Strive Prices Upsized SATS Preferred, Raising About $630m

Strive, the bitcoin-focused US company listed on Nasdaq as ASST, has priced an upsized offering of a new preferred stock that it expects to raise about $630 million before costs. Part of the money may be used to buy more bitcoin.

Strive announced the pricing in a press release late on 15 October 2026 (US Eastern time).

The deal

Strive is selling “7,000,000 shares” of its “15.00% Series A Perpetual SATS Preferred Stock,” known as SATS Stock, at “$90 per share.” That is “an upsize of 2,000,000 shares over the amount previously announced.”

The company “estimates that the gross proceeds to it from the offering will be approximately $630 million, before deducting the underwriting discounts and commissions” and its other offering expenses. The sale “is scheduled to settle on October 20, 2026, subject to customary closing conditions.”

How the preferred stock works

Preferred stock sits between bonds and ordinary shares. “Perpetual” means it has no maturity date.

According to Strive:

Dividend rate: SATS Stock accumulates cumulative dividends at “15.00% on the stated amount of $100 per share.” Because buyers paid $90, the yield on their purchase price is higher than 15%.
Payment timing: “regular dividend dates will fall on each business day,” beginning on 9 November 2026. Dividends are payable “when, as and if declared” by the board.
Dividend reserve: at closing, Strive intends to add “$22.50 per share” to its existing dividend reserve, equal to the first 18 months of dividend payments, using cash and securities it holds.
Liquidation preference: initially $100 per share, adjusted over time based on recent sale prices, as set out in the release.

Strive can redeem all the shares if fewer than 25% of those issued remain outstanding, or after certain tax events. Holders can require Strive to buy back their shares if a “fundamental change” occurs.

What the money is for

Strive says it intends to use the net proceeds “for general corporate purposes, including, among other things, the acquisition of bitcoin and bitcoin-related products.” The list also includes working capital, buying income-generating assets, capital spending, and buying back its Class A shares or its SATA preferred stock. The release does not say how much will go to bitcoin.

Strive describes itself as “a structured finance company” that has “adopted bitcoin as our hurdle rate for capital deployment.” TSN recently reported that Strive bought 3,311 bitcoin, taking its holdings to 32,773 BTC.

Who is running it

Barclays and Cantor are joint book-running managers, and Clear Street is lead manager. The offering is made under an effective shelf registration statement with the US Securities and Exchange Commission, through a prospectus supplement.

The bigger picture

Other bitcoin treasury companies also use preferred stock. TSN reported Strategy’s recent repurchase of $192.4m of STRC preferred stock. At 15% of the $100 stated amount, SATS dividends come to $15 per share a year, and Strive’s reserve covers the first 18 months.

What’s still unknown

Strive has not said how much of the proceeds will be spent on bitcoin, or when. The deal has not yet settled.

What to watch

Watch for settlement on 20 October, any bitcoin purchase announcement afterwards, and the first dividend from 9 November.

What this means

About $630m raised. 7 million shares sold at $90, before costs.
A costly 15% dividend. Strive is reserving 18 months of payments up front.
More bitcoin possible. Buying bitcoin is one listed use, but no amount is given.