners.
Bitcoin is one permitted use of proceeds, not the only one. The filing allows Strive to deploy the capital into bitcoin and bitcoin-related products, working capital, income-generating assets, capital expenditure, acquisitions or repurchases of its common or existing preferred stock.
The structure gives Strive long-duration capital without a stated maturity, but the coupon creates a demanding recurring obligation. At the $100 stated amount, a fully declared 15% annual dividend equals $15 per share, even though investors are paying $90 in the initial offering.
TOKEN RECON ASSESSMENT
The decisive signal is not the $630 million headline. It is how much net cash remains after the dividend reserve and how the company allocates it. If Strive directs most of the proceeds into bitcoin, the 15% preferred cost becomes the hurdle its treasury strategy must overcome. A diversified allocation would reduce immediate bitcoin demand and make this a broader balance-sheet financing story.
Sources
Strive: Pricing of the upsized SATS preferred-stock offering
