Bitcoin treasury company Strive signs with seven institutions, plans to issue up to $1 billion in preferred stock through ATM

BlockBeats news, October 26 - According to U.S. SEC filings, Bitcoin treasury company Strive entered into a sales agreement on October 26 with seven institutions: Cantor Fitzgerald, Barclays, Clear Street, StoneX, B. Riley Securities, Maxim Group, and H.C. Wainwright, planning to sell up to $1 billion in aggregate offering price of 15% Series A perpetual preferred stock, ticker SATS, from time to time through an ATM (at-the-market) offering.

The filings show that the preferred stock carries an annual dividend rate of 15%, with a stated amount of $100 per share. Strive may conduct the offering based on market conditions through Nasdaq or other existing trading markets or other lawful methods, with the relevant institutions acting as sales agents, with commissions of up to 2% of the gross proceeds from each sale.

This offering is an additional issuance and does not include the previously issued 7 million shares of SATS preferred stock. The filings state that Strive may issue shares from time to time based on market conditions, and the actual offering size and timing will depend on the company's arrangements and market conditions.