On Tuesday, Strive said it will offer 5,000,000 shares of its 15% Series A Perpetual SATS Preferred Stock in an IPO, with an intention to use the funds raised to purchase Bitcoin.

  • Beyond funding BTC purchases, the company also plans to use the proceeds for working capital and to fund the acquisition of businesses, assets, or technologies. 
  • The company said that regular dividend payments on the stock would start on Nov. 9.
  • Strive also acquired 3,311 BTC last week, increasing its total holdings to 32,773 BTC. 

Shares of Strive Inc. (ASST) gained 0.76% in overnight trading late Tuesday after the company announced it will offer 5,000,000 shares of its 15% Series A Perpetual SATS Preferred Stock in an initial public offering. 

The company said it will use the proceeds to acquire Bitcoin (BTC) and bitcoin-related products, fund working capital requirements, and for other general corporate purposes. The company could also use the proceeds to fund acquisitions of businesses, assets, or technologies.

IPO Details 

Strive is issuing the shares at a par value of $0.001 and a stated amount of $100 per share. Cumulative dividends at an annual rate of 15% will accrue on the stated amount, payable on a date declared by the company’s board of directors, while regular dividend payments will begin on Nov. 9.

The company also said it plans to establish a dividend reserve equal to 18 months of dividend payments, amounting to $22.50 per share, funded through existing cash and securities.

Strive added that it will retain the right to redeem all outstanding SATS stock if the total shares outstanding fall below 25% of the total originally issued, or upon certain tax events. 

Michael Saylor, Strategy’s (MSTR) co-founder and executive chairman, said in a post on X, “Strive is turning demand for digital equity ($ASST) and digital credit ($SATA) into demand for Bitcoin. Its hypergrowth shows how the capital markets are accelerating Bitcoin adoption.”

Bitcoin Holdings Update

Strive acquired 3,311 BTC last week, bringing its total holdings to 32,773, according to a Securities and Exchange Commission filing on Tuesday.

The company said that it made the purchase during the week ending Oct. 9 at an average price of approximately $84,500 per coin. Following the purchase, the company’s total BTC holdings stand at $2.74 billion. 

Strive Chairman and CEO Matt Cole said in a post on X that investors exercised $208 million in warrants, with about 15.3 million remaining ahead of their Tuesday 5 PM ET expiration.

ASST Stock: Retail Stance

On Stocktwits, retail sentiment around ASST stock was ‘bearish’ at the time of writing, with message volume up 250% over 24 hours, according to platform data. 

One user said, “$ASST bragging about +11% BTC holdings while dumping massive warrants on retail's head is wild.”

However, another user said, “$ASST they bought more bitcoin… thinking they are shooting for the number one spot.”

ASST stock is up nearly 87% year-to-date, according to Koyfin. 

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