Funding
Strive Raises $630M with New SATS Preferred Stock
Bitcoin treasury company Strive has raised $630 million by selling 7 million shares of its Series A Perpetual Preferred Stock (SATS), priced at $90 per share. The new preferred stock pays an annual dividend of 15%, backed by a $3 billion bitcoin treasury. Trading on the Nasdaq Global Market is expected to begin on October 20 under the ticker SATS. The company also established an initial dividend reserve of $157.5 million to cover 18 months of payments on the newly issued shares.