Strive Proposes High-Yield Preferred Stock to Expand Bitcoin Holdings

Strive (ASST), a Nasdaq-listed asset manager with a Bitcoin treasury strategy, announced plans to offer 1.25 million shares of its new Series A Variable Rate Perpetual Preferred Stock, dubbed SATA. This preferred stock is designed to pay an initial 12% annual dividend, paid monthly in cash, aiming to raise funds to acquire more BTC and expand operations. The move follows a significant sell-off in its common stock, which has left Strive trading below the net asset value of its Bitcoin holdings, making issuing preferred stock less dilutive. Strive currently holds nearly 6,000 BTC, which will increase following its merger with Semler Scientific (SMLR). The company plans to manage SATA's trading range between $95 and $105 per share by adjusting dividend rates, which compound up to 20% annually if unpaid. Barclays and Cantor Fitzgerald are serving as joint book-runners for the offering.

(Source：CoinDesk)