Strive, Inc. (Nasdaq: ASST) has priced its expanded SATS preferred stock offering at $90 per share, aiming to raise about $630 million for Bitcoin purchases and other business needs.
According to the announcement on October 15, the offering includes 7 million shares and is expected to close on October 20, subject to the usual closing conditions.
The company increased the offering by 2 million shares from its original plan, raising the expected gross proceeds to $630 million. However, the $630 million is the expected amount before fees and other offering costs are deducted. Strive will receive a smaller amount after these expenses are paid.
Bitcoin purchases among planned uses for funds
According to Strive’s official announcement, the company plans to use part of the money to buy Bitcoin and Bitcoin-related products. It has not said exactly how much it will spend on these purchases, leaving the full amount for its Bitcoin plans unclear.
The money could also support other parts of the business. Strive may also use the proceeds for working capital, income-generating assets, capital expenditures and repurchases of its Class A common stock or SATA preferred shares. It could also use the funds to buy businesses, assets or technologies that fit its current operations.
The fundraising comes as Strive continues to grow its Bitcoin holdings. Earlier this month, the company bought 3,311 Bitcoin, bringing its total to 32,773 BTC.
Strive then added another 2,822 BTC in a separate purchase worth about $235 million. The two purchases added 6,133 BTC to Strive treasury, bringing its reported holdings to 35,595 BTC as of October 13.
Strive ranks fourth among public Bitcoin holders
According to BitcoinTreasuries.net, as of October 17, 2026, Strive ranked fourth among publicly traded companies holding Bitcoin in the supplied figures. Strategy led the list with 848,250 BTC, followed by Metaplanet with 44,000 BTC and Twenty One Capital with 43,514 BTC. MARA Holdings held 35,577 BTC, leaving it just 18 BTC behind Strive.
The SATS offering also carries a cumulative dividend. The preferred shares carry a 15% annual cumulative dividend based on a stated value of $100 per share, even though investors pay $90 per share in the offering.
Because the dividend is cumulative, unpaid dividends may accrue and remain payable under the terms governing SATS. Strive plans to begin regular dividend dates on November 9, 2026, with payments scheduled for each business day. However, payments depend on the offering’s terms, available funds and approval by the company’s board.
Strive sets aside funds for dividend payments
At closing, Strive intends to increase its existing dividend reserve by an amount equivalent to $22.50 per SATS share. This reserve is designed to cover the first 18 months of dividends.
Investors should also understand that SATS does not rank ahead of all the company’s financial obligations. Strive’s existing SATA preferred stock and outstanding debt have priority over SATS in the capital structure.
Barclays and Cantor Fitzgerald are the joint book-running managers for the offering, while Clear Street is the lead manager. B. Riley Securities, H.C. Wainwright & Co., Maxim Group and StoneX are acting as co-managers.
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