Strive to raise $500m via new preferred shares for Bitcoin buys

Key points

• Strive is offering 5 million SATS shares at $100 each, a $500m raise, CoinDesk reports.
• SATS carries a 15% fixed dividend and ranks junior to the existing SATA preferred, which pays a variable rate now at 13%.

Strive is raising $500m through a new perpetual preferred share class to buy more Bitcoin, CoinDesk reports. The Bitcoin treasury company plans to sell 5 million shares of the stock, ticker SATS, at $100 each, with the proceeds also available for income-producing assets or share buybacks.

The new class pays a 15% fixed dividend and sits junior to Strive's existing perpetual preferred, SATA, which pays a variable rate currently at 13%. Like SATA, SATS pays dividends daily. At the close of the offering, Strive intends to set aside a reserve covering the first 18 months of SATS dividend payments.

Strive has been expanding its Bitcoin stack while many peers hold steady. Three months ago the company held fewer than 20,000 coins.

The company trades as ASST and has grown its treasury faster than larger rivals such as Strategy in recent weeks, according to the report.

Read the full story on CoinDesk →