TLDR
- Strive (ASST) stock rose about 5% to $26.92 on Tuesday after closing its upsized SATS preferred IPO.
- The company raised $630 million gross by selling 7 million shares at $90 each, with estimated net proceeds of $608.15 million.
- SATS pays a 15% annual dividend on a $100 stated amount, with daily business-day payments starting Nov. 9.
- Strive holds 36,818 BTC and has not said how much of the proceeds will go toward Bitcoin.
- Full allocation at $82,500 per BTC could buy about 7,372 BTC, lifting holdings to roughly 44,190 BTC.
Strive (ASST) stock climbed about 5% to $26.92 on Tuesday as the Bitcoin treasury company closed its upsized preferred stock IPO. The stock hit an intraday high near $27.27 and had closed Monday at $25.54.
The company sold 7 million shares of its Series A Perpetual SATS preferred stock at $90 each. That brought in $630 million gross. Strive first planned to sell 5 million shares before raising the offering size.
SATS began trading on Nasdaq on Oct. 20. Unlike the common ASST shares, it carries a fixed dividend tied to its stated value.
Net proceeds are estimated at $608.15 million after underwriting discounts, commissions and expenses. That figure comes from BitcoinTreasuries.net.
Strive has not said how much of that money will buy Bitcoin. An SEC filing lists several possible uses. Those include Bitcoin purchases, working capital, income-generating assets, capital expenditures, share repurchases and acquisitions.
How the SATS Dividend Works
SATS pays a 15% annual dividend on its $100 stated amount. That equals $15 per share each year if paid in full. At the $90 IPO price, the yield works out to 16.67%.
Dividends are cumulative and payable when the board declares them. They are scheduled to be paid each business day starting Nov. 9. The first payment would include accruals back to the Oct. 20 closing.
Strive also has an older preferred security, SATA. It ranks ahead of SATS for dividends and liquidation claims. Both rank ahead of the common ASST stock.
Chief risk officer Jeff Walton said the company has no debt or maturities. He said its focus is on a single obligation, which is paying the dividends.
CEO Matt Cole called the IPO a critical milestone. He said it supports the company’s strategy to maximize long-term total returns for common equity investors.
What It Could Mean for Bitcoin Holdings
The numbers give a sense of scale. At an illustrative Bitcoin price of $82,500, the net proceeds could buy about 7,372 BTC before fees. Strive currently holds 36,818 BTC.
If the full amount went to Bitcoin, holdings would rise to roughly 44,190 BTC. That would edge past Metaplanet’s reported 44,000 BTC. Again, Strive has made no such commitment.
Strive’s most recent purchase added 1,223 BTC for about $100 million. It also bought 4,045 BTC between Oct. 12 and Oct. 16. Both buys came ahead of the SATS settlement.
Other Bitcoin treasury firms are looking at similar deals. Strategy has proposed daily dividends on its STRC preferred stock. Shareholders vote on that plan on Oct. 28.
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