Strive’s 7 Million Preferred Share Offering Generates $630 Million in Gross Proceeds

Key Facts

Strive estimated gross proceeds from its SATS preferred share offering at about $630 million, after pricing 7 million shares at $90 per share on October 15, 2026. The final size was 2 million shares above the previously announced plan, which targeted an offering of 5 million shares. The $630 million figure is an estimate of proceeds before underwriting commissions and offering expenses. The company said net proceeds would be used for general purposes, including bitcoin purchases, as well as other needs. The announced use of funds is therefore not limited to increasing its cryptocurrency holdings.

Strive’s initial announcement on October 13 listed the acquisition of bitcoin and related products among the uses of net proceeds, alongside working capital, income-producing assets and capital expenditures. The list also included repurchases of common shares or SATA shares and acquisitions. The range of uses means the company retains flexibility to direct the funding to more than one purpose, according to its announcement. On October 20, Strive said the offering had closed with the sale of all 7 million shares at the same set price. The company announced that SATS was expected to begin trading on Nasdaq that day or around then.

SATS carries cumulative distributions at an annual rate of 15%, calculated on the share’s par value, while the offering price was $90. Distributions are payable when declared and from funds legally available, according to the terms of the offering. In the claims hierarchy, SATS ranks behind SATA shares and debt, but ahead of Class A and Class B common shares for dividends and liquidation. Strive deposited a distribution reserve equal to the first 18 months, valued at $22.50 per SATS share. The reserve provides coverage for the initial distribution period, according to the company’s disclosure.

Chief Executive Matt Cole said SATS gives the company an additional tool to improve its common equity leverage ratio, while adding capital senior to SATA that strengthens its credit profile. Cole said the company views maintaining a high ratio on this measure as the most important driver of its ability to outperform bitcoin over time. These strategic aims come as the company expands its holdings of the currency. Between October 12 and 16, Strive bought 4,045 bitcoin at an average price of about $82,803 per coin, including fees. Its holdings rose from 32,773 bitcoin on October 9 to 36,818 on October 16.

Accumulation continued the following week, as the company bought 6,182 bitcoin between October 17 and 23 at an average of $82,732 per coin, including fees and expenses. Holdings reached 43,000 bitcoin on October 23, up from 36,818 on October 16. In its second-quarter results, Strive had reported buying 6,236 bitcoin during the quarter ended June 30, and 12,237 in the first half of 2026. It also said it bought an additional 303 bitcoin between July 1 and August 7. These figures place bitcoin purchases within a disclosed accumulation track that began before the SATS offering and continued afterward.

In a financing step separate from the closed offering, Strive announced on October 26 an at-the-market program for the gradual sale of SATS shares, with a maximum size of $1 billion. The company said net proceeds from the program could go toward general purposes, including purchases of bitcoin and related products, working capital, income-producing assets, capital expenditures or share repurchases. The program’s maximum size does not represent proceeds realized from the earlier offering, whose gross proceeds were estimated at about $630 million. In the company’s trading, ASST shares closed at $27.53 on October 28, compared with a close of $29.03 on October 22. This reflects the share’s movement over the period, while the sale program remains a separate additional funding channel.