Strive, the Bitcoin treasury companyCorporate TreasuryA company that adopts Bitcoin as a primary or significant balance-sheet asset.View term → listed on Nasdaq as ASST, has started trading its second preferred stock. SATS was admitted to trading on the Nasdaq Global Market on October 20, 2026, paying a fixed 15% on a $100 stated amount.
The offering priced on October 15 and closed on the 20th: 7,000,000 shares at $90, approximately $630 million in gross proceeds before underwriting discounts and expenses. The deal was upsized by 2,000,000 shares over what the company first announced.
The 15% is not what buyers in the offering collect
The dividend is calculated on the $100 stated amount, so it works out to $15 per share per year. The offering priced at $90. Anyone who bought at issue pays 90 to collect 15, which is an effective 16.67%. For anyone buying in the market from here, the yield comes out of the price they pay rather than the offering price.
Regular dividend dates fall on each business day beginning November 9, 2026, the same format Strive already uses on SATA since June. The first payment includes everything accrued since closing.
Strive also said it would fund a dividend reserve of $22.50 per share at closing, using cash and securities it already held, enough to cover the first 18 months of payments. That is a company-declared cushion rather than a guarantee: the dividend still depends on the board declaring it and on legally available funds.
The difference that matters against SATA
Strive already had a preferred outstanding, SATA, and the two should not be confused because the risk is not the same.
SATS is cumulative and SATA is not. If the board does not declare a SATS dividend, that dividend accumulates as owed. On SATA, an undeclared dividend is lost. For a fixed-income investor that is the most relevant difference between the two, ahead of the coupon.
SATS is fixed rate and SATA is variable. The 15% on SATS is contractual. SATA's rate is reset by the company: it came out at 12.25% in November 2025, moved to 12.50%, and has stood at 13% since the period beginning April 15, 2026.
And SATS gets paid after SATA. Strive describes the issue as junior capital beneath SATA, and says that is precisely why it strengthens the earlier series' credit profile. In the priority order, SATS sits above the common stock and below SATA.
Redemption terms
The issuer may redeem all but not less than all of the series, and only in two defined cases: if the shares outstanding fall below 25% of the total issued in this and future offerings, or upon certain tax events. There is no call date of the kind other preferreds carry.
In the other direction, following a fundamental change under the certificate governing the series, holders may require Strive to repurchase their shares at the $100 stated amount plus accumulated unpaid dividends.
The liquidation preference starts at $100 per share and adjusts each business day under a formula based on recent sale prices and a ten-day average, a mechanism related to the one used by Strategy's STRC.
What the money is for
Strive is directing the net proceeds to general corporate purposes, naming bitcoin and bitcoin-related product acquisitions explicitly, along with working capital, income-generating assets, capital expenditures and share repurchases. The proceeds may also be used to repurchase SATA or Class A common stock, and to fund acquisitions of complementary businesses, assets or technologies.
Barclays and Cantor Fitzgerald acted as joint book-running managers, Clear Street as lead manager, and B. Riley Securities, H.C. Wainwright, Maxim Group and StoneX as co-managers.
With SATS, the SatsIntel preferreds census goes to eight instruments, and Strive becomes the second treasury company with more than one preferred outstanding after Strategy. The full profile, with every term broken out, is at SATS, and the company profile at Strive.
Figures taken from the company's own releases of October 15 and October 20, 2026. SatsIntel is an information service: nothing above is financial advice or an investment recommendation.
