Strive to Raise $500M via New 15% Dividend Preferred Stock SATS

The structure matters more than the headline number: by ranking SATS junior to SATA and pre-funding only the first 18 months of distributions, Strive is layering a higher-cost claim beneath an existing one, which widens the gap between obligations and the assets meant to service them. That is a meaningful shift in the risk profile of the preferred stack, and it affects both existing SATA holders and anyone assessing how bitcoin-treasury balance sheets are financed. The open question is whether the proceeds go to bitcoin or to yield-bearing assets and buybacks, since the latter would signal a different funding logic.