Strive isn't slowing down. The Nasdaq-listed Bitcoin treasury company, which trades as ASST, announced late Tuesday that it plans to bring a brand-new class of perpetual preferred stock to market, called SATS, in a deal designed to raise roughly $500 million.
The structure is simple enough on paper. Strive wants to sell 5 million SATS shares at $100 each, and the stock will carry a fixed 15% dividend at par. Like the company's existing preferred, it will pay out daily. The money raised is earmarked for three things: buying more Bitcoin, picking up income-producing assets, or repurchasing Strive's own shares.
SATS will rank below Strive's first preferred issue, SATA, which pays a floating rate that currently sits around 13%. In other words, investors in the new paper are being offered a higher, locked-in yield in exchange for standing further back in the line if things go wrong. To sweeten that trade-off, Strive says it will set aside a cash reserve at closing large enough to cover the first 18 months of SATS dividends.
The timing lines up with a very busy stretch for the firm. According to a filing made Monday, Strive bought 3,311 BTC between October 5 and October 9 for about $280 million, paying an average of roughly $84,500 per coin including fees. That was its largest single purchase since January and pushed total holdings to 32,773 BTC, up from 29,462 a week earlier. At current prices the stash is worth around $2.7 billion, and Cointelegraph notes it now makes Strive the fifth-largest corporate Bitcoin holder among public companies. Just three months ago, the company held fewer than 20,000 coins.
That pace stands out. Most Bitcoin treasury firms, including much larger rival Strategy, have struggled to grow holdings meaningfully in recent weeks, while Strive has been adding in big chunks. Before last week's buy, it had already added about $169 million in Bitcoin earlier this month and around $94.5 million in late September. The company has also been fueling the run through equity financing, including roughly $208 million raised from warrant exercises, and it recently completed its merger with Semler Scientific to bulk up the balance sheet. Beyond its Bitcoin, Strive reportedly holds about $310 million in cash and around 505,000 shares of Strategy's STRC preferred.
The bigger picture is that Strive is leaning hard into the playbook Strategy made famous: raise capital in public markets, convert it into Bitcoin, and let the share price ride the coin. Its latest buying happened during a rough week for crypto, with Bitcoin slipping from recent highs near $87,000 to trade in the low-to-mid $80,000s ahead of Wednesday's U.S. inflation data.
The risks haven't gone away, though. A 15% fixed dividend is an expensive way to fund an asset that can swing sharply in either direction, and treasury companies have faced growing questions about how much of their stock valuations depend on never-ending accumulation. For now, the SATS offering signals that Strive believes demand for high-yield, Bitcoin-linked paper is still there, and that it intends to keep using it.