U.S. investment firm Strive announced the completion of its initial public offering of 7 million Series A SATS perpetual preferred shares, raising $630 million. Trading under the ticker SATS began on the Nasdaq Global Market on October 20, 2026.

Strive plans to use the instrument to pursue its bitcoin strategy and raise capital on dividend-paying terms. The company increased the offering from a previously announced plan to sell 5 million shares.

SATS dividend terms

Strive sold the shares for $90 each. SATS carries cumulative dividends at an annual rate of 15% of the $100 stated value per share.

Dividend payments are subject to declaration by Strive’s board of directors or an authorized committee, as well as legal availability and sufficient funds. The first regular payment dates are scheduled for each business day beginning November 9, 2026.

If the dividends are declared in full, the first scheduled payment will include all accrued and unpaid dividends from the offering’s closing date.

Strive Chairman and CEO Matt Cole described the IPO as an important milestone in the company’s strategy to increase long-term total returns for common shareholders.

“We believe maintaining a high Amplification Ratio is the most important driver of our ability to outperform Bitcoin over time. SATS provides an additional tool to achieve that objective while simultaneously strengthening SATA’s credit profile by adding junior capital beneath it,” Cole said.

Cole said Strive is developing two complementary instruments: SATA, which focuses on price stability, and SATS, which is designed for income stability.

Bitcoin strategy and capital raising

Chief Risk Officer Jeff Walton said transparency around credit risks was important. According to Walton, SATS and SATA holders can track in real time the company’s bitcoin balance that backs dividend payments, rather than receiving the information only four times a year.

Walton also said Strive has no debt obligations with defined maturities and is focused on one core obligation: paying dividends.

Chief Investment Officer Ben Werkman called SATS a new stage in the development of Strive’s products, which are intended to address different investor needs. He said a perpetual fixed-rate instrument broadens the company’s lineup of liquid securities.

Strive raised $750 million through a private share placement in May 2025 to launch its bitcoin strategy. In December 2025, it announced plans to issue up to $500 million of shares, including to fund additional bitcoin purchases.

In August 2026, Strive bought 1,110 BTC for about $81.5 million at an average price of $73,409 per coin, increasing its reserves to 21,356 BTC.

When Strive announced plans in October to offer 5 million SATS preferred shares, it also provided for a reserve to fund dividend payments for the first 18 months. The company subsequently increased the offering to 7 million shares.

Strive also bought 3,311 BTC for about $280 million in October, its largest weekly bitcoin purchase since January 2026.

Source: Incrypted