Strive raising $500 million to buy additional bitcoin with new preferred share class

Bitcoin treasury company Strive ASST $27.60 · Market Closed on Tuesday evening announced a new perpetual preferred stock , SATS, with a 15% fixed dividend. The company is aiming to sell 5 million shares at $100 per share, for a capital raise of $500 million, with proceeds to be used to purchase additional bitcoin BTC $83,498.63 , acquire income-producing assets, or buy back stock. The new share class will sit junior to Strive’s current perpetual preferred, SATA, which has a variable rate (currently 13%).