Strive plans to issue preferred stocks through an IPO, with a target fundraising amount of $500 million

Strive (ASST), a Bitcoin treasury company, has announced the official launch of its new class of perpetual preferred stocks, SATS. The fixed dividend rate is set at 15%. The issuance consists of 5 million shares, with each share priced at $100. It is expected that the total amount raised will reach $500 million. In terms of repayment order, SATS will follow Strive’s existing perpetual preferred stock, SATA. The dividend rate of SATA is variable, currently at 13%. Similar to SATA, SATS’ dividends will be paid daily. After the issuance, the company plans to reserve a portion of the funds for dividend payments, sufficient to cover the expenses for the first 18 months of operations. The proceeds from this issuance will be used for purchasing Bitcoin, acquiring assets that generate income, or repurchasing shares. Recently, Strive has been continuously increasing its holdings of Bitcoin—last week, they purchased 3,311 units, bringing their total holdings to 32 units.