Strive, Inc. (Nasdaq: ASST), the Bitcoin treasury company co-founded by Vivek Ramaswamy, priced an upsized initial public offering (IPO) of its 15.00% Series A Perpetual SATS Preferred Stock at $90 per share on October 15, 2026. The offering was increased by 2 million shares to 7 million total, generating estimated gross proceeds of approximately $630 million before underwriting discounts and expenses.
Offering Details
The SATS Stock is a perpetual preferred security with a stated amount of $100 per share. It will accumulate cumulative dividends at a fixed rate of 15% per annum on that stated amount.
Regular dividends are payable on each business day beginning November 9, 2026, if declared by the board. At closing, Strive plans to increase its existing dividend reserve by an amount equal to the first 18 months of dividend payments ($22.50 per share), funded with a combination of existing cash and securities.
Settlement is scheduled for October 20, 2026, subject to customary closing conditions. Joint book-running managers are Barclays and Cantor, with Clear Street as lead manager and B. Riley Securities, H.C. Wainwright & Co., Maxim Group LLC, and StoneX as co-managers.
Use of Proceeds
Net proceeds are intended for general corporate purposes, including the acquisition of Bitcoin and Bitcoin-related products, working capital, the purchase of income-generating assets, other capital expenditures, and/or repurchases of Class A common stock or the company’s existing Variable Rate Series A Perpetual Preferred Stock (SATA). Proceeds may also fund acquisitions of complementary businesses, assets, or technologies.
This structure continues Strive’s established approach of using preferred equity to expand its Bitcoin treasury while aiming to increase Bitcoin per share. The company has described Bitcoin as its hurdle rate for capital deployment.
Context of Recent Bitcoin Accumulation
The pricing follows a series of Bitcoin purchases that have rapidly grown Strive’s holdings. The Crypto Times previously reported that Strive acquired 3,311 BTC, lifting holdings to 32,773 BTC, and later added 2,822 BTC for approximately $235 million, taking the total to 35,595 BTC as of mid-October. These additions have positioned Strive among the largest public corporate Bitcoin holders.
Chairman and CEO Matt Cole noted the upsized offering on X, describing the notional size as $700 million at the $100 stated amount, and saying details would be discussed on the company’s podcast once the deal settles.
SATS is junior to Strive’s existing SATA preferred stock. The company has stated it remains debt-free with none of its Bitcoin pledged. The new offering adds another layer of preferred capital beneath SATA while providing a fixed-rate instrument for investors seeking a higher yield.
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