Strive sold 7 million shares of its 15% SATS preferred stock at $90 on 15 October, raising about $630 million, with proceeds earmarked partly for bitcoin purchases.
Strive, the Nasdaq-listed bitcoin treasury company (ASST), priced an upsized initial public offering of its 15% Series A Perpetual SATS Preferred Stock on 15 October 2026, selling 7 million shares at $90 each for gross proceeds of about $630 million, Crypto Briefing reported.
What happened
The company first proposed 5 million shares at a $100 stated amount. It then raised the size by 2 million shares, a 40% increase, and priced the securities below that stated amount. Settlement is expected on 20 October 2026, subject to customary closing conditions. Barclays and Cantor Fitzgerald are joint book-running managers.
The preferred stock carries a cumulative dividend of 15% a year on the $100 stated amount, or $15 per share, payable daily when declared. First payments are scheduled to start on 9 November 2026. Because buyers paid $90, the effective yield is about 16.7%. Dividends still require board approval, and the company plans to hold a reserve covering the first 18 months of payments, equal to $22.50 per share.
Strive says it will use net proceeds for general corporate purposes, including buying bitcoin and bitcoin-related products. Other permitted uses include acquiring income-generating assets, working capital and share repurchases, according to the pricing notice.
Why it matters
Strive is one of several companies that raise money through capital markets to accumulate bitcoin. This is its second preferred equity offering, after the SATA issue that first closed in November 2025. Crypto Briefing reports the company has had no traditional debt since May 2026, which means its bitcoin is not pledged against loans. Coverage cites holdings of about 35,595 BTC in mid-October, up from roughly 7,500 to 7,600 BTC at the end of 2025.
The structure matters for how risk is shared. Preferred holders rank ahead of common shareholders for dividends, but payments depend on the board declaring them and on the company's finances, which are tied indirectly to bitcoin's price. A 15% headline rate means Strive has to earn or fund a large annual payout from its reserve and other resources.
The upsizing suggests investors still want income products linked to bitcoin exposure even as prices sit well below the October 2025 record. Strive's chief executive, Matt Cole, describes the approach as disciplined, long-term accumulation.
Investors should note the difference between this product and a bitcoin exchange-traded fund. The preferred shares are a corporate security whose payouts depend on the issuer's board and balance sheet, not on the value of an underlying basket of coins. The 18-month reserve is meant to reduce the risk of missed payments, but it is a fixed cushion rather than a guarantee, and it is funded from existing cash and securities.
Market reaction
CryptoWave data shows Bitcoin at about $81,090 with a market capitalisation of $1.63 trillion, roughly 36% below its all-time high of $126,080 from October 2025. The Fear and Greed Index stands at 53, neutral, compared with 61 a week ago. If Strive spent the entire gross proceeds on bitcoin at today's price, it would buy roughly 7,800 BTC, though the company has not said how much it will allocate.
For a view of how bitcoin's share of the total market has shifted, see the market dominance chart.
What to watch next
- 20 October 2026: expected settlement of the SATS offering.
- 9 November 2026: the date the first dividend payments are scheduled to begin, if declared.
- Strive's next disclosure of bitcoin holdings and how the proceeds are deployed.
Market context
Live data for the assets in this story, so you can check the claims against the market right now.
Bitcoin (BTC) currently trades at $76.7K, with a 24-hour change of -2.31% and a 7-day change of -3.61%. It ranks #1 by market capitalisation at $1.54T. Figures update continuously and may differ from those quoted in the original report.
