Strive Prices Upsized $630 Million Bitcoin Preferred Stock

According to BlockchainReporter, Strive priced its Bitcoin-treasury preferred offering on October 15, selling 7 million shares of its 15% Series A perpetual SATS preferred stock at $90 each. This represents an upsize of 2 million shares over the previously announced plan, yielding gross proceeds of about $630 million. Settlement is scheduled for October 20, subject to customary closing conditions.

Barclays and Cantor served as joint book-running managers, with Clear Street as lead manager. At $90 per share, the effective yield is about 16.7% based on a $15 annual dividend from a $100 stated amount. Strive is pre-funding the first 18 months of dividends, totaling about $157.5 million across all shares.

Proceeds are earmarked for bitcoin and bitcoin-related products, working capital, income-generating assets, share repurchases, and potential acquisitions. Strive's SEC-registered advisory arm manages more than $2.8 billion in assets. The release did not specify the exact allocation between bitcoin purchases and other uses. Dividends remain payable only when declared by the board, starting on November 9.