Strive's new preferred stock, SATS, is now trading on the Nasdaq, the company said, marking the latest step in its effort to financialize bitcoin through listed products.

Preferred shares are a class of equity built around regular dividend payments, with holders generally ranking ahead of common shareholders for payouts. For bitcoin treasuries, they open a fundraising channel aimed at income-oriented investors, with proceeds that can still be directed into the underlying asset.

The stock debuted on Tuesday and will pay a 15% dividend every business day, according to an announcement.

The Nasdaq-listed company said it closed its upsized initial public offering of 7,000,000 shares of SATS at a public offering price of $90 per share, a deal that raises $630 million. Strive said the proceeds will go toward buying more bitcoin and income-generating assets.

JUST IN: Strive's 'SATS' has officially IPO'd on the Nasdaq, and is raising $630 million to buy more Bitcoin and income-generating assets pic.twitter.com/IxqeUENary

— Bitcoin Magazine (@BitcoinMagazine) October 20, 2026

The listing comes as public companies increasingly work to financialize bitcoin through a growing menu of instruments. Strategy, the original bitcoin treasury company, holds five different preferred stocks of its own and proposed daily dividends for those products last month. With SATS now paying every business day, daily payouts sit alongside variable-dividend and other preferred structures in the sector's expanding lineup.

"The successful, upsized IPO of SATS marks a critical milestone in our strategy to maximize long-term total returns for our common equity investors," Matt Cole, Chairman and CEO of Strive, said in a statement.

SATS is the second preferred stock in Strive's capital structure. The company also lists SATA, which pays a variable dividend.

Strive established itself as an official bitcoin treasury last year and is now the fourth-largest company in the sector. Founded by former Ohio gubernatorial candidate and tech entrepreneur Vivek Ramaswamy, the firm holds 36,818 BTC, worth over $3 billion at current prices. On Monday, it announced another purchase of 4,045 BTC, acquired between October 12 and 16. Future purchase announcements will show how the $630 million raised from SATS is being deployed.

In January 2026, Strive completed its all-stock acquisition of Semler Scientific — the first time a publicly traded bitcoin treasury company has acquired another.

As with other digital asset treasuries, the idea is that investors can capture amplified bitcoin returns through Strive's stock. The company buys bitcoin with equity and maintains a debt-free balance sheet: no bonds, no credit lines, and no leveraged positions that could trigger forced liquidation in a downturn. With no bonds or credit lines in the stack, there is no debt layer ranking ahead of preferred holders in Strive's capital structure.

Strive is following in the footsteps of software company Strategy, which began buying bitcoin in 2020. Strategy is now the largest corporate holder of bitcoin, with 848,517 coins worth over $60 billion. Its five preferred stocks are STRF, STRC, STRK, STRD, and STRE. Whether Strategy follows through on the daily dividends it proposed last month — and how many other treasuries introduce similar products — will be among the developments to watch as treasuries broaden their lists of listed bitcoin income products.

Strive's common stock, ASST, was trading 4% higher on Tuesday.

This article was originally published on Bitcoin Magazine and was written by Mathew Di Salvo.