As Strategy Sells Bitcoin, Strive Doubles Down With $4.2 Billion Offering
Benchmark-StoneX initiated coverage of Strive with a Buy rating and $32 target after the Bitcoin treasury firm bought 2,500 more BTC, lifting holdings to 19,000 BTC worth about $1.3 billion. Strive also raised $44 million to support dividend payments on its preferred stock and increased cash reserves to cover an 18-month dividend buffer. Its new variable-rate preferred, SATA, will pay a 13% annual dividend in daily installments starting June 16, making it the first U.S.-listed security to offer routine daily dividends. Analysts said Strive and Strategy are not direct competitors but part of a broader “digital credit” market. Strive’s structure is seen as lower risk because SATA has no maturity, no refinancing need, and no margin exposure, reducing forced-deleveraging risk in a Bitcoin downturn. Strive also plans to expand issuance capacity by $2.1 billion each for common equity and SATA. Despite the upbeat view, Strive shares fell 6.6% amid broader Bitcoin market weakness.
