Bitcoin treasury company Strive announced the launch of SATS, a new perpetual preferred security carrying a fixed 15% annual dividend. The issuance of five million shares at $100 each would raise $500 million to fund the purchase of approximately 4,700 additional BTC, bringing total holdings to about 40,000 BTC. Combined preferred dividends (SATS and SATA) would reach approximately $257.4 million annually, including $75 million for the new product. Strive plans to maintain roughly $386 million in cash as a dividend reserve, sufficient to cover about 18 months of payments, but will need to rely on additional financing thereafter. Stress tests show bitcoin could fall to approximately $38,200 before total assets equal the stated amount of outstanding preferred shares.
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