Strive priced an upsized sale of preferred stock that it expects will raise about $630 million, and it named more bitcoin as one use of the money. The company said on 15 October that it priced 7 million shares of 15.00% Series A Perpetual SATS preferred stock at $90 each, 2 million shares above the deal it had announced. Gross proceeds are about $630 million before underwriting discounts and expenses. Settlement is scheduled for 20 October, if customary conditions are met. Some headlines used $700 million, which is 7 million shares times the $100 stated amount. At the $90 sale price, the cash coming in is about $630 million. The dividend, if the board declares it, accrues at 15% a year on that $100 stated amount, not on the $90 buyers paid. Regular dividends start on 9 November.
Bitcoin, income assets, or buybacks
Strive's release says net proceeds are for general corporate purposes, including bitcoin and bitcoin-related products, working capital, income-producing assets, other capital spending, and buybacks of Class A common stock or its variable-rate SATA preferred. It may also fund acquisitions. At closing, Strive intends to add $22.50 per SATS share, equal to 18 months of dividends, to its dividend reserve. SATS ranks below SATA and above the common stock. Chief executive Matt Cole said there is no target trading range for SATS, unlike SATA, and that the firm had seen demand for income that does not move with a variable coupon. SATA itself was priced at $80 in November 2025 and raised about $160 million. As of 9 October, 14,030,176 SATA shares were outstanding.
2,822 bitcoin already bought this month
The preferred is not the only cash event. Holders exercised warrants covering 13,674,703 Class A shares on 12 and 13 October, for expected gross proceeds of $369.2 million. Over those two days Strive bought 2,822 BTC at about $83,266 each. As of 9 October, before those purchases, it held about 32,773 BTC and reported no consolidated debt. That is a larger buy than the 2,000 BTC figure in our 11 October note, which used an earlier disclosure. The new stock settles on Tuesday, the same day France's lower house is due to hold a solemn vote on the revenue half of its budget, covered in the wallet-rule update. Bitcoin, the asset this cash is meant to buy, held above $81,000 into the weekend.