TLDR
- Strive (ASST) stock rose 3.93% after the company priced its upsized preferred stock offering.
- It sold 7 million units of 15% Series A Perpetual Preferred Stock (SATS) at $90 per share, up 2 million from the first plan.
- Gross proceeds are about $630 million, not the $700 million some headlines used.
- Funds may go toward more bitcoin, working capital, income-generating assets and possible buybacks.
- SATS pays a 15% dividend, with $22.50 per share set aside to cover 18 months of payments.
Strive (ASST) stock rose about 4% after the company priced an upsized offering of its preferred stock. The bitcoin treasury firm sold 7 million units of 15% Series A Perpetual Preferred Stock, known as SATS, at $90 per share.
ASST gained 3.93% on the day. The SATA preferred stock edged up 0.18%, while Bitcoin rose 0.87%.
The deal was priced on Oct. 15, 2026. It was upsized by 2 million units from the amount first announced.
Gross proceeds come to about $630 million before fees. Some headlines called it a $700 million deal, but the math at $90 per share lands at $630 million.
Where the Money Is Going
Strive plans to use net proceeds for general corporate purposes. That includes buying bitcoin and bitcoin-related products.
The company already holds 35,595 BTC in its treasury. More buying would add to that pile.
Other uses include working capital, income-generating assets and capital expenditures. Strive may also buy back its Class A common stock.
A repurchase of its Variable Rate Series A Perpetual Preferred Stock is on the list too. The company could also fund acquisitions of businesses, assets or technologies.
How the SATS Dividend Works
SATS pays a cumulative dividend of 15% per year. That rate is based on a stated amount of $100 per share, while buyers paid $90.
Strive announces upsized IPO of $SATS to $700M notional, priced at $90 per share.
We'll discuss the details in depth on the next @HurdleRatePod, which will be released when the IPO settles next Tuesday. pic.twitter.com/10P6R4voHi
— Matt Cole (@ColeMacro) October 16, 2026
Payments need board approval and legally available funds. Regular dividend dates start Nov. 9, 2026.
At closing, Strive plans to put $22.50 per share into a dividend reserve account. That covers 18 months of payments.
The liquidation preference starts at $100 per share. It will adjust daily based on criteria in the governing documents.
Barclays and Cantor are joint book-running managers, and Clear Street is lead manager. B. Riley Securities, H.C. Wainwright & Co., Maxim Group and StoneX are co-managers.
The offering runs under an effective shelf registration statement with the SEC. Strive’s subsidiary, Strive Asset Management, manages over $2.8 billion in assets.
Settlement is scheduled for Oct. 20, 2026, subject to customary closing conditions.
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