WASHINGTON (dpa-AFX) - Strive, Inc. (ASST), a bitcoin-focused treasury and asset management company, said it plans an initial public offering of 5 million shares of its 15% Series A Perpetual SATS Preferred Stock.
Strive intends to use the net proceeds for general corporate purposes, including acquiring bitcoin and bitcoin-related products, purchasing income-generating assets, funding capital expenditures and working capital, repurchasing shares of its Class A common stock or SATA preferred stock, and financing acquisitions of complementary businesses, assets or technologies.
The SATS preferred stock will accrue cumulative dividends at an annual rate of 15% on a stated amount of $100 per share. Regular dividends on the SATS Stock will be payable in arrears on each business day, when and if declared, beginning November 9, 2026.
At the closing of the offering, Strive intends to establish a dividend reserve equivalent to $22.50 per SATS share, representing the first 18 months of dividend payments, using a combination of existing cash and securities.
The initial liquidation preference will be $100 per share and will subsequently be adjusted each business day based on the stated amount and specified recent trading prices of the SATS stock.
Barclays and Cantor are acting as joint book-running managers, while Clear Street is serving as lead manager for the offering.
On the Nasdaq, Strive shares closed down 0.43% at $27.59 on Tuesday.
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