Bitcoin asset treasury firm Strive (NASDAQ: ASST) said Monday it raised $149.3 million after completing an upsized and oversubscribed initial public offering of its Variable Rate Series A Perpetual Preferred Stock, SATA.
The company sold 2 million shares at $80 per share, above the initial target of 1.25 million shares. Trading of the SATA stock began Monday morning.
From October 28, 2025 to November 9, 2025, Strive also bought 1,567.2 Bitcoin at an average price of $103,315.46, spending an aggregate $161.9 million on the transaction. The company now holds 7,252 Bitcoin on its balance sheet.
“The successful IPO of the SATA Stock makes Strive the first Bitcoin treasury company to finance its Bitcoin amplification exclusively through perpetual preferred equity,” said Matt Cole, chairman and chief executive officer, in a statement.
Similar to Microstrategy’s STRC offering, SATA carries cumulative variable-rate dividends on a stated amount and initial liquidation preference of $100 per share. The company said regular dividends will be payable monthly in arrears beginning Dec. 15, 2025, when declared by its board.
Strive Asset Management, a wholly owned subsidiary of Strive Inc. and an SEC-registered investment adviser, manages more than $2 billion in assets. Strive launched its first exchange-traded fund in August 2022.
The company said it expects dividends for SATA to be return-of-capital distributions, enhancing potential after-tax yield for investors.
