Williams Wesley Hastie sells $328k in Cipher Mining shares
DALLAS - Asset management firm Strive, Inc. (NASDAQ:ASST) announced Wednesday the pricing of its upsized initial public offering of 2 million shares of Variable Rate Series A Perpetual Preferred Stock at $80 per share, representing a 750,000 share increase from its previously announced amount. The company’s common stock, which has surged nearly 200% year-to-date according to InvestingPro data, closed at $1.47 on Wednesday, up from $1.25 in the previous session.
The company expects to generate approximately $160 million in gross proceeds before deducting underwriting discounts, commissions and offering expenses. The offering is scheduled to settle on November 10, subject to customary closing conditions.
Strive intends to use the net proceeds for general corporate purposes, including bitcoin acquisition, working capital, purchase of income-generating assets, share repurchases, and potential debt repayment. The company may also fund acquisitions of complementary businesses, assets or technologies.
The preferred stock will accumulate cumulative dividends at a variable rate on the stated amount of $100 per share, with an initial monthly regular dividend rate of 12.00% per annum. Dividends will be payable monthly beginning December 15, 2025.
At closing, Strive plans to establish a dividend reserve for the first 12 months of payments by depositing $12.00 per share into a separate account using existing cash.
Barclays and Cantor are serving as joint book-running managers for the offering, with Clear Street acting as co-manager. The offering is being made through an effective shelf registration statement filed with the Securities and Exchange Commission.
Strive describes itself as the first publicly traded asset management Bitcoin treasury company, holding approximately 5,957.9 bitcoins as of October 27. Its subsidiary, Strive Asset Management, LLC, manages over $2 billion in assets.
The information in this article is based on a company press release statement.
In other recent news, Strive, Inc. has reported its preliminary financial data, revealing cash holdings of $108.6 million and ownership of 5,886 bitcoins, acquired at an average cost of $116,053 per bitcoin. The company sold over 10 million shares of its Class A Common Stock at an average price of $5.3854 per share, aiming to boost cash reserves for potential interest obligations. Strive has also announced plans to offer 1.25 million shares of its Variable Rate Series A Perpetual Preferred Stock, with proceeds intended for various corporate purposes, including bitcoin acquisitions and potential debt repayment. Furthermore, Strive has filed a prospectus for the potential resale of up to 1.28 billion shares of its Class A common stock by certain securityholders, although the company will not receive any proceeds from these sales. In corporate governance developments, Strive’s board and stockholders have approved amendments to remove the maximum number of directors allowed on its board, effective December 31, 2025. Additionally, Ben Werkman, a Bitcoin advocate, has been appointed as the new Chief Investment Officer, bringing experience from his previous role at Swan Bitcoin. These developments indicate Strive’s strategic focus on expanding its financial and leadership capabilities.
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