Strive Inc. (NASDAQ:ASST) announced on Wednesday an at-the-market offering to issue up to $500 million of its Variable Rate Series A Perpetual Preferred Stock (NASDAQ:SATA).
Move Meant To Bolster Bitcoin Treasury?
Strive intends to allocate the net proceeds from the offering towards general corporate purposes. These encompass the purchase of Bitcoin (CRYPTO: BTC) and Bitcoin-related products, working capital and the acquisition of “income-generating assets” to broaden the company’s operations.
SATA debuted on the Nasdaq last month with a public offering price of $80 per share.
A preferred stock has priority over common stock in terms of dividend payments and asset distribution during liquidation.
See Also: Bitcoin (BTC) Price Predictions: 2025, 2026, 2030
Earlier this year, Asset Entities Inc. shareholders approved a reverse merger with Vivek Ramaswamy-founded Strive, creating a public Bitcoin treasury company with potential $1.5 billion in funding.
As of this writing, Strive holds 7,525 BTC, worth $679 million, making it one of the biggest corporate holders of the apex cryptocurrency.
Price Action: At the time of writing, BTC was trading at $90,167.58, up 2.68% over the last 24 hours, according to data from Benzinga Pro.
The SATA shares rose 2.00% in after-hours trading after closing 1.04% lower at $90.20 during Wednesday’s regular trading session.
The stock maintains a favorable price trend over the short, medium, and long terms. To see how it ranks for Value, Growth, Momentum and other key indicators, visit Benzinga Edge Stock Rankings.
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