Strive Seeks to Raise Up to $1 Billion Through Preferred Stock Sale
Summary
- Strive, a Bitcoin treasury reserve company, said it is seeking to raise up to $1 billion through a preferred stock offering.
- Strive said in an SEC filing that it plans to issue its 15% dividend-paying Series A perpetual preferred stock, or SATS, at $100 a share through an ATM program.
- Strive said it signed distribution agreements with seven financial institutions, including Cantor Fitzgerald, Barclays and StoneX, and will pay commissions of up to 2% of the sale amount.
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Strive, a Bitcoin treasury reserve company, is seeking to raise up to $1 billion through a preferred stock offering.
Crypto news outlet Odaily reported on October 26 that Strive said in a filing with the U.S. Securities and Exchange Commission that it plans to issue up to $1 billion of perpetual preferred stock.
The offering consists of Series A perpetual preferred shares, known as SATS, carrying a 15% annual dividend rate. The shares are priced at $100 each. Strive will use an at-the-market, or ATM, structure that allows it to sell shares from time to time depending on market conditions.
To support the sale, Strive entered into distribution agreements with seven financial institutions, including Cantor Fitzgerald, Barclays and StoneX. The firms will handle the share sales and receive commissions of up to 2% of the proceeds.
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