Bitcoin treasury firm Strive closed its upsized IPO of 7 million SATS preferred shares at $90 each and listed the 15% stock on Nasdaq under the ticker SATS.
Key Facts
Strive closed its upsized initial public offering of 7 million shares of 15.00% Series A Perpetual SATS Preferred Stock at $90 per share on Tuesday, and said the shares are now listed on Nasdaq.
SATS pays cumulative dividends at 15% a year on a $100 stated amount, scheduled for every business day starting Nov. 9, if declared by Strive's board.
Strive estimated gross proceeds at about $630 million and said it may use the money to buy Bitcoin, among other purposes.
Strive's new SATS preferred stock is now listed on Nasdaq after the Bitcoin (BTC) treasury company closed an upsized initial public offering on Tuesday.
Strive sold 7 million shares of its 15.00% Series A Perpetual SATS Preferred Stock at $90 each, the company said in a press release. The offering was upsized by 2 million shares when it priced last week, with estimated gross proceeds of about $630 million, according to Strive.
"SATS is now listed on Nasdaq," Strive wrote on X on Tuesday.
"We believe maintaining a high Amplification Ratio is the most important driver of our ability to outperform Bitcoin over time," Strive CEO Matt Cole said. SATS strengthens the credit profile of Strive's existing SATA preferred stock "by adding junior capital beneath it," he added.
SATS Carries a 15% Dividend Payable Each Business Day
SATS accrues cumulative dividends at 15% a year on a $100 stated amount per share, payable each business day if declared by Strive's board, starting Nov. 9. The first payment will include dividends accrued since the Oct. 20 closing.
Strive said when it priced the initial public offering that it would add 18 months of SATS dividends, or $22.50 per share, to its existing dividend reserve.
"We don't have any debt, or maturities, and we're focused on a single obligation, the dividend," Chief Risk Officer Jeff Walton said.
Strive May Use SATS Proceeds to Buy More Bitcoin
Strive plans to use the net proceeds for general corporate purposes, including buying Bitcoin and Bitcoin-related products, purchasing income-generating assets and buying back its Class A common stock or SATA preferred, according to its pricing announcement.
The company bought 4,045 BTC and lifted its holdings to 36,818 BTC, CoinMarketCap reported on Monday. Fellow Bitcoin corporate treasury firm Strategy declared conditional daily STRC dividends for November last week.
BTC traded around $82,700 at the time of writing, up about 1% over 24 hours, according to CoinMarketCap data.
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