Strive Sets Up $1 Billion Preferred Share Program, Bitcoin Among Possible Uses

Strive Inc. has arranged to sell up to $1 billion of preferred shares over time, opening another potential funding channel for the Bitcoin (BTC) treasury company’s asset purchases. Strive signed an Oct. 26 sales agreement with seven firms, including Cantor Fitzgerald and Barclays, for its 15% Series A Perpetual SATS Preferred Stock. The at-the-market program allows shares to be sold in separate transactions over time. The $1 billion figure is a ceiling on sales under the program, not money already raised. Strive listed Bitcoin and Bitcoin-related products among the possible uses of the net proceeds. It may also direct funds to working capital, income-generating assets and repurchases of common or other preferred shares. The company has not earmarked a specific portion for Bitcoin purchases. The agreement follows Strive’s Oct.

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