Strive aims to raise 500 million dollars to expand bitcoin holdings

Bitcoin treasury company Strive announced on Tuesday evening that it plans to raise 500 million dollars through the sale of a new perpetual preferred stock class named SATS. CoinDesk, Traders Union, and NewsBytes all reported that the firm intends to sell five million shares at 100 dollars per share. The proceeds will be used to purchase additional bitcoin, acquire income-producing assets, or buy back existing stock. [1][2][3][4]

According to CoinDesk, the SATS shares will offer a fixed 15 percent dividend yield at par value. The new share class will sit junior to Strive's existing perpetual preferred stock class, SATA, which currently pays a variable rate of 13 percent. Upon the closing of the offering, Strive intends to set up a dividend reserve covering the first 18 months of distributions. [1]

Strive Asset Management is an American investment management firm founded in 2022 and headquartered in Dallas, Texas. The company operates as a subsidiary of Strive Enterprises, Inc. and is registered as an investment adviser with the U.S. Securities and Exchange Commission. As FTMQ Crypto reported earlier, Strive acquired 2,000 bitcoin for roughly 169 million dollars between September 28 and October 2, bringing its total treasury holdings to 29,462 bitcoin. [5][7]