STRIVE SOLD $100 SATS SHARES FOR $90 — $630 MILLION IN CASH, 15% PAID ON $700 MILLION — 16.7% ON THE MONEY RAISED

Strive priced its new SATS preferred on October 15, 2026: 7,000,000 shares at $90 each, up from the 5,000,000 it announced on October 13. Its release puts gross proceeds at "approximately $630 million." Each share carries a $100 stated amount, and the 15% dividend is figured on the $100, not on the $90 the buyer paid.

Do the math. That is $15 a share a year, or $105 million a year on 7 million shares, for $630 million of cash in the door. On the price paid, the buyer earns about 16.7%. The stated amount is $700 million, and the pricing term sheet says the liquidation preference "will not be adjusted to an amount that is less than $100 per share." Several outlets put $700 million in the headline. Strive's release never uses that number.

Who pays? Strive says it will add $22.50 a share to its dividend reserve, about $157.5 million, from existing cash and securities. That covers 18 months. SATS ranks behind Strive's other preferred, SATA, about $1.4 billion of stated value. Add SATS and roughly $2.1 billion of preferred stands ahead of the common. Strive reported 35,595 bitcoin on October 13, 2026, and no debt.

The $70 million gap between cash raised and stated value is what buyers charged to stand behind SATA. After the reserve, the bill gets paid by bitcoin rising faster than a 16.7% cost on cash, or by the next raise. At the time of this writing, bitcoin was $81,860.