Strive upsizes SATS IPO to $700M, priced at $90 per share

Strive Inc. just pulled off one of the more notable capital raises in the Bitcoin treasury space. The company priced its 15.00% Series A Perpetual SATS Preferred Stock offering on October 15, 2026, after upsizing the deal from an initial 5 million shares to 7 million shares at $90 each, generating approximately $630 million in gross proceeds. At the $100 par value, the notional stated value of the offering clocks in at around $700 million. Settlement is expected on October 20, 2026, subject to customary closing conditions. How the deal is structured The SATS preferred stock carries a fixed 15% cumulative annual dividend on its $100 stated amount, paid daily when declared, with payments set to begin November 9, 2026. At the $90 IPO price, that translates to an effective yield of roughly 16.7%. Barclays and Cantor Fitzgerald served as joint book-running managers. Proceeds are earmarked for general corporate purposes, with Bitcoin acquisition and related products as the primary targets. This is Strive’s second preferred equity offering. Its first, the SATA offering, originally closed in November 2025. Strive has kept its balance sheet free of traditional debt obligations since May 202...