Strive Looks to Raise $500 Million With New BTC Preferred
The proceeds are meant to support additional Bitcoin financing, along with purchases of income-generating assets and share buybacks. That would let Strive keep expanding its BTC position with a fixed 15% preferred.
Key Takeaways
- Strive announced SATS, a perpetual preferred stock with a fixed dividend yield of 15%.
- The company wants to sell 5 million shares at $100 and raise $500 million for Bitcoin, assets, or share buybacks.
- Strive bought 3,311 Bitcoin last week and now holds 32,773 BTC, worth about $2.7 billion.
A Bitcoin treasury company, Strive announced a new perpetual preferred stock on Tuesday evening, SATS, with a fixed dividend yield of 15%. The company wants to sell 5 million shares at $100 (€89) each and raise $500 million (€447 million). The proceeds are meant to be used to buy more Bitcoin, acquire income-generating assets, or buy back its own shares.
New Preferred Alongside SATA
SATS will sit alongside Strive’s existing perpetual preferred, SATA. That one has a variable payout that is currently at 13%. Like SATA, SATS pays dividends daily. When the offering closes, Strive also wants to set up a dividend reserve equal to the first 18 months of dividend payments on SATS.
The new setup fits into a broader trend where Bitcoin treasury companies are looking for ways to raise capital without directly issuing common shares. Strive has already shown before that it actively uses this model. In May, SATA became the first security listed in the US to pay a daily cash dividend, and in March Strive raised the payout on SATA to 12.75% while trading stayed around $99 (€88) to $101 (€90).
More Bitcoin on the Balance Sheet
The new issuance follows a period in which Strive has quickly expanded its Bitcoin position. Last week, the company bought 3,311 more Bitcoin, bringing total holdings to 32,773 BTC. At current prices, that is worth about $2.7 billion (€2.4 billion). Three months ago, those holdings were still below 20,000 BTC.
That growth stands out because many Bitcoin treasury companies are struggling to expand their balance sheets quickly. In that sense, Strive stands out, even compared with bigger peers like Strategy. For European crypto followers, what matters most is that these kinds of preferred structures show how listed companies are getting more creative in financing Bitcoin purchases. That fits into the broader debate over how crypto treasury stocks compare with the value of their underlying holdings.
Why This Matters
For investors in Europe, the move is interesting because it shows how mature the market for Bitcoin treasury financing is becoming. Strive is using a structure that looks like a mix of debt and preferred equity, with a fixed payout and a clear place in the capital structure. That could matter for people tracking how listed companies keep stacking Bitcoin on their balance sheets without constantly issuing new common shares.
