Strive Opens $1B ATM for 15% Preferred to Keep Buying Bitcoin
ASST has more than doubled off its 52-week low of $7.02.
Summary
Strive filed to sell up to $1 billion of its Series A perpetual preferred stock, ticker SATS, at $100 a share with a 15% annual dividend, using an at-the-market structure rather than a single block sale. Seven distributors, including Cantor Fitzgerald, Barclays and StoneX, will place the shares for commissions of up to 2%. This stacks on top of the $630 million upsized SATS IPO priced October 16 at $90 a share and the 9.5 million common shares issued in the week to October 13, so the dilution and dividend burden keep building. The 15% coupon is expensive capital, and the company is already carrying a $257.6 million Q2 net loss driven by unrealized Bitcoin losses. The $1 billion is a shelf capacity, not committed proceeds — actual sales depend on market conditions and how much appetite exists for a 15% preferred yield.
At the time of this announcement, ASST was trading at $27.43 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $3.4B. The 52-week trading range was $7.02 to $36.20. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Bloomingbit.