Strive raises $630 million in SATS; SATA’s past volatility at 25%

Strive ($ASST) completed a public offering of 7 million shares of its perpetual preferred stock (SATS) on October 20, raising $630 million gross (approximately 845 billion won), after upsizing the deal from an initially planned 5 million shares on October 15. The company is splitting Bitcoin price risk and return between the preferred shares and common stock, with net proceeds usable for BTC purchases, working capital, income-generating asset acquisitions, and share buybacks. Chief Risk Officer Jeff Walton presented investor materials on October 13 detailing the risk-return allocation structure and historical volatility comparisons, noting SATA's past volatility of around 25%. The offering underscores growing institutional appetite for structured Bitcoin exposure products, positioning Strive alongside other BTC-linked preferred issuers in the digital asset treasury space. Watch for deployment of proceeds into Bitcoin holdings and further details on how the preferred-common split performs under BTC price swings.