Strive raises $630m with SATS preferred stock paying 15% dividend

Key points

• Strive sold 7 million Series A Perpetual Preferred shares, branded SATS, at $90 each, raising $630m.
• Each share has a $100 stated value and pays $15 a year, a yield of roughly 16.7% at the offer price.
• Strive holds 36,818 BTC, worth about $3bn, after buying 4,045 BTC between 12 Oct and 16 Oct.

Strive has raised $630m by selling SATS preferred stock, an upsized initial public offering of 7 million Series A Perpetual Preferred shares at $90 each.

The Dallas-based Bitcoin treasury company plans to pay the 15% dividend in cash every business day from 9 Nov, subject to board approval and available funds.

SATS sits below Strive's existing SATA preferred stock, which pays a variable rate of about 13% and is managed to trade near its $100 stated value. SATS pays a fixed rate but lacks SATA's price-management mechanism, so buyers get a higher starting yield for a junior position.

The raise comes during an accumulation campaign.

What to watch: Daily dividend payments on SATS are due to begin 9 Nov, subject to board approval and available funds.

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