Strive Upsizes $SATS Preferred Offering to $630M to Buy More Bitcoin

Published October 16, 2026, 18:22 PKT. Based on Strive's official announcement via GlobeNewswire (primary), the company's SEC shelf filing details reported by Kalkine and TipRanks, and reporting by Stocktwits/TradingView, CryptoTimes and bitcointreasuries.net.

Strive, Inc. (Nasdaq: ASST) priced an upsized initial public offering of 7 million shares of its 15.00% Series A Perpetual SATS Preferred Stock at $90 per share on October 15, 2026, targeting about $630 million in gross proceeds, the company announced via GlobeNewswire. The deal is 2 million shares larger than the 5 million Strive had proposed when it announced the SATS offering on October 13, a 40% increase in the size of the raise. Settlement is scheduled for October 20, subject to customary closing conditions.

The $630 million upsized pricing

The SATS Stock carries a $100 stated value per share, so the 7 million shares represent $700 million in notional value, while the $90 public price is expected to generate roughly $630 million in gross proceeds before underwriting discounts, commissions and expenses, according to the announcement. Pricing and allocation were handled under an underwriting agreement with Barclays Capital and Cantor Fitzgerald as joint book-running managers, Clear Street as lead manager, and B. Riley Securities, H.C. Wainwright, Maxim Group and StoneX as co-managers, CryptoTimes reported. The offering is being conducted under an effective SEC shelf registration statement on Form S-3ASR already on file, Kalkine noted.

The 15% perpetual terms

SATS is a perpetual preferred security that accumulates cumulative dividends at a fixed 15% per annum on the $100 stated amount, or $15 per share per year, which works out to an effective yield of 16.67% at the $90 offer price, bitcointreasuries.net calculated. At closing, Strive plans to increase its existing dividend reserve by an amount equal to the first 18 months of dividend payments, $22.50 per share, funded with a combination of existing cash and securities, CryptoTimes reported. The structure also includes redemption and fundamental-change repurchase rights tied to a dynamically adjusted liquidation preference, according to TipRanks's summary of the filing.

Bitcoin buying is the point

Strive said it intends to use the net proceeds for general corporate purposes, including the acquisition of bitcoin and bitcoin-related products, working capital, the purchase of income-generating assets, capital expenditures, and repurchases of its Class A common stock or its SATA preferred shares, with room for complementary acquisitions of businesses, assets or technologies, the GlobeNewswire announcement said. The raise is the company's biggest capital move since it bought 3,311 bitcoin for about $280 million on October 14, 2026, and the upsized demand suggests investors are willing to fund an accelerated treasury expansion even as bitcoin trades near $82,000 after a brief dip below $80,000 on Thursday, Stocktwits noted.

Cole calls the five-year chart meaningless

Chairman and CEO Matt Cole announced the pricing on X, writing that Strive had upsized the $SATS IPO to $700 million notional, priced at $90 per share, and that he would discuss the details on the Hurdle Rate Podcast when the offering settles. In the same thread, Cole pushed back against criticism from 2718.fund founder Fred Krueger, who had circulated a five-year ASST chart showing a 92.9% decline; Cole called the chart meaningless, pointing to Strive's reverse merger with the failing Asset Entities business and saying the company has outperformed bitcoin since then. ASST closed Thursday's regular session at $25.65, up nearly 4%, and edged about 0.4% lower overnight heading into Friday, Stocktwits reported. The filing's forward-looking statements also reference a pending merger transaction with Semler Scientific, Kalkine noted.

This article is news reporting and is not investment advice.

Sources

• Strive, Inc., "Strive Announces Pricing of Upsized Initial Public Offering", via GlobeNewswire, October 16, 2026, primary source for the 7,000,000-share pricing at $90 per share, the 2,000,000-share upsize, the ~$630 million gross proceeds, the October 20, 2026 settlement date, the intended use of proceeds, and the underwriter syndicate
• Stocktwits/TradingView, "ASST Stock Slips Overnight: Strive Upsizes SATS Preferred Offering At 10% Discount; CEO Calls 5-Year Chart Meaningless", secondary source for Matt Cole's X announcement, the 16.67% effective yield, the five-year chart dispute with Fred Krueger, the reverse-merger context, and the $25.65 close and 0.4% overnight slip
• Kalkine, "Strive Inc Prices 7M Shares of 15% SATS Preferred at $90", secondary source for the SEC S-3ASR shelf registration, the Barclays/Cantor joint book-runner agreement, and the pending Semler Scientific merger reference
• CryptoTimes, "Strive Raises SATS IPO to $630M as It Targets More Bitcoin Purchases", October 16, 2026, secondary source for the 15% perpetual structure, the $22.50-per-share 18-month dividend reserve, and the underwriter syndicate
• bitcointreasuries.net, "Strive Upsizes SATS IPO to $700M Notional at $90 per Share", secondary source for the $700 million notional value, the 16.67% effective yield calculation, and the increase from the 5,000,000 shares announced on October 13