Strive Closes $630 Million SATS Preferred Stock Offering

Bitcoin treasury firm Strive has closed an upsized $630 million public offering after selling 7 million SATS preferred shares at $90 each, according to an October 20 announcement by Cointelegraph. The offering was 40% larger than the original 5 million shares proposed on October 13.

The new SATS shares carry a 15% annual dividend rate calculated against a stated value of $100 per share, with trading expected to begin on the Nasdaq Global Market under the ticker SATS on or around October 20. Strive CEO Matt Cole stated that the offering provides an additional source of capital while strengthening the credit profile of its existing SATA preferred stock.

Dividend Structure and Capital Placement

SATS dividends are scheduled for each business day beginning November 9, subject to board approval and legally distributable funds. Because the dividends are cumulative, unpaid amounts continue to accrue under the security's terms. Strive planned to establish an 18-month dividend reserve amounting to $157.5 million based on the final offering size, funded using $22.50 per SATS share from existing cash and securities.

The introduction of SATS places another layer of junior capital beneath SATA within Strive's capital structure. Strive stated that SATA utilizes a variable dividend rate focused on price stability, whereas SATS offers a fixed rate intended to provide predictable income.

Potential Bitcoin Allocations

While Strive's October 15 SEC filing outlined several permitted uses for the proceeds—including working capital, income-producing assets, capital expenditures, and potential repurchases of common or SATA preferred shares—Bitcoin and Bitcoin-related investments remain among the approved categories. The closing announcement did not disclose a specific allocation among those purposes.

Strive has spent much of 2026 utilizing preferred equity to finance Bitcoin purchases, reporting holdings of 25,000 BTC as of September. Chief Risk Officer Jeff Walton noted that the company currently holds no debt or maturities, leaving its primary obligation focused on the dividend.

Key facts

• Strive closed an upsized $630 million offering of SATS preferred shares.
• The company sold 7 million shares at $90 apiece, with trading scheduled on Nasdaq under the ticker SATS.
• SATS carries a fixed 15% annual dividend calculated against a $100 stated value.
• Proceeds may be used for working capital, acquisitions, capital expenditures, or Bitcoin and related investments.