Strive raises $630 million in SATS IPO, Bitcoin allocation left unspecified

Strive, the Bitcoin treasury company led by CEO Matt Cole, closed its upsized initial public offering of SATS preferred stock on Oct. 20, raising $630 million gross. The company sold 7 million shares at $90 each and estimated net proceeds of $608.15 million. While Strive stated its intention to use funds for general corporate purposes including Bitcoin purchases, it has not specified the exact amount of proceeds allocated to BTC. At an illustrative Bitcoin price of $82,500, the net proceeds could purchase approximately 7,372 BTC, potentially increasing total holdings to roughly 44,190 BTC.