Strive Expands SATS Preferred Offering to $630 Million

Strive has expanded its SATS perpetual preferred stock offering to 7 million shares from 5 million, setting the transaction at $630 million and increasing the financing available for planned Bitcoin purchases.

The shares are priced at $90 each and carry a 15% annual dividend rate. Strive expects the sale to close around Oct. 20, with timing dependent on completion of the offering.

The company plans to use the proceeds to buy Bitcoin (BTC). The preferred stock sale would not dilute common shareholders through the issuance of additional common shares.

Strive’s earlier plan called for 5 million shares and about $500 million in gross proceeds. The revised terms add 2 million shares to that target and raise expected gross proceeds to $630 million.

If all proceeds are used to buy Bitcoin, Strive could become the world’s second-largest publicly listed Bitcoin treasury company, behind Strategy. That potential ranking depends on the full amount being raised and directed to BTC.