Strive, a Bitcoin treasury company, closed an upsized initial public offering of SATS preferred stock on October 20, 2026, raising $630 million in gross proceeds. The company sold 7 million shares at $90 per share, generating an estimated $608.15 million in net proceeds after underwriting discounts and expenses.
The SATS shares carry a 15% annual dividend on their $100 stated amount, translating to $15 per share annually, or a 16.67% annualized yield on the $90 purchase price. Strive’s board will declare dividends, which are cumulative. The first dividend payment, if declared in full, will include accruals dating from the October 20 closing. Dividend payments are scheduled to begin on November 9, 2026, and will be paid each business day thereafter.
In its SEC filing, Strive stated that proceeds would be used for general corporate purposes, including Bitcoin purchases, working capital, income-generating assets, capital expenditures, share repurchases, and acquisitions. The company has not specified how much of the net proceeds it intends to allocate to Bitcoin purchases. At an illustrative Bitcoin price of $82,500, the full net proceeds could purchase approximately 7,372 BTC.
Strive currently holds 36,818 BTC, according to BitcoinTreasuries.net data. If the company were to deploy all net proceeds into Bitcoin at the illustrative price, its holdings would reach approximately 44,190 BTC. For comparison, Metaplanet holds 44,000 BTC.
Jeff Walton, Strive’s chief risk officer, emphasized the company’s financial simplicity in a statement: “The company has no debt or maturities and is focused on a single obligation: paying dividends.” Matt Cole serves as chairman and CEO.
The SATS offering was upsized from its original terms, though Strive did not disclose the initial target size or the extent of the increase.
