Strive is taking its $500 million perpetual preferred stock, SATS, public in an IPO: 5 million shares priced at $100 each, with a fixed dividend rate locked in at 15%. Its liquidation priority ranks below the existing preferred stock, SATA, whose floating dividend rate is currently 13%. The new shares pay dividends daily, and Strive will set aside a dividend reserve covering the first 18 months after issuance. The use of proceeds is spelled out: buy Bitcoin $BTC , income-generating assets, or repurchase shares. Just last week, it bought another 3,311 coins, bringing its holdings to 32,773. Bitcoin $BTC is currently at 83,200.01 USDT, up 1.60% over 24 hours. A 15% fixed cost sits lower in the capital structure; the accumulation looks aggressive, but the interest bill is hefty too. Once this $500 million comes in, which will feel the squeeze first: the holdings or the dividend payments?
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