Strive prices $630M preferred stock at 15% coupon as bitcoin treasury financing tightens

The upsize and the near-17% real yield signal that capital for bitcoin treasury vehicles is no longer cheap or easy, and Strive paid up to get it done. The contrast with Strategy's stalled STRC — a lower-yield instrument that has gone unissued since its price fell — suggests the market is now differentiating between issuers rather than treating treasury-company preferred as a single asset class. The cost lands on common holders, who absorb dilution from both the preferred and ongoing equity sales. Whether 15% becomes the new clearing level for this kind of financing, or a one-off premium for a smaller issuer, is the open question.