Try to raise $500 million to buy additional bitcoin through a new preferred stock class

SATS offers a fixed 15% dividend yield on a parity basis, lower than the company's existing SATA, which pays a variable rate (currently 13%).

Strive (ASST) is offering new perpetual preferred stock, SATS, with a fixed dividend of 15%.

The new share class will be lower than the company's current perpetual preferred stock, SATA.

At the end of the IPO, Strive will set aside enough cash to fund 18 months of dividends on SATS.

Bitcoin Treasury Company Strive ASST $27.60 · Market Closed Tuesday evening announced a new perpetual preferred stock, SATS, with a fixed dividend of 15%.

The company plans to sell 5 million shares at $100 per share to raise $500 million, with the proceeds used to buy additional $83,498.63 BTC, acquire income-producing assets or buy back shares.

The new share class will be lower than Strive's current permanent preference, SATA, which has a variable rate (currently 13 percent).

Like SATA, SATS pays dividends on a daily basis.

Upon completion of the offering, the Company intends to establish a dividend reserve equal to the first 18 months of dividend payments in SATS.

Unlike many bitcoin treasury firms, including the much larger Strategy, Strive has been able to significantly increase its bitcoin holdings in recent weeks.

The company acquired 3,311 bitcoins last week, bringing its total holdings to 32,773 coins, currently worth around $2.7 billion. Three months ago, assets were below 20,000 coins.