Strive Prices Upsized SATS Offering, Expects $630M Gross Proceeds

Strive priced an upsized preferred-stock offering expected to bring in about $630 million before expenses, expanding the sale as it seeks capital that may be used for Bitcoin and related products. The company priced 7 million shares of its 15% Series A Perpetual SATS Preferred Stock at $90 each on Oct. 15, 2 million more than the 5 million shares in its initial proposal. The sale is scheduled to settle Oct. 20, subject to closing conditions. The offering’s $700 million stated amount reflects 7 million shares at $100 each. At the $90 sale price, estimated gross proceeds are about $630 million before underwriting discounts, commissions and other expenses. Strive may use net proceeds for Bitcoin (BTC) and related products, working capital, income-generating assets, capital spending, share repurchases or acquisitions.

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