Strive closes $630M SATS preferred stock offering with 15% dividend

Strive has closed an upsized $630 million preferred stock offering, introducing a new fixed dividend security as the Bitcoin treasury company expands its financing options beyond its existing SATA shares. Summary Bitcoin treasury firm Strive closed its upsized $630 million public offering after selling 7 million SATS preferred shares at $90 each. The new SATS shares carry a 15% annual dividend rate and are expected to begin trading on Nasdaq under the ticker SATS around October 20. Strive CEO Matt Cole said the offering would provide another source of capital while strengthening the credit profile of its existing SATA preferred stock. The company outlined plans to establish a dividend reserve covering 18 months of payments, equivalent to $157.5 million at the final offering size. According to the company’s October 20 announcement, Strive sold 7 million shares of its 15% Series A Perpetual SATS Preferred Stock at $90 apiece, with trading expected to begin on the Nasdaq Global Market under the ticker SATS on or around the same date. The completed offering was 40% larger than the original 5 million shares proposed on October 13. Strive subsequently priced the upsized transaction on Oc...