Strive Increases SATS IPO Size to $700 Million

Strive Inc. conducted one of the notable capital raises in the bitcoin treasury segment. The company set the offering price for 15.00% perpetual preferred shares Series A SATS on October 15, 2026, increasing the volume from the initial 5 million to 7 million shares at $90 each. Gross proceeds are approximately $630 million, and at a nominal value of $100, the conditional declared offering value is around $700 million. Settlements are expected on October 20, 2026, under normal closing conditions.

The securities carry a fixed cumulative dividend of 15% per annum on the declared amount of $100 with daily payout upon declaration; payments begin on November 9, 2026. At the offering price of $90, the effective yield is about 16.7%. Barclays and Cantor Fitzgerald acted as joint bookrunners. The funds are intended for general corporate purposes, with a priority on acquiring bitcoin and related products.

This is Strive's second preferred stock offering: the first, SATA, closed in November 2025. Since May 2026, the company has operated without traditional debt.

Strive's position in bitcoin is rapidly growing: as of mid-October 2026, it holds about 35,595 BTC, whereas at the end of 2025, it was approximately 7,500–7,600 BTC. The absence of debt means that all coins are unencumbered. Encumbered assets could be subject to margin calls or forced liquidation in the event of a sharp price drop. Strive has formed reserves for dividends with coverage for up to 18 months of payments.

Chairman and CEO Matt Cole describes the strategy as a disciplined, long-term approach to accumulating bitcoin. While Strategy (formerly MicroStrategy) partially increased its position through convertible notes and other debt instruments, Strive funds its program with preferred capital.

The increase in the deal from 5 million to 7 million shares—a 40% growth—indicates that the order book was significantly oversubscribed. For income-oriented investors, an effective yield of 16.7% on preferred shares with exposure to bitcoin is an unusual combination. Preferred shareholders receive dividend priority over common shareholders, but the sustainability of payments depends on the company's financial health and indirectly on bitcoin's dynamics.

Strive is traded on Nasdaq under the ticker ASST. With approximately 35,595 BTC on its balance sheet and a fresh capital raise of $630 million, the company has become one of the notable public bitcoin accumulators.