Bitcoin treasury company Strive has signed agreements with seven institutions to issue up to $1 billion in preferred shares via ATM.

According to an SEC filing, Bitcoin treasury company Strive entered into a sales agreement on October 26 with seven financial institutions—Cantor Fitzgerald, Barclays, Clear Street, StoneX, B. Riley Securities, Maxim Group, and H.C. Wainwright—to conduct an at-the-market (ATM) offering of up to $1 billion in aggregate gross proceeds from its 15% Series A Perpetual Preferred Stock, trading under the ticker SATS. The preferred shares carry a fixed annual dividend rate of 15% and have a par value of $100 per share. Strive will determine the timing and size of sales based on its capital needs and market conditions, executing transactions through existing exchanges such as Nasdaq or other lawful channels. The seven firms serve as sales agents and are entitled to commissions capped at 2% of the gross proceeds per sale. This offering represents an additional issuance and does not affect the previously issued 7 million shares of SATS preferred stock.