Strive Makes Up to $1 Billion in Additional SATS Preferred Shares Available
Key Facts
Strive has made up to $1 billion of its perpetual Series A preferred shares, known as SATS, available for sale through an at-the-market program, adding a financing tool to the 7 million shares of the same series already outstanding. The program cap sets a maximum amount that can be offered, but does not mean the company will raise the full amount; it can offer shares from time to time. The at-the-market method allows the offering to be carried out gradually rather than selling the full amount at once. The move extends the initial SATS offering in October and is not evidence that the $1 billion in proceeds has been or will be raised. Strive sold 7 million shares in the offering at $90 per share, estimating gross proceeds of about $630 million before discounts, commissions and expenses.
SATS pays cumulative distributions at an annual rate of 15.00% on a $100 per-share liquidation preference. That rate does not make distribution payments automatic; payment is subject to a board declaration and the availability of legally available funds. The company set regular distribution dates to begin on each business day starting November 9, 2026. At the offering’s close, it said it intended to establish a reserve covering the first 18 months of SATS distribution payments, calculated at $22.50 per share. This shows that the security’s structure combines its stated distribution rate with payment conditions and the reserve the company said it intended to allocate.
Strive said net proceeds from the initial SATS offering could go toward buying Bitcoin and related products, or toward working capital, income-producing assets and capital expenditures. The company also listed repurchases of its common shares or SATA shares among the potential uses of proceeds. The list describes areas to which funds could be directed and does not limit the new program to a single purpose. The additional-sale mechanism therefore allows the company to expand its financing while leaving the timing and actual size of the offering tied to its sale decisions and market conditions. The $1 billion cap does not specify how much Strive will sell or when it will sell the shares.
SATS ranks behind the senior SATA preferred shares, the company’s debt and its subsidiaries’ obligations, but ahead of common shares in liquidation claims. At the offering’s close, Chief Executive Matt Cole explained that the company views the two securities as complementary tools, saying, "SATA is designed for price stability, while SATS is designed for income stability." He added that the SATS issuance is intended to provide a financing tool and capital that ranks below SATA. The priority ranking means SATS holders do not rank ahead of creditors or SATA holders on the specified claims, although they rank ahead of common shareholders in liquidation. This provides important context for understanding what the preferred shares offer and their financial ranking within the company.
After the offering closed, Strive said in a filing with the U.S. Securities and Exchange Commission that its board had approved SATS’s first cash distribution, totaling $0.8710 per share. It is scheduled to be paid on November 9, 2026, to shareholders of record on November 6. The payment date aligns with the start of the regular distribution dates the company announced for that day. The first distribution comes as the company expands the availability of additional shares of the same series, while entitlement to distributions remains subject to a board declaration and the availability of legally available funds. The latest filing listed in the company’s filing index at the time of review was dated October 21, 2026, followed by a filing dated October 20; the index did not show a filing dated October 26.
In trading in Strive’s common stock, ASST, the shares closed at $28.97 on October 23, 2026. Available closing data show a price of $25.54 on October 19, followed by $27.06 on October 20 and $30.75 on October 21, before a close at $29.03 on October 22. These closes place the October 23 session within the sequence of trading during the week preceding the announcement related to the SATS program. The available figures here do not include an intraday price range for October 23. The next dates specified in the company’s filing are the November 6 record date, followed by payment of the first distribution on November 9, 2026.