Strive (ASST), a publicly traded bitcoin treasury and asset-management company, has launched a new $500 million at-the-market (ATM) preferred stock offering to strengthen its balance sheet and accelerate bitcoin purchases.
The offering centers around SATA, Strive’s Variable Rate Series A Perpetual Preferred Stock, which offers a 12% dividend and currently trades below its $100 par value, near $91.
The company said proceeds from the ATM program may be used for additional bitcoin accumulation, acquiring income-producing assets, repurchasing common shares, or pursuing new acquisitions.
Strive currently holds 7,525 BTC and is in the process of acquiring Semler Scientific (SMLR), making it the 14th-largest publicly traded bitcoin company.
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Despite the announcement, Strive’s common stock ASST is trading near $1 and is down around 2% in pre-market activity.
Source: Analysis compiled from publicly available information and original reporting by Cointelegraph.
