Strive Opens $1B SATS Program After $511M Bitcoin Buy

Strive’s $1B SATS program permits future sales

An at-the-market program allows a company to sell securities gradually at prevailing market prices. The $1 billion figure is the maximum aggregate offering price permitted by this arrangement, not cash already received.

Strive’s October 26 sales-agreement filing names seven agents, including Cantor Fitzgerald, Barclays and Clear Street. Sales depend on the company’s instructions and the agreement’s conditions, so the program alone does not establish how quickly capital will arrive.

The new capacity is separate from the initial SATS sale. Strive’s closing disclosure reports 7 million shares sold at $90 each, implying $630 million before underwriting discounts and expenses. That completed transaction and Monday’s prospective program should not be added together as cash raised.

Nor does the program establish another $1 billion Bitcoin purchase. Management retains several possible uses for proceeds, including payments on preferred stock. Cash collected, net proceeds after selling costs and dollars deployed into Bitcoin are different measurements.

The broader allocation choices build on Strive’s earlier Bitcoin purchase and SATA buyback facility. Buying assets, maintaining liquidity and repurchasing securities compete for the same pool of available capital.

The Bitcoin buy lifts holdings to 43,000 BTC

The weekly capital update puts the latest purchase’s average cost at approximately $82,732 per coin, including fees and expenses. Multiplying that rounded figure by 6,182 BTC implies about $511.4 million spent.

The purchase period ended October 23. It preceded Monday’s program announcement, so the new authorization should not be presented as the funding source for an already completed acquisition.

Cash and cash equivalents increased to $504.4 million from $317.5 million a week earlier. Strive also held 505,000 shares of Strategy’s STRC preferred stock, whose reported fair value rose to approximately $50.2 million. That security holding is distinct from cash and from the company’s Bitcoin treasury.

Class A common shares outstanding increased by 3,266,034 to 118,113,644 over the same period. The filing reports both a larger Bitcoin balance and a larger common-share count; the change in total coins alone does not describe an individual shareholder’s economic exposure.

The capital update does not provide a transaction-by-transaction reconciliation connecting each financing inflow to each coin purchase. The simultaneous increases in cash, securities values and Bitcoin therefore should not be treated as a complete cash-flow statement.

SATS adds 15% dividends and financing demands

The SATS product terms set the fixed annual dividend rate at 15% of a $100 stated amount, equivalent to $15 per share annually. The stated amount differs from the price an investor pays, so the headline rate is not a guaranteed investment return.

SATS ranks below SATA and above common stock. Strive says it is not collateralized by its Bitcoin holdings. A preferred claim on a company’s residual assets does not provide direct ownership of the coins or the protections of a bank deposit.

The October 26 prospectus says Strive expects to fund cash dividends primarily through additional capital raising. That makes continued access to financing relevant alongside Bitcoin’s market value.

At the initial offering’s closing, Strive increased its dividend reserve by $22.50 per SATS share using existing cash and securities. Across 7 million shares, that implies $157.5 million, equivalent to 18 months of dividends at issuance. The reserve provides a funding cushion without establishing indefinite operating coverage.

Alternative.me’s Bitcoin-focused sentiment index read 50, or Neutral, compared with 54 a day earlier. It measures broader sentiment rather than demand for Strive’s securities.

The next scheduled SATS milestone is the declared November 9 first dividend. Further disclosures will need to show actual program sales, net proceeds and subsequent allocations. As of the reviewed October 26 documents, the $1 billion remains offering capacity rather than a completed raise.