Strive Seeks $500M via 15% Preferred Stock to Fund Bitcoin Buys

Strive, the Nasdaq-listed bitcoin treasury company trading as ASST, announced on the evening of Tuesday, Oct. 13, 2026, an offering of 5 million shares of a new preferred stock, SATS. At the $100 stated amount per share, that comes to about $500 million. The shares carry a fixed 15% annual dividend, and part of the money is earmarked for bitcoin.

Details

According to the press release and the preliminary prospectus filed with the SEC, SATS is a perpetual preferred with cumulative dividends. They are payable every business day, starting Nov. 9, 2026. At closing, Strive will set aside a reserve covering the first 18 months of dividends, $22.50 per share, from existing cash and securities. The company has applied to list SATS on the Nasdaq Global Market and expects trading to begin within 30 days of issuance. After that, it plans an at-the-market program for the stock. Barclays and Cantor are joint bookrunners.

The use of proceeds is broad. It covers bitcoin and bitcoin-related products, income-generating assets, buybacks of Class A common stock or SATA preferred, and possible acquisitions. SATS ranks below SATA, Strive's existing variable-rate preferred, which pays 13% for November. It also ranks below any future debt; the company currently has none.

As of Oct. 9, the prospectus shows, Strive held 32,773 BTC acquired at an average of $89,353 including fees: $2.9 billion at cost and $2.7 billion at market value. It also had $310.3 million in cash and $50.3 million of Strategy's STRC preferred. We covered its latest purchase of 3,311 BTC for $280 million here.

What it means for the market

Strive is adding a second preferred channel, at a higher cost: 15% versus 13% on SATA, the price of a more junior security. The model mirrors Strategy's STRC. Strive raises money from income-seeking investors and bets that bitcoin will outgrow that cost of capital over time. If all $500 million went into bitcoin, that would be roughly 6,000 BTC at about $83,500 (as of 8:30 PM ET on Oct. 13), close to a fifth of current holdings. See the live dashboard for the latest price.

The catch is that 15% and 13% dividends come due every day, and bitcoin itself produces no income. Strive's average cost sits above the market. In a prolonged downturn, it would have to rely on the reserve and fresh issuance to keep paying. Final size and pricing will be set once the book closes.