Strive Raises $630M in Upsized Preferred Stock Offering
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Strive's IPO and Bitcoin Allocation
- Written by: Nate Kostar, staff writer
- Edited by: Robert Lakin, staff editor
Strive closes $630M SATS IPO, leaves Bitcoin allocation unspecified
Latest News Published: Oct 20, 2026
Strive, a Bitcoin treasury company led by Matt Cole, has closed its upsized initial public offering (IPO) of SATS preferred stock, raising a gross $630 million. However, the company has not specified how much of these proceeds will be allocated to buying Bitcoin (BTC).
Strive sold 7 million shares at $90 each, with estimated net proceeds of $608.15 million after discounts and expenses. The company intends to use the funds for general corporate purposes, including Bitcoin purchases, as stated in their SEC filing.
At an illustrative Bitcoin price of $82,500, Strive's net proceeds could acquire approximately 7,372 BTC. This potential purchase would increase their reported holdings to around 44,190 BTC, surpassing Metaplanet's reported 44,000 BTC.
SATS dividends, carrying a 15% annual rate, are scheduled to be payable from November 9th onwards.
Jeff Walton, Strive's chief risk officer, emphasized that the company has no debt and is focused solely on paying dividends.