Strive has extended its Bitcoin-focused strategy into the public markets with the Nasdaq listing of SATS, a new perpetual preferred security that pairs fixed-income payouts with exposure to the company's corporate Bitcoin holdings. The company announced the closing of its upsized initial public offering on October 20, selling 7 million shares of SATS at $90 per share for gross proceeds of $630 million. The stock now trades on the Nasdaq Global Market under the ticker SATSn

15% Annualized Dividend, Paid Every Business Day

Each preferred share carries a stated value of $100 and a cumulative dividend of 15% per annum, equivalent to $15 per share annually when dividends are declared and paid in full. The 15.00% fixed annualized rate is calculated on the $100 stated amount, which means the nominal annual payout corresponds to approximately 16.7% of the $90 offering price. Because the dividend is cumulative, any scheduled payouts that are not declared when due accrue and remain payable rather than being forfeited.

Dividends are payable on every business day beginning November 9, 2026. If declared in full, the first payment will cover dividends accrued since the October 20 closing. The daily cadence stands apart from the quarterly schedules that conventionally govern listed preferred shares, and if paid in full across all 7 million shares, the structure would carry roughly $105 million in annual dividend obligations.

SATS is now listed on Nasdaq. 15.00% fixed annualized dividend rate based on $100 stated amount. Paid every business day. First dividend: November 9, 2026, inclusive of dividends accrued since the October 20 closing. $SATS $ASST $SATA
— Strive (@Strive), October 20, 2026

According to outside estimates, the offering is expected to generate net proceeds of approximately $608 million, excluding underwriting expenses and other costs.

Daily Dividends Add a Distinct Structure to Bitcoin Exposure

SATS is a perpetual instrument, meaning it carries no traditional maturity date. With no repayment deadline, the dividend stream is the core economic feature of the security, combining bond-style income with the permanence of an equity instrument without a fixed payback date. Strive is positioning the security as a cash-flow tool and as a further option in its capital structure alongside SATA, another instrument in the company's financing stack. According to CEO Matt Cole, SATS is an additional measure to boost the company's “Amplification Ratio,” which the firm views as central to its ability to outperform Bitcoin over time.

Chief Risk Officer Jeff Walton added that Strive currently has no debt outstanding and no impending debt maturities, leaving dividends on the new preferred shares as the company's only fixed financial obligation at this time.

Bitcoin Purchases Remain a Major Possibility

Strive has not committed the full amount of the offering to Bitcoin. As disclosed in notes accompanying the company's regulatory submissions, the proceeds may be applied to general corporate purposes, including Bitcoin purchases, working capital, income-producing assets, capital expenditures, acquisitions, and share repurchases. The company did not specify how much Bitcoin, if any, it intends to acquire with the new capital, and uncertainty remains over the ultimate scale of its accumulation plans. Because the use-of-proceeds language leaves the allocation decision to management discretion, any Bitcoin purchases would become visible through the company's own future disclosures.

Based on outside estimates, the roughly $608 million in expected net proceeds would translate into the purchase of more than 7,300 BTC at a representative price of approximately $82,500 if fully allocated to the asset. That figure is an illustrative outside calculation rather than company guidance. Strive has stated that it currently holds 36,818 BTC; full deployment of the offering into Bitcoin would lift its holdings above 44,000 BTC.

SATS Expands Strive's Bitcoin-Focused Capital Stack

The listing gives Strive an additional capital-raising mechanism beyond traditional debt as it continues its Bitcoin accumulation strategy on its balance sheet. With SATS, the company gains a funding channel that does not rely on issuing conventional debt, while the central focus of the security remains predictable income. Strive described the preferred stock as part of a broader family of liquid financial securities designed for investors seeking different combinations of income, price stability, and Bitcoin-linked corporate exposure. The first dividend payment on November 9, 2026 and the company's subsequent disclosures on how proceeds are deployed will serve as the near-term markers for how the new structure takes shape.

Source: Crypto Ninjas