Strive to Raise $160 Million After Upsizing BTC-Linked Preferred Stock Offering

Strive has announced an upsized offering of its Variable Rate Series A preferred stock (SATA), increasing the issuance to 2 million shares priced at $80 each, which is expected to raise approximately $160 million. The shares will feature an initial annual dividend of 12%. The offering, which is set to close on November 10, was augmented by an additional 750,000 shares and will support general corporate needs, including investments in bitcoin and potential acquisitions. As of now, Strive holds the 17th largest public bitcoin reserve, with 5,958 BTC. The SATA shares are designed with flexible dividend rates, allowing adjustments based on market rates within certain boundaries, and any unpaid dividends will compound monthly. The stock's potential for redemption and preferences concerning market fluctuations are also outlined, aiming to stabilize the shares between $95 and $105. Following the announcement, Strive's shares surged by 17% on Wednesday and further increased by 8% the following morning, reflecting investor optimism about the offering.

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