Bitcoin (BTC) treasury news: Strive (ASST) aims to raise $500 million with SATS preferred offering
The bitcoin treasury company plans to use proceeds for more bitcoin, income-producing assets and buybacks, while keeping a dividend reserve equal to 18 months of payments.
- On October 15, Strive priced 7 million shares of its new SATS preferred stock at $90 each, generating gross proceeds of about $630 million before underwriting costs.
- CEO Matt Cole said Strive timed the offering to coincide with the expiration of traditional warrants, citing "a massive desire for, actually, income stability" among investors.
- SATS accrues a 15% fixed dividend daily and ranks junior to Strive's SATA preferred stock, which currently pays 13% on a variable rate.
- Strive intends to deploy proceeds for general corporate purposes including additional bitcoin purchases, as its total holdings reached 32,773 coins worth about $2.7 billion.
- At closing, Strive plans to establish a dividend reserve of $22.50 per SATS share covering 18 months of payments; the company may redeem all shares if outstanding totals fall below 25%.
20 Articles
20 Articles
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The intersection of Bitcoin investment and traditional asset management continues to reshape financial markets, as Strive raises $500 million through new SATS preferred shares to expand its Bitcoin holdings while BlackRock reports stronger-than-expected third-quarter financial results. The developments highlight different approaches to capital allocation: corporate Bitcoin accumulation and the expansion of conventional investment management supp…
ASST Stock Slips Overnight: Strive Upsizes SATS Preferred Offering At 10% Discount; CEO Calls 5-Year Chart ‘Meaningless’
ASST Stock Slips Overnight: Strive Upsizes SATS Preferred Offering At 10% Discount; CEO Calls 5-Year Chart ‘Meaningless’ Proceeds could fund bitcoin purchases, investments, acquisitions and ASST or SATA share repurchases. CEO Matt Cole called criticism of ASST's five-year performance…
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