Bitcoin treasury firm Strive has expanded the size of its preferred stock offering to 7 million shares with the intention of raising a total value of $700 million. The company expects to receive around $630 million before deductions for underwriting fees, commissions and other expenses.
Strive anticipates using a portion of the proceeds to purchase additional Bitcoin and to fund its other business requirements. The shares were priced at $90 each on October 15, 2026 and are expected to close on October 20. Strive currently owns 35,595 Bitcoin in its treasury and is looking to expand its Bitcoin-related investments.
Strive announces upsized IPO of $SATS to $700M notional, priced at $90 per share.
We’ll discuss the details in depth on the next @HurdleRatePod, which will be released when the IPO settles next Tuesday. https://t.co/10P6R4voHi
— Matt Cole (@ColeMacro) October 16, 2026
The offering was expanded by 2 million shares from the company’s original proposal. The shares are referred to as the Series A Perpetual SATS Preferred Stock. Strive indicated that the proceeds could be allocated towards numerous uses, including the purchase of additional Bitcoin, the creation of income-generating investments, the expansion of its business and the satisfaction of working capital needs.
The company could also use a portion of the proceeds to repurchase existing Class A common shares or SATA preferred stock. It could also acquire other companies, assets or technologies that are conducive to its business plans.
The newly issued preferred shares bear an annual dividend rate of 15%, based on a stated value of $100 per share. Nevertheless, the dividend payments will be contingent upon the approval of Strive’s board and the availability of legally available funds to make the payments. Strive’s first dividend payment is scheduled to be made on November 9, 2026.
Strive also intends to increase its dividend reserve when the offering closes. The company plans to allocate $22.50 per share as a buffer when the first 18 months’ worth of dividend payments occur. The reserve is expected to be funded through the cash and securities held by the company.
The preferred shares have an initial liquidation preference of $100 per share, based on the applicable terms and adjustments. This will determine the amount that may be payable to shareholders in certain circumstances, such as the liquidation of the company.
Barclays and Cantor are managing the offering jointly while Clear Street is acting as the lead manager. The success of the offering could enable Strive to expand its Bitcoin holdings, although the company has also indicated that the proceeds may be used for other corporate purposes.
Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV
You need to login in order to Like
Leave a comment