Strive to Raise $160 Million After Upsizing BTC-Linked Preferred Stock Offering
Strive is raising $160 million by upselling its preferred stock offering, which features a 12% dividend and potential bitcoin allocation.Summary
Asset management company Strive, which maintains a significant bitcoin treasury, is looking to raise $160 million after increasing its initial public offering of Variable Rate Series A perpetual preferred stock (SATA) to 2 million shares, priced at $80 each. The offering, which was increased by 750,000 shares, is scheduled to close on November 10, with net proceeds earmarked for general corporate purposes, including bitcoin and bitcoin-related investments. The SATA stock carries a 12% initial dividend rate on a $100 stated amount, payable monthly, and missed dividends compound up to 20% annually. Strive, which holds the 17th largest bitcoin stash among publicly traded corporations, aims to manage the dividend rate to keep the SATA stock price between $95 and $105.
(Source：CoinDesk)