Strive raises $630 million in SATS IPO, keeps Bitcoin allocation open

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Strive SATS IPO raises $630M

Highlights

Strive raised $630 million in its SATS IPO by selling 7 million shares at $90 each, with estimated net proceeds of $608.15 million.
Proceeds will be used for general corporate purposes, including potential Bitcoin purchases, but no specific allocation to Bitcoin has been disclosed.
SATS carries a 15% annual dividend on its $100 stated amount, translating to 16.67% based on the $90 IPO price, with dividends accruing daily from Oct. 20.

Offering terms and planned use of proceeds

According to Cointelegraph, as Strive said in its announcement and SEC filing, the company sold 7 million shares at $90 each, while BitcoinTreasuries.net estimated net proceeds at about $608.15 million after underwriting discounts, commissions and expenses.

The filing says the proceeds are earmarked for general corporate purposes, including Bitcoin purchases, working capital, income-generating assets, capital expenditures, share repurchases and acquisitions. The company does not disclose a specific Bitcoin allocation, leaving open how much of the new capital will ultimately go toward expanding its treasury.

SATS carries a 15% annual dividend on its $100 stated amount, equal to $15 per share annually if paid in full. At the $90 IPO price, that implies an annualized dividend amount equal to 16.67% of the purchase price, with dividends cumulative and payable when declared by Strive's board.

Dividend payments are scheduled for each business day starting Nov. 9, subject to declaration. The first payment, if declared in full, includes accruals dating from the Oct. 20 closing.

Potential impact on Strive's Bitcoin position

At an illustrative Bitcoin price of $82,500, Strive's estimated net proceeds could buy about 7,372 BTC before fees if the full amount were allocated to Bitcoin. On that basis, the company's reported holdings would rise from 36,818 BTC to roughly 44,190 BTC, potentially moving above Metaplanet's reported 44,000 BTC.

That scenario remains hypothetical because Strive has not committed the entire raise to BTC. The unspecified allocation is a key issue for investors assessing how aggressively the company plans to pursue its Bitcoin treasury strategy after the offering.

Strive chief risk officer Jeff Walton says the company has no debt or maturities and is focused on a single obligation, paying dividends. That capital structure may shape how the market evaluates the preferred stock's income profile alongside the company's exposure to Bitcoin.

Our earlier report on Equites Property Fund’s interim results covered how the REIT lifted its interim distribution after accelerating its withdrawal from the UK and redirecting capital toward South Africa. We noted that proceeds from the Aviva portfolio sale helped cut leverage and bolster liquidity, giving Equites more room to fund domestic logistics expansion while reaffirming its FY27 distribution guidance.

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