Published • loading... • Updated
Strive Announces Proposed Initial Public Offering of SATS Stock
The offering includes a $100 initial liquidation preference and redemption rights if outstanding shares fall below 25% or certain tax events occur.
- On Tuesday, Strive announced a new perpetual preferred stock, SATS, with a 15% fixed dividend to raise capital for purchasing additional Bitcoin and acquiring income-producing assets.
- Strive has significantly increased Bitcoin holdings in recent weeks, acquiring 3,311 coins last week to reach 32,773 total, currently worth about $2.7 billion. Holdings were below 20,000 coins three months ago.
- The new SATS Stock has an initial $100 liquidation preference and sits junior to Strive's existing SATA perpetual preferred, which currently pays a 13% variable rate. Like SATA, SATS will pay dividends daily.
- At closing of the offering, Strive intends to establish a dividend reserve equal to the first 18 months of dividend payments on SATS. The company filed the offering with the SEC pursuant to an effective shelf registration statement.
- Redemption rights include the ability to redeem all SATS Stock if total outstanding shares fall below 25% of the original issuance. Strive may also redeem the stock if certain tax events occur.
Insights by Ground AI
12 Articles
12 Articles
Coverage Details
Total News Sources12
Leaning Left0Leaning Right2Center2Last UpdatedBias Distribution50% Center, 50% Right
Bias Distribution
- 50% of the sources are Center, 50% of the sources lean Right
50% Right
C 50%
R 50%
Factuality
To view factuality data please Upgrade to Premium
