Strive intends to sell 5 million shares of its 15.00% Series A Perpetual SATS Preferred Stock in an initial public offering, according to a Form 8-K filed with the U.S. Securities and Exchange Commission on October 13th.

Strive Chairman and CEO Matt Cole shared the company's SATS investor presentation in an October 13th X post.

Each share carries a $100 stated amount, which would put the offering at about $500 million at that figure.

SATS pays a fixed annual dividend of 15% on the stated amount, scheduled for each business day starting November 9th, according to the preliminary prospectus supplement.

The dividends are cumulative, meaning any unpaid amounts keep accruing until the board declares them.

Strive's presentation estimates a first payment of $0.9305 per share, covering 15 business days of accrued dividends, and $1.25 per share for each full month after that.

Perpetual preferred stock has no maturity date and ranks ahead of common shares for dividends and in a liquidation.

SATS sits below SATA, Strive's Variable Rate Series A Perpetual Preferred Stock, and above its Class A common stock, which trades on Nasdaq as ASST.

SATA had about $1.4 billion in notional value outstanding as of October 9th and currently pays a variable 13% rate meant to keep its shares trading near $100.

SATS will have no target trading range, and the presentation describes SATA as designed for price stability and SATS for income stability.

At closing, Strive intends to set aside $22.50 per share from existing cash and securities to cover the first 18 months of SATS dividends.

Including SATS, the presentation shows a combined reserve of $386 million against $257 million in annual SATA and SATS dividends.

Strive presented SATS as a way to raise its amplification ratio, which divides preferred equity and debt by the value of the company's Bitcoin.

Recent warrant exercises lowered that ratio to 52% from 59%, and Strive is targeting 60% to 70% after the offering.

The company has applied to list the shares on the Nasdaq Global Market under the ticker SATS, with trading expected within 30 days of issuance if approved.

Up to 250,000 shares are reserved through a directed share program for employees, officers, directors, and others identified by management.

Strive also plans to offer part of the IPO to individual investors through the online brokerage platform of Fidelity, which administers the directed share program.

Barclays and Cantor are serving as joint book-running managers, with Clear Street as lead manager.

After funding the dividend reserve, Strive may use the proceeds for general corporate purposes, including Bitcoin purchases, income-generating assets, and repurchases of its common stock or SATA.

The presentation estimates that the remaining $387.5 million from a $500 million raise would buy about 4,697 Bitcoin at $82,500.

Strive held about 32,773 Bitcoin as of October 9th, with a total cost of $2.9 billion and a fair value of $2.7 billion, the prospectus showed.

The company also reported $310.3 million in cash and cash equivalents and no consolidated debt as of the same date.