Strive Closes Offering With Estimated $630 Million in Proceeds to Fund Bitcoin Purchases
Key Facts
Strive announced on October 20, 2026, that it had closed its upsized initial public offering of SATS shares, with estimated gross proceeds of about $630 million. The company said in its pricing announcement that purchases of bitcoin and bitcoin-related products were among the intended uses of the net proceeds. The offering closed after its holdings reached 36,818 bitcoin as of October 16, according to its filing with the U.S. Securities and Exchange Commission. The proceeds estimate represents the gross amount before deducting underwriting commissions payable by the company in the transaction. It also precedes the deduction of other offering expenses, according to the terms in the pricing announcement.
Strive held 32,773 bitcoin on October 9, before adding 4,045 bitcoin during the period ended October 16. In a separate filing, the company said it bought 2,822 bitcoin from October 12 to 13, 2026. The average cost of those purchases was about $83,266 per bitcoin, including fees and expenses associated with their execution, according to the filing. Those purchases followed acquisitions of 3,311 bitcoin from October 5 to 9, at an average of about $84,500 per bitcoin. The average cost of the later batch was therefore below the average the company reported for the previous week's purchases.
On the financing size, the initial SATS offering announcement targeted the sale of 5,000,000 shares, according to the company's statement on the proposed transaction. At pricing, Strive then announced an increase of 2,000,000 shares from the previously announced offering size. The share terms provide for dividends to accumulate at a fixed annual rate of 15.00%, according to the initial offering announcement. That rate is calculated on a stated amount of $100 per SATS share. In its pricing announcement, the company linked the use of net proceeds to purchases of bitcoin and bitcoin-related products among the intended purposes of the financing.
Against the backdrop of the expansion, Strive posted a net loss of $257.6 million under U.S. generally accepted accounting principles. The loss covered the three months ended June 30, 2026, according to the company's financial results announcement for that period. In the statement announcing the closing of the SATS offering, Chief Risk Officer Jeff Walton said, "We have no debt." Strive also confirmed in its filing with the U.S. Securities and Exchange Commission that all previously outstanding traditional warrants had ceased to be outstanding. It said those warrants had either been exercised or expired, leaving no traditional warrants outstanding.
Strive's disclosures define the nature of investors' rights in its securities, which do not give them direct ownership of the bitcoin held by the company. The securities also do not give holders redemption rights relating to those holdings, according to the caution included in the financial results announcement. For SATS shares specifically, the terms state that they are not secured by a lien on Strive's bitcoin reserves. Holders' rights are limited to a preferential claim on the company's residual assets, according to its published description of the share terms. That claim is subject to the order of priority, which determines the position of SATS holders' rights when residual assets are distributed under the governing terms.
The scheduled SATS dividend timetable begins on November 9, 2026, according to Strive's announcement of the closing of the upsized initial public offering. Thereafter, the schedule covers every business day under the documents governing the shares and the dividends payable on them. Dividend payments depend on a declaration by Strive's board of directors or an authorized committee, according to the terms the company announced when proposing the offering. Payment also requires legally available funds, along with a declaration by the authorized body within the company. At the offering's closing, Strive had planned to increase its dividend reserve to cover the first 18 months of SATS payments.