Strive has entered into at-the-market (ATM) offering agreements with seven institutions, including Cantor Fitzgerald and Barclays, to sell up to $1 billion in aggregate of its 15.00% Series A perpetual SATS preferred stock. According to U.S. SEC filings, proceeds will fund general corporate purposes including Bitcoin purchases, working capital supplementation, and share repurchases.
The SATS preferred stock carries a 15% annual dividend rate and $100 per share liquidation preference. The security completed its IPO on October 20, currently has 7 million shares outstanding, and closed at $94.88 on October 23.
As of October 23, Strive held approximately 43,000 bitcoins acquired at a total cost of $3.8 billion, representing an average purchase price of $87,785 per coin. The company's Bitcoin holdings had a fair value of $3.5 billion at that date.
Strive Plans Up to $1 Billion ATM Offering of SATS Preferred Stock to Fund Bitcoin Purchases
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