Strive plans to sell up to $1 billion in SATS preferred stock to raise funds to buy Bitcoin.

According to filings with the U.S. Securities and Exchange Commission, Strive entered into an agreement on October 26 with seven institutions, including Cantor Fitzgerald and Barclays, to sell up to $1 billion worth of 15.00% Series A perpetual SATS preferred stock through an ATM program. The preferred stock completed its IPO on October 20, with 7 million shares currently outstanding, a liquidation preference of $100 per share, and an annualized dividend yield of 15%. Strive plans to use the net proceeds to purchase Bitcoin and related products, replenish working capital, purchase income-generating assets, and repurchase shares.