Strive, the Bitcoin-focused treasury company led by Chairman and CEO Matt Cole, completed the closing of its upsized initial public offering of SATS preferred stock on October 20, generating $630 million in gross proceeds. The transaction involved the sale of 7 million shares priced at $90 each and marks a significant expansion of the firm’s preferred equity financing tools.

The offering was increased by 40 percent from the original proposal of 5 million shares. Net proceeds after underwriting discounts, commissions and expenses are estimated at $608.15 million. Shares of the new security began trading on the Nasdaq Global Market under the ticker SATS around the closing date.

Dividend Structure and Payment Schedule

SATS is structured as 15 percent Series A Perpetual Preferred Stock with a stated amount of $100 per share. The fixed annual dividend equals $15 per share when fully declared and paid. At the $90 offering price, this produces an effective annualized yield of approximately 16.67 percent for initial investors, assuming full payment.

Dividends are cumulative and scheduled for payment on each business day beginning November 9, subject to declaration by Strive’s board of directors and the availability of legally distributable funds. The first payment, if declared in full, will include all amounts accrued from the October 20 closing date.

Strive indicated plans to establish a dividend reserve covering 18 months of payments, equivalent to $157.5 million based on the final offering size, or $22.50 per share drawn from existing cash and securities. The company did not confirm the exact amount placed in the reserve at the time of closing.

Capital Structure and Relationship to Existing Preferred Stock

SATS joins Strive’s existing SATA preferred stock, which carries a variable dividend rate managed with an emphasis on price stability near its $100 stated value. SATA ranks senior to SATS for both dividend payments and liquidation preferences. Both preferred securities sit above the company’s common stock, traded under the ticker ASST.

Cole described the two securities as serving distinct roles. SATA is positioned for price stability while SATS targets income stability. He stated that the new layer of junior capital strengthens SATA’s credit profile within the overall capital structure and supports the company’s strategy of improving long-term returns for common shareholders.

Use of Proceeds and Bitcoin Holdings

In its SEC filings, Strive listed multiple potential uses for the net proceeds. These include the acquisition of Bitcoin and Bitcoin-related products, working capital, income-generating assets, capital expenditures, repurchases of common or SATA shares, and acquisitions of complementary businesses, assets or technologies. The company did not disclose a specific allocation for Bitcoin purchases.

Strive currently reports holdings of 36,818 Bitcoin. At an illustrative price near $82,500, the estimated net proceeds could theoretically acquire roughly 7,372 Bitcoin before fees. Full allocation would raise total holdings to approximately 44,190 Bitcoin. The firm has pursued an active accumulation strategy throughout 2026, previously using SATA proceeds for Bitcoin purchases that lifted holdings from lower levels earlier in the year.

Chief Investment Officer Ben Werkman characterized SATS as a fixed-rate perpetual security designed for investors seeking different income characteristics from those of SATA holders. The company reports no consolidated debt and states that its Bitcoin remains unpledged.

Offering Details and Market Context

The transaction was conducted under Strive’s Form S-3 registration statement. Barclays Capital Inc. and Cantor Fitzgerald & Co. served as joint book-running managers. Settlement occurred on October 20 subject to customary closing conditions.

Preferred equity has become a primary financing mechanism for Strive’s Bitcoin strategy. The firm aims to maintain what it terms an Amplification Ratio that increases Bitcoin exposure relative to common equity. The high fixed dividend on SATS creates substantial ongoing cash obligations that the company must meet through operations, asset sales or further capital raises after the initial reserve period.

Strive’s model relies on Bitcoin’s long-term appreciation exceeding the cost of preferred financing. The company has no conventional debt maturities, concentrating its obligations on the preferred dividends. Trading in SATS provides a new publicly listed instrument for investors seeking fixed income exposure linked to a Bitcoin treasury company.