Strive Prices Upsized $630M SATS Preferred IPO at $90/Share
ASST has more than doubled off its 52-week low of $7.02.
Summary
Strive priced its SATS perpetual preferred IPO at $90 a share, upsized to 7 million shares from 5 million — roughly $630 million in gross proceeds, above the $500 million it flagged on October 13. The 15% daily-dividend preferred funds more bitcoin purchases and general corporate use, extending a capital-raising spree that already included a $369.2 million PIPE warrant exercise and 9.5 million new common shares issued in a single week. General corporate purposes include the acquisition of bitcoin and bitcoin-related products. The upsizing is a demand signal: buyers took more paper than offered at the marketed price. Strive expects the issuance and sale of the SATS stock to settle on Oct. 20.
Updates
· SEC 8-K — Underwriting agreement sets underwriter purchase price at $87.00 per share, a 3% discount to the $90 public price, with settlement October 20, 2026.
At the time of this announcement, ASST was trading at $25.58 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $2.6B. The 52-week trading range was $7.02 to $36.20. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Reuters.