- Strive raised $630 million gross from its upsized SATS preferred stock IPO, which closed on Oct. 20.
- Net proceeds of approximately $608.15 million could purchase about 7,372 Bitcoin at an illustrative price of $82,500.
- SATS shares carry a 15% annual dividend on their $100 stated amount, payable daily starting Nov. 9 subject to board declaration.
- If fully allocated to Bitcoin, Strive’s holdings would rise from 36,818 BTC to roughly 44,190 BTC, potentially surpassing Metaplanet’s 44,000 BTC.
Strive, the Bitcoin treasury company led by chairman and CEO Matt Cole, closed its upsized initial public offering of SATS preferred stock on Oct. 20, raising $630 million gross, according to the company’s announcement. The firm sold 7 million shares at $90 each, yielding estimated net proceeds of $608.15 million after underwriting discounts and expenses, data shows.
In an SEC filing, Strive stated it intended to use the funds for general corporate purposes, including Bitcoin purchases, working capital, and acquisitions. Consequently, the company has not specified how much of the proceeds it will allocate to Bitcoin.
SATS carry a 15% annual dividend on its $100 stated amount, equivalent to $15 per share annually if paid in full. At the $90 IPO price, the stated dividend represents an annualized yield of 16.67%. Dividends are cumulative and payable when declared by Strive’s board, with the first payment scheduled each business day beginning Nov. 9.
Chief risk officer Jeff Walton emphasized that the company has no debt or maturities, adding: “the company has no debt or maturities and is focused on a single obligation: paying dividends.” At an illustrative Bitcoin Price of $82,500, Strive’s net proceeds could purchase approximately 7,372 BTC, potentially boosting its reported holdings from 36,818 BTC to roughly 44,190 BTC.
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