Strive (ASST), a publicly traded bitcoin treasury and asset management company, said it arranged a $500 million at-the-market (ATM) offering for its Series A floating rate perpetual preferred stock (SATA) to help fund future purchases of the largest cryptocurrency.
SATA pays a 12% dividend with an effective yield close to 13%, and the value is intentionally modeled after Strategy’s STRC money market-style perpetual preferred equity (MSTR). SATA is currently trading around $91, below its face value of $100. An at-market offering allows a company to raise funds quickly by selling new shares near the current market price.
Proceeds can be used to purchase bitcoin, purchase income-generating assets, support working capital, repurchase common stock or make acquisitions, the company said Tuesday. Strive, which owns around 7,525 bitcoins and is in the process of purchasing Semler Scientific (SMLR), ranks as the 14th publicly traded bitcoin company.
Strive’s common stock, ASST, is trading near $1 and is down about 2% in premarket activity.
