Strive to sell another $130M of SATS stock to buy more bitcoin
Bitcoin treasury firm Strive wants another $130 million on top of a previously announced $500 million IPO to buy more BTC and grow its business. Last Tuesday, Strive announced plans to raise $500 million through a Series A IPO that would sell 5 million shares, priced at $100 each, of the perpetual preferred stock SATS. Strive has since announced that it’s selling 7,000,000 shares at $90 per share, an increase of $130 million. As well as buying more BTC, Strive claims the funds will be used to acquire BTC-related products, working capital, assets, and other businesses to help grow the company. The funds will also be used to purchase Strive’s Class A common stock. The stock’s 15% fixed-rate cumulative dividend will remain at 15% of $100 per share. Strive’s offering will settle on October 20, 2026. The BTC treasury firm then expects to increase its dividend reserve equal to the first 18 months of SATS dividend payments. Strive suffered $6M draw...