TREE NEWS update: Strive (NASDAQ: ASST) raised about $630 million by pricing 7 million shares of its 15% fixed-dividend perpetual preferred stock SATS at $90 per share on Oct. 15, settling Oct. 20. The Dallas-based bitcoin treasury company bought 7,356 BTC over two weeks, lifting holdings to 36,818 BTC and past MARA Holdings to fourth among public companies. CEO Matt Cole targets second place behind Strategy by year-end.
Strive raises $630M in 15% preferred stock, buys 7,356 BTC in two weeks
Strive is using a 15% fixed-dividend perpetual preferred to fund bitcoin accumulation, a structure that shifts the cost of treasury expansion onto a recurring cash obligation rather than common equity dilution. That distinction matters for how the balance sheet absorbs a prolonged drawdown, and it is the kind of trade-off that becomes visible only when dividend coverage is tested. The ranking move past MARA is symbolic, but the stated ambition to reach second place behind Strategy implies continued reliance on external capital. Whether that preferred structure remains the funding vehicle of choice is the open question worth watching.
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