Strive Unveils $500 Million Plan to Issue Series A Perpetual Preferred Stock
Strive’s $500 million ATM program for Series A preferred shares aims to boost Bitcoin holdings and fund acquisitions, reflecting its strategy of expanding digital asset investments.
Strive, a publicly traded Bitcoin treasury and asset-management company, announced a $500 million at-the-market offering of its Variable Rate Series A Perpetual Preferred Stock (SATA) to finance further Bitcoin purchases and other corporate initiatives. According to the official statement, proceeds may be used for acquiring Bitcoin, buying income-generating assets, supporting working capital, repurchasing common shares, or pursuing acquisitions. SATA offers a 12% dividend yield and currently trades around $91, below its $100 par value. Modeled after MicroStrategy’s perpetual preferred equity, this issuance comes as Strive holds about 7,525 BTC and is acquiring Semler Scientific, ranking as the 14th-largest publicly traded Bitcoin company.
- Perpetual Preferred Stock: A type of preferred stock with no maturity date, offering fixed or variable dividends indefinitely.
- At-the-Market Offering (ATM): A method of issuing and selling securities directly into the public market at prevailing prices.
- Bitcoin: A decentralized digital currency operating without a central bank, using blockchain technology for secure transactions.