Strive Starts $500M Preferred Stock "At-The-Money" Program for Bitcoin Purchases

AI Summary3 min read

TL;DR

Strive announced a $500 million at-the-market offering for its preferred stock (SATA) to fund bitcoin purchases and other corporate activities. SATA offers a 12% dividend and trades below its $100 par value.

Key Takeaways

•Strive launched a $500M at-the-market offering for its Series A Preferred Stock (SATA) to raise capital.
•Proceeds will primarily fund bitcoin purchases but may also be used for acquisitions, working capital, or share repurchases.
•SATA pays a 12% dividend with an effective yield near 13% and currently trades around $91 (below its $100 par value).
•Strive holds approximately 7,525 bitcoin and is acquiring Semler Scientific, ranking as the 14th-largest public bitcoin company.
•The at-the-market offering allows Strive to sell new stock near current market prices to raise funds quickly.

What to know:

Strive announced a $500 million at-the-market offering to fund further bitcoin purchases.
SATA, the company's preferred stock, offers a 12% dividend and trades below its $100 par value.
Proceeds from the offering may also be used for buying income-generating assets or company acquisitions.

Strive announced a $500 million at-the-market offering to fund further bitcoin purchases.
SATA, the company's preferred stock, offers a 12% dividend and trades below its $100 par value.
Proceeds from the offering may also be used for buying income-generating assets or company acquisitions.

Strive (ASST), a publicly traded bitcoin BTC$92,031.82 treasury and asset-management company, said it arranged a $500 million at-the-market offering (ATM) for its Variable Rate Series A Perpetual Preferred Stock (SATA) to help fund further purchases of the largest cryptocurrency.

SATA pays a 12% dividend with an effective yield near 13%, and the security is intentionally modeled after Strategy’s (MSTR) STRC money market style perpetual preferred equity. SATA currently trades around $91, below its $100 par value. An at-the-market offering allows a company to raise funds quickly by selling new stock near the current market price.

Proceeds may be used to acquire bitcoin, purchase income-generating assets, support working capital, repurchase common shares or pursue acquisitions, the company said Tuesday. Strive, which holds about 7,525 bitcoin and is in the process of buying Semler Scientific (SMLR), ranks as the 14th-largest publicly traded bitcoin company.

Strive’s common stock, ASST, trades near $1 and is down about 2% in pre market activity.

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