Strive, a company that holds bitcoin as a core treasury asset, announced on Tuesday that it plans to raise $500 million through a new perpetual preferred stock offering under the ticker SATS. The offering will consist of 5 million shares priced at $100 each, with the capital earmarked for bitcoin purchases, acquisition of income-generating assets, or share repurchases. Dividends on SATS will be paid daily at a fixed 15% rate, and the company intends to set aside funds covering the first 18 months of dividend obligations at the time of closing. The new shares will rank below Strive’s existing perpetual preferred series, SATA, which currently offers a variable dividend near 13%. Unlike many peers in the bitcoin treasury space, including the larger Strategy, Strive has recently expanded its bitcoin holdings significantly, adding 3,311 coins in the past week to bring its total to 32,773 BTC, valued at approximately $2.7 billion. Three months prior, its holdings were under 20,000 coins.