Strive lists 15% SATS preferred, raising $630M to chase No. 2 bitcoin spot

Strive, Inc. raised about $630 million by selling 7 million shares of its 15.00% Series A Perpetual SATS Preferred Stock at $90 each, upsizing a sale first planned at 5 million shares; total face value was $700 million. After a $3-per-share bank fee and other costs, the Nasdaq-listed company expects to keep about $609 million. SATS is cumulative perpetual preferred stock, so missed dividends accumulate and it has no maturity date. Strive plans to use proceeds partly to buy bitcoin; as of October 16 it held 36,818 bitcoin, fourth among corporate holders, and Chairman and CEO Matt Cole aims to reach No. 2 by the end of 2026.