Strive, the Bitcoin treasury company led by chairman and CEO Matt Cole, has completed an upsized initial public offering of its SATS preferred stock, raising $630 million in gross proceeds. The company has not yet said how much of the money will be used to acquire Bitcoin.
According to Cointelegraph, Strive sold 7 million SATS shares at $90 each in the offering, which closed on Oct. 20. After underwriting discounts, commissions and other expenses, estimated net proceeds were $608.15 million.
How Strive plans to use the proceeds
Strive’s filings describe a broad range of potential uses for the capital. These include general corporate purposes, Bitcoin purchases, working capital, income-generating assets, capital expenditures, share repurchases and acquisitions.
That means the company’s eventual Bitcoin buying could be smaller than the full amount raised. The company has not disclosed a specific allocation or timetable for purchases.
At an illustrative Bitcoin price of $82,500, the estimated $608.15 million in net proceeds would be enough to buy about 7,372 BTC before fees. If Strive directed all of the proceeds to Bitcoin, its reported holdings could rise from 36,818 BTC to approximately 44,190 BTC.
That hypothetical total would place Strive above Metaplanet’s reported 44,000 BTC holdings. The comparison depends on Strive using the entire net proceeds for Bitcoin and on the illustrative price assumption; neither condition has been confirmed by the company.
Dividend terms for SATS investors
SATS preferred stock carries a 15% annual dividend based on its $100 stated amount. If paid in full, that equals $15 per share each year. Because the shares were sold at $90, the stated annual dividend is equivalent to 16.67% of the IPO price.
The dividends are cumulative and payable when declared by Strive’s board. Payments are scheduled to begin each business day from Nov. 9, subject to declaration. If the first payment is declared in full, it will include accrued amounts dating from the Oct. 20 closing.
The company’s chief risk officer, Jeff Walton, said Strive has no debt or maturities and is focused on one obligation: paying dividends. The terms nevertheless leave the timing and amount of any Bitcoin purchases unresolved.
Current crypto market picture
Moneyiar data recorded at 08:39 on Oct. 21, 2026, showed Bitcoin at $83,072.681572715, up 1.94% over 24 hours but down 0.66% over seven days.
Celestia was priced at $0.6339353261, with a 24-hour gain of 0.84% and a seven-day rise of 14.24%. Compound stood at $25.6380336134, up 19.83% over 24 hours and 11.3% over seven days. Meteora traded at $0.3433604033, rising 2.37% over 24 hours while falling 10.01% over seven days.
The market figures provide a snapshot of prices after Strive’s offering closed; they do not indicate how the company will deploy its proceeds.
