The company placed 7 million securities at $90 each. Net proceeds, after underwriting discounts, commissions, and expenses, came to $608.15 million. Strive intends to use the funds for general corporate purposes, including buying BTC, adding to working capital, and other needs. However, it did not specify what portion of the proceeds will be allocated to BTC purchases.
SATS will pay a 15% annual dividend on the $100 par value; bought at $90, the actual yield is 16.67%. Dividend payments are scheduled for each business day starting November 9. The company may acquire up to 7,500 BTC, increasing its holdings by 20%. Strive could become the second-largest public company by BTC holdings. Only Strategy, with 44,300 BTC worth $3.6 billion, would be ahead of it.