Strive Sets $100 Floor on SATA Preferred, Boosts Bitcoin 11.2%
ASST has more than doubled off its 52-week low of $7.02.
Summary
Strive set a $100 minimum issue price for its SATA perpetual preferred stock, which was last quoted around $99.40, and boosted its bitcoin holdings by 11.2% while issuing new shares. The company also bought 505,000 STRC preferred shares, increasing exposure to bitcoin-backed yield products. The SATA instrument pays a 13% annualized dividend daily, and Barclays, Cantor and Clear Street are named as managers. This follows the $500M SATS preferred offering filed yesterday and the 3,311 BTC purchase disclosed on October 13. The new details on pricing, dividend rate, and additional STRC purchases add materially to the prior disclosure.
At the time of this announcement, ASST was trading at $27.47 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $2.8B. 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: Wiseek News.