Strive Prices a 16.67% Yield to Fund More Bitcoin
A Bitcoin treasury company just priced a 16.67 percent yield and raised 630 million dollars on it.
Strive, ticker $ASST, upsized its new SATS preferred stock to 7 million shares, up 40 percent from the original 5 million, priced at 90 dollars against a 100 dollar face value. The 15 dollar annual dividend works out to 16.67 percent at that price if paid in full, with payments starting November 9 and settlement on October 20. Gross proceeds are about 630 million dollars, and Barclays and Cantor Fitzgerald are the underwriters.
The buying has already started. Strive bought 2,822 $BTC for about 235 million dollars on October 12 and 13, lifting holdings to 35,595 BTC, while investors exercised warrants on 13.7 million shares worth about 369 million dollars.
Preferred stock is the playbook $MSTR popularized: sell high-yield paper, buy coins. With $ETH treasury names like $BMNR in the same market, the question is who prices the next one.
A Bitcoin treasury company just priced a 16.67 percent yield and raised 630 million dollars on it.
Strive, ticker $ASST, upsized its new SATS preferred stock to 7 million shares, up 40 percent from the original 5 million, priced at 90 dollars against a 100 dollar face value. The 15 dollar annual dividend works out to 16.67 percent at that price if paid in full, with payments starting November 9 and settlement on October 20. Gross proceeds are about 630 million dollars, and Barclays and Cantor Fitzgerald are the underwriters.
The buying has already started. Strive bought 2,822 $BTC for about 235 million dollars on October 12 and 13, lifting holdings to 35,595 BTC, while investors exercised warrants on 13.7 million shares worth about 369 million dollars.
Preferred stock is the playbook $MSTR popularized: sell high-yield paper, buy coins. With $ETH treasury names like $BMNR in the same market, the question is who prices the next one.