Strive Launches Up to $1 Billion Preferred Stock Offering as Strategy Resumes STRC Buybacks
Key Facts
Strive announced on October 26, 2026, an agreement to offer its SATS preferred shares through an at-the-market sales program with a total value of up to $1 billion, giving the company a way to fund multiple purposes, including bitcoin purchases. The company said net proceeds could also go toward working capital and other income-generating assets, or to repurchasing its common shares or SATA preferred shares. The program does not require Strive to sell shares or to use the proceeds solely for bitcoin. SATS carries an annual dividend rate of 15.00%, putting the high cost of this financing at the heart of decisions on how to use the proceeds. Matt Cole said the expanded issuance “represents an important milestone in our strategy to maximize long-term total returns for common stockholders.”
An earlier filing had indicated plans to begin an at-the-market SATS offering after the shares were listed, without specifying its terms at the time; the current agreement sets a total cap of up to $1 billion. This gives Strive an additional funding channel for its bitcoin policies while keeping the use of funds flexible across several purposes. In an earlier update, the company said it bought 2,000 bitcoin between September 28 and October 2 at an average of about $84,422 per coin. It also reported in its second-quarter results that it bought 6,236 bitcoin and posted a reported bitcoin yield of 23.9% for the period ended June 30.
The company used its dollar cash balance to fund the buybacks, and had $242.4 million in separate cash and a $4.83 billion dollar reserve as of October 25. The filing does not indicate that the buyback involves MSTR common shares; it concerns STRC preferred shares. It also did not set a date for resuming bitcoin purchases. The week therefore differed from the October 19 announcement, when Strategy said it had bought 267 bitcoin and repurchased $193 million of STRC, raising its digital credit securities repurchase program to $3 billion.
Strategy held 848,517 bitcoin as of October 25, at a total purchase cost of about $64.02 billion and an average cost of $75,446 per coin. Company records show that its purchases disclosed in the October 19 update totaled 267 bitcoin, following 250 bitcoin in the October 12 update and 334 in the October 5 update; these figures relate to earlier updates and do not specify what happened after October 19. Strive, meanwhile, said in its second-quarter results that it had no short- or long-term debt as of August 7. In premarket trading on October 26, Strive shares fell 2.5%, according to Investing.com’s tracking following the announcement of the SATS program. This was an initial move during trading, not the stock’s closing performance.