SATS is a new preferred stock from Strive (Nasdaq: ASST), the bitcoin treasury company. Its full name is the 15.00% Series A Perpetual SATS Preferred Stock. It is a perpetual preferred, so it has no maturity date, and it pays a fixed 15% cumulative annual dividend on a $100 stated amount per share. Dividends are paid daily-accruing and declared by the board, with regular payments starting November 9. It sits junior to Strive's existing perpetual preferred, SATA, which pays a variable rate (13% at the time of the announcement, per CoinDesk).
The timeline: Strive announced the IPO on October 13, 2026, planning 5 million shares at $100 stated value. It priced on October 15 at $90 per share and upsized to 7 million shares, according to its pricing release. Settlement was scheduled for October 20, subject to closing conditions. I haven't confirmed that the closing has been reported.
The numbers:
7,000,000 × $90 = $630,000,000 gross, about $630M before fees. BitcoinTreasuries.net estimates about $608.15M net after underwriting and expenses. The stated dividend is 15% × $100 = $15 per share a year. On 7 million shares that is $105M a year if every payment is made in full. Because the price was $90, that $15 works out to 16.67% of the purchase price.
A dividend reserve of 18 months, $22.50 per share, will be set aside at closing from cash and securities. Strive says the proceeds will mainly go to bitcoin purchases, but it has not committed a specific amount, and it may also buy back stock or fund acquisitions.
The dividend rate is fixed, so the stock's market value will move with interest rates and with Strive's credit and bitcoin exposure. This is a description, not a view on whether it's worth buying.
🕒 As of October 2026
