Strive upsizes its Series A Preferred Stock IPO to 7 million shares, raising approximately $630 million for bitcoin products and strategic acquisitions.
VC & Fundraising ·
Strive expanded its Series A Perpetual SATS Preferred Stock offering by 2 million shares to a total of 7 million shares, each priced at $90, generating approximately $630 million in gross proceeds before underwriting costs and expenses, with settlement scheduled for October 20. The upsized issuance reflects increased demand for the 15% perpetual preferred instrument.
The capital raised will support a range of strategic initiatives, including development of bitcoin and bitcoin-related products, working capital needs, acquisition of income-generating assets, and capital expenditures. The proceeds may also fund share repurchases and potential acquisitions, though no specific deployment targets have been announced.
The timing and magnitude of the upsizing—an additional 2 million shares beyond the initial plan—suggests investor confidence, though the exact prior offering size and reasons for the expansion remain unspecified in available disclosures.