Strive, Inc. (ASST) · Oct 26, 2026 · Share issuance
$1B SATS ATM — Up to $1.0 billion at 15.00% preferred dividend
Strive’s new preferred-stock ATM can raise up to $1 billion, expanding bitcoin-buying capacity but adding a costly 15% funding layer.
Strive is building a bitcoin-focused treasury company after combining with Semler Scientific, while retaining a medical-device operating business it has said it intends to monetize. Its latest reported balance sheet held 28,000 bitcoin and $284.7 million of cash as of September 30, 2026, alongside $1.29 billion of SATA preferred stock obligations.
This expands Strive’s ability to buy bitcoin, but does not add capital today. The agreement gives sales agents permission to issue up to $1.0 billion of SATS preferred stock through an at-the-market program; the filing does not say that any shares were sold on October 26.
The funding source is expensive and senior to common equity. SATS carries a fixed 15.00% dividend, and the proceeds may be used for bitcoin, acquisitions, share repurchases, dividends on existing preferred stock, or other corporate purposes. 〔0〕 That creates more purchasing power for the treasury strategy, but also adds a substantial recurring claim before common shareholders receive value.
The buried complication is flexibility, not a new strategic pivot. The company already markets SATS as part of its preferred-equity funding model, and its investor materials had recently disclosed the planned SATS offering. This filing mainly converts that known financing direction into a much larger, repeatable issuance facility; the surprise is the scale and the range of permitted uses, not the decision to fund bitcoin with preferred equity.
Bottom line: Strive has secured a larger financing tool for its bitcoin accumulation strategy, but the filing is neither a completed capital raise nor a clean positive. It increases strategic capacity while layering on a high 15% preferred funding burden.
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