Strive completes $630 million SATS preferred share offering with 15% fixed annual dividend

On October 21, Strive announced the completion of its initial public offering of SATS perpetual preferred shares, issuing 7 million shares at $90 per share for total gross proceeds of $630 million. According to the company's announcement, the shares are expected to begin trading on the Nasdaq Global Market around October 20 under the ticker "SATS."

SATS accrues a fixed annual dividend of 15% on a $100 per share base amount, planned to be paid on each trading day beginning November 9, with actual payments subject to board approval. The preferred shares are not collateralized by the company's bitcoin holdings.