Strive, Inc. (Nasdaq: ASST) closed its upsized SATS preferred stock IPO on October 20, 2026, selling 7 million shares at $90 each. The 15.00% perpetual preferred, slated to trade as SATS on the Nasdaq Global Market, sets a dividend date on every business day.
Key Brief
- Strive priced SATS at a $10 discount to the $100 stated amount that sets each dividend payment.
- SATS dividends are cumulative and run on that stated amount, with the first regular date on November 9, 2026.
- Strive’s board must declare every payment, and the cash can only come from funds legally available for it.
- Strive executives pitch SATS as junior capital that sits beneath SATA, the company’s other income security.
Strive sold a $100 claim for $90
Each share earns $15 a year on its stated amount at the 15.00% rate. Measured against what buyers actually paid, the coupon works out to about 16.7%. The share count and price also imply roughly $630 million in gross proceeds before fees, a total Strive’s closing announcement doesn’t state.
The cumulative structure means any amount Strive skips keeps building up for holders. Payment still rests with the board, though. Under the release, dividends are payable “when, as and if declared,” in arrears, to holders of record on the preceding record date. Strive sold the shares under its Form S-3 registration.
Strive calls bitcoin its hurdle rate for deploying capital, a stance on display in its recent bitcoin purchases. Its subsidiary Strive Asset Management, an SEC-registered investment adviser, manages over $2.8 billion. That framing turns every dollar raised through SATS into a wager that bitcoin outruns a 15% annual cost.
SATS is now listed on Nasdaq. 15.00% fixed annualized dividend rate based on $100 stated amount. Paid every business day. First dividend: November 9, 2026, inclusive of dividends accrued since the October 20 closing. $SATS $ASST $SATA https://t.co/uHFnzEW9LN
— Strive (@Strive) October 20, 2026
SATS sits beneath SATA in the capital stack
Chairman and CEO Matt Cole framed the listing around SATA. He said SATS strengthens SATA’s credit profile by adding junior capital below it. He also split the two by job, with SATA built for price stability and SATS for income stability. Cole called a high Amplification Ratio the most important driver of beating bitcoin over time, a metric the release never defines.
Chief Risk Officer Jeff Walton leaned on transparency. He argued that holders of both securities can watch the bitcoin balance sheet behind their dividend priced continuously, instead of quarterly. He also said the instruments suit a market where AI and trading algorithms make more portfolio-level decisions. “We don’t have any debt, or maturities, and we’re focused on a single obligation, the dividend,” Walton said.
Chief Investment Officer Ben Werkman said SATS adds a fixed-rate perpetual security to Strive’s lineup. He described the goal as fitting each product to a specific type of investor. Strategy (formerly MicroStrategy) has leaned on the same perpetual preferred playbook, including its STRC preferred stock.
Strive’s own risk factors flag dilution from further issuance of SATS, Class A common stock or SATA. For SATS holders, more SATA would mean a bigger senior layer standing ahead of their claim.
The closing release also leaves several questions open:
- How much did Strive net after fees, and where will the proceeds go?
- Which banks ran the offering?
- How large is the SATA layer that SATS now supports?
- How does Strive calculate its Amplification Ratio, and where does it stand today?
The Bottom Line
Current SATA and ASST holders can check the final prospectus supplement for the full terms, including how SATS ranks against SATA. The listing also hands bitcoin treasury companies a live test. Will daily dividend dates draw a different income buyer than quarterly preferred paper does?
The first checkpoint lands on November 9, 2026. If the board declares it in full, that opening regular dividend will include everything accrued since the closing date.
