Topic
Variable-rate preferred issuance, buybacks and dividend obligations as a funding channel.
Strive is offering five million SATS preferred shares at $100 each, a $500 million raise with a fixed 15% dividend. CryptoSlate reported the model buys about 4,700 bitcoin while total preferred dividends could reach $257.4 million a year.
Reality
Strive added 3,311 BTC in a week to reach 32,773 BTC, CEO Matt Cole said on October 13. He also reported about $208 million of warrant exercises, or roughly 7.7 million shares at the $27 strike if that is cash.
Perspective Coverage
6 publishersReality
Strategy spent $176.3 million repurchasing STRC preferred stock in the week to Oct 4, against $28.7 million for 334 bitcoin. The shares cost about $99.60 each, and retiring them cuts roughly $21 million a year of 12% dividends.
Reality
Strategy told followers its market value rose $32 billion in three months. The share price rose 54%. About $6.3 billion of the gain came from selling 61.5 million new shares at an average of $102.
Reality
Smarter Web, the UK's largest listed bitcoin holder, wants £15m to £25m from London for a non-voting preferred share that pays a variable weekly dividend. The prospectus still needs FCA approval.
Reality
A $1.59 billion discretionary pool now sits beside a $5.10 billion escrow for dividends and interest. Both were filled with equity, which moves the solvency question off the coin price.
Perspective Coverage
4 publishersReality