Strive announces $500M preferred stock offering to acquire Bitcoin
CIE News ·
Strive is aiming to raise $500 million through a new perpetual preferred stock class offering a 15% fixed dividend, with proceeds designated for buying Bitcoin, income-producing assets, or share buybacks.
Bitcoin treasury company Strive announced on Tuesday evening a new perpetual preferred stock class dubbed SATS to raise $500 million, CoinDesk reported. The firm plans to offer 5 million shares at $100 each with a 15% fixed dividend yield at par, directing proceeds toward acquiring additional Bitcoin (BTC), purchasing income-producing assets, or executing share buybacks. The new class will sit junior to its existing SATA preferred stock, and the company intends to set up an 18-month dividend reserve upon closing.