Strive Launches $500M Program for Bitcoin Acquisition
- Strive (ASST) has initiated a $500 million at-the-market offering for its Variable Rate Series A Perpetual Preferred Stock (SATA).
- The SATA stock pays a dividend of 12%, with an effective yield close to 13%.
- Currently, SATA trades around $91, below its par value of $100.
- Strive holds approximately 7,525 bitcoin and ranks as the 14th-largest publicly traded bitcoin company.
- Proceeds from the offering may be used for various purposes, including acquiring bitcoin and supporting working capital.
The at-the-market offering allows Strive to quickly raise funds by selling new stock at current market prices, which is crucial for enhancing its bitcoin holdings and financial position.
With Strive’s common stock trading near $1 and down about 2% in pre-market activity, the company’s strategy aims to leverage the proceeds from the ATM program effectively to bolster its assets in Bitcoin.(Source)
