Bitcoin treasury company Strive disclosed on October 5 an optional program to repurchase up to $500 million of its variable-rate perpetual preferred stock, traded as SATA, exceeding its reported cash balance of $284.7 million as of October 2. The company held 29,462 BTC as of that date, after acquiring 2,000 Bitcoin between September 28 and October 2 at an average price of approximately $84,422. The program gives management discretion to choose between retiring SATA shares, which would reduce preferred dividend commitments of $13 per share annually, and purchasing additional Bitcoin, with funds used for buybacks unavailable for cryptocurrency acquisitions. No timetable, dedicated funding source, or completed repurchases were disclosed in the SEC filing.
Source: Read the original article
