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.