Strive SATS Preferred
SATSStrive · United States
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SATS is Strive's 15.00% Series A Perpetual SATS Preferred Stock (Nasdaq: ASST), admitted to trading on the Nasdaq Global Market on October 20, 2026. The offering priced on October 15: 7,000,000 shares at $90, approximately $630 million in gross proceeds before underwriting discounts and expenses, in a deal upsized by 2,000,000 shares over the amount first announced. The dividend is a fixed 15% on the $100 stated amount, $15 per share per year, and it is cumulative: if the board does not declare a payment, that payment accumulates as owed rather than being lost. That is the most important risk difference against SATA, which is non-cumulative. Because it was sold at $90 against a $100 stated amount, the effective yield at issue was 16.67%. Regular dividend dates fall on each business day beginning November 9, 2026, and 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 existing cash and securities, enough to cover the first 18 months. The liquidation preference starts at $100 and adjusts each business day under a formula based on recent sale prices and a ten-day average. The issuer may redeem all but not less than all of the series, and only if the shares outstanding fall below 25% of the total issued in this and future offerings, or upon certain tax events. Following a fundamental change, holders may require Strive to repurchase their shares at the $100 stated amount plus accumulated unpaid dividends. Strive describes the issue as junior capital beneath SATA, which places SATS above the common stock and below SATA. Proceeds go to general corporate purposes, with bitcoin and bitcoin-related product acquisitions named explicitly, along with working capital, income-generating assets, capital expenditures and share repurchases, and may be used to repurchase SATA or Class A common stock.
How do you buy SATS?
Where they trade, which brokers list them —and why some do not— and how the dividend is withheld.
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Yield Calculator
Base price: $100 · par value (estimated)Indicative calculation. Dividends depend on the issuer declaring them each period, are not guaranteed and exclude tax withholdings and broker fees. The share count rounds down and assumes a market purchase at the price shown.
Dividend History
Payment history not available yet.
Instrument Terms
Capital Structure
Senior to Strive's common stock. Junior to SATA, per the company's own description of the issue as junior capital beneath that series. Perpetual, with no mandatory maturity. The liquidation preference starts at $100 per share and adjusts each business day. The issuer call has no date: it opens only if shares outstanding fall below 25% of the total issued, or upon certain tax events.
Bitcoin Exposure
Funding for Strive's Bitcoin accumulation. The proceeds go to general corporate purposes with bitcoin and bitcoin-related product acquisitions named explicitly, so collecting the 15% depends on the solvency of a company whose main asset is its BTC balance sheet.
Specific Risks
5 factors identifiedIssuer credit risk
Strive's preferreds are not collateralized by the company's Bitcoin reserves. They are an unsecured obligation: in a bankruptcy scenario, senior bondholders are paid first and preferred holders only recover from residual assets afterwards. The backing is credit-based, not a BTC collateral pledge. A severe and prolonged drop in the Bitcoin price could compromise the issuer's ability to service the dividends.
Cumulative, but not guaranteed
If the issuer skips a dividend, the amount accrues and must be paid before any distribution to common shareholders. The protection is real but has a limit: accrued dividends are only collected if the company survives. While unpaid, they earn no interest and are not adjusted for inflation.
Call risk (early redemption)
At any time from the call date, the issuer may redeem the issuance at par value ($100 per share). If market rates are lower than the current yield by then, it will likely do so: the investor gets the principal back and must reinvest it at worse yields. This scenario is especially relevant for instruments trading at a premium to par.
Interest rate sensitivity
Like any perpetual fixed income instrument, the secondary price moves inversely to rates. A significant rise in interest rates can cause sharp price declines even if the issuer keeps paying dividends on time. The effect grows with effective duration, and perpetuals are the most sensitive.
Stacked dividend obligations of the issuer
Strive has issued 2 distinct fixed income instruments (SATS, SATA) coexisting in the same capital structure. Each new issuance adds dividend obligations on the same underlying Bitcoin balance sheet. In a prolonged BTC bear market, the issuer's cash flow to service all dividends simultaneously could compress and force prioritization decisions across issuances.
This risk analysis is for information purposes only and does not constitute financial advice. The official prospectuses (SEC) contain the full risk factor disclosure and should be reviewed before investing.
Frequently asked questions
What is SATS?
SATS is Strive's 15.00% Series A Perpetual SATS Preferred Stock, the company's second preferred after SATA. It began trading on the Nasdaq Global Market on October 20, 2026, after selling 7,000,000 shares at $90 for roughly $630 million in gross proceeds. It pays a fixed 15% on a $100 stated amount and it is perpetual, meaning it does not mature. It carries no claim on the appreciation of Strive's common stock: it carries a claim on a payment.
How is SATS different from SATA?
In three ways. SATS pays a fixed 15% while SATA pays a variable rate that the company resets, currently 13%. SATS is cumulative and SATA is not, which is the most important risk difference: on SATS an undeclared dividend stays owed, on SATA it is lost. And in the capital structure Strive describes SATS as junior capital beneath SATA, so SATA gets paid first. Both pay on dividend dates falling on each business day.
Why is the effective yield 16.67% and not 15%?
Because the 15% is calculated on the $100 stated amount, which is $15 per share per year, but the offering priced at $90. Anyone who bought at issue pays 90 to collect 15, and that is 16.67%. For anyone buying later in the market, the yield depends on the price they pay rather than on the offering price.
What is the $22.50 dividend reserve?
Strive said that at closing it would fund a reserve of $22.50 per share, using cash and securities it already held, to cover the first 18 months of SATS dividends. It is a company-declared cushion rather than a guarantee: the dividend still depends on the board declaring it and on legally available funds.
Can Strive redeem SATS early?
Only in defined cases, and always the entire series rather than part of it. The first is that the shares outstanding fall below 25% of the total issued in this and future offerings. The second is certain tax events. There is no call date of the kind other preferreds carry. In the other direction, following a fundamental change, holders may require a repurchase at the $100 stated amount plus accumulated unpaid dividends.
Where can I buy SATS?
SATS trades on the Nasdaq Global Market, so you need a broker with access to the US market that also carries the ticker. US preferred stock is considerably less available on European retail brokers than common stock, and as a newly listed issue it may take time to appear. It is worth checking before opening an account.
Disclaimer: SatsIntel is for informational purposes only. It is not an authorized crypto-asset service provider (CASP) and does not provide financial, tax or legal advice. Crypto-assets are high-risk assets and may result in the total loss of the invested capital. See the legal terms.