Bitcoin treasury vault receiving capital from preferred shares

Strive Lines Up $500 Million to Keep Its Bitcoin Treasury Growing

By Isaac • October 13, 2026 11:05 pm • Comments

Strive is preparing to raise as much as $500 million through a new perpetual preferred stock, giving the Bitcoin treasury company another route to buy BTC without issuing ordinary shares at today’s price.

The new security, called SATS, is expected to sell for $100 per share and pay a fixed 15% annual dividend. According to Strive, the company plans to offer 5 million shares.

The proceeds may be used to acquire additional Bitcoin, purchase income-producing assets, repurchase stock, or cover other corporate needs.

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That list matters because the filing does not promise that every dollar will immediately become Bitcoin. It gives Strive flexibility while investors continue measuring the strategy largely by BTC accumulated per share.

SATS would sit below Strive’s existing SATA preferred shares in the company’s capital structure. SATA currently pays a variable dividend, while SATS is designed to pay a fixed rate and accrue dividends daily.

Strive also intends to reserve enough cash at closing to cover the first 18 months of SATS dividends.

CoinDesk notes that the structure arrives after Strive rapidly expanded its Bitcoin position. The company bought 3,311 BTC last week, lifting its total holdings to 32,773 BTC, worth roughly $2.7 billion at current prices.

Three months ago, Strive held fewer than 20,000 BTC. The rapid expansion makes the proposed offering more than a routine preferred-stock launch: it is a test of whether the company can keep scaling its treasury without relying on one funding channel.

The proposed SATS rate is also higher than SATA’s current variable rate of roughly 13%. SATS would pay daily-accruing dividends at a fixed rate, while its junior ranking leaves SATA with the stronger claim among the two preferred classes.

At the planned size, Strive would raise $500 million before fees and expenses. The company has not committed all net proceeds to Bitcoin, so the eventual allocation—and the price paid for any BTC—will determine how much the offering changes holdings per share.

The timing explains why the offering will get close attention from Bitcoin investors. Strive has demonstrated that it can deploy new capital into BTC.

SATS is an attempt to keep that machine running while separating a high-yield income security from the common stock.

An 18-month cash reserve gives preferred holders a visible buffer at launch. The economics still depend on Strive’s ability to manage a large Bitcoin-heavy balance sheet.

A 15% fixed dividend is expensive capital. If Bitcoin falls sharply or capital markets tighten, the obligation does not shrink with the asset.

The junior position is also important. SATS holders would rank behind SATA holders, even though both securities stand ahead of common equity.

Investors are being paid a higher fixed yield for taking a defined place lower in the preferred stack.

Strive’s recent warrant exercises show the other side of the strategy: the company has already been converting capital-market demand into Bitcoin purchases. SATS broadens that playbook, but it also introduces another recurring claim on cash.

The offering is still proposed, and final terms may change. The central question is whether Strive can earn more strategic value from the Bitcoin it acquires than it pays to support a 15% perpetual dividend.

That is the trade investors are being asked to price.

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