Strive Prices $630 Million SATS Preferred Offering at $90

The pricing signals that demand for bitcoin-linked preferred equity is strong enough to clear at a yield above SATA's initial 15%, which matters for the wider market of crypto treasury vehicles competing for the same income-seeking capital. The 16.7% simple yield at the offer price also sets a visible benchmark: future bitcoin-linked preferred deals will be measured against it, and a higher coupon raises the cost of capital for issuers generally. Whether that yield level holds as more of these structures come to market is the open question.