Strive raised $630 million through preferred stock IPO

American investment company Strive announced the completion of its initial public offering of 7 million perpetual preferred shares of Series A SATS. The total amount of funds raised was $630 million. Trading of the shares under the ticker SATS began on the Nasdaq Global Market on October 20. The company plans to use the instrument to implement its bitcoin strategy and attract capital under dividend payment terms.

SATS shares provide for cumulative dividends at an annual rate of 15 percent of the declared value of $100 per share. The actual offering price was $90. Payments will be made at the discretion of the board of directors or an authorized committee if there are legal grounds and available funds. The first regular payment dates are scheduled for every business day starting November 9, 2026. If dividends are declared in full, the first payment will include all accrued but unpaid amounts from the closing date of the offering.

Strive Chairman and CEO Matt Cole called the IPO an important milestone in the strategy to increase long-term total returns for common stockholders. According to him, maintaining a high leverage ratio remains a key factor in the company's ability to outperform bitcoin in terms of returns over time. SATS provides an additional tool to achieve this goal while simultaneously strengthening SATA's credit profile by adding lower-tier capital. Cole noted that the company is developing two complementary tools: SATA is focused on price stability, SATS on income stability.

Strive's Chief Risk Officer Jeff Walton emphasized the importance of credit risk transparency. Owners of SATS and SATA can track the company's bitcoin balance in real-time, which ensures dividend payments, rather than receiving data four times a year. Walton also noted that Strive has no debt obligations with specific maturities and focuses on one primary obligation, namely dividend payments. Investment Director Ben Werkman called SATS a new stage in the development of the company's products, which should meet the diverse needs of investors. According to him, the perpetual instrument with a fixed rate expands Strive's range of liquid securities.

The company is consistently developing its bitcoin accumulation strategy. In May 2025, Strive raised $750 million through a private placement of shares to launch its bitcoin strategy, and in December of the same year, announced plans to issue securities worth up to $500 million, including for further acquisition of the first cryptocurrency. In August 2026, the company purchased 1,110 BTC for approximately $81.5 million at an average price of $73,409 per coin, and its reserves grew to 21,356 BTC. In October, Strive announced its intention to place 5 million preferred shares of SATS and create a reserve for dividend payments for the first 18 months. Following the IPO, the company increased the planned volume to 7 million shares. In the same month, Strive acquired 3,311 BTC for approximately $280 million, making the largest weekly bitcoin purchase since January 2026.