Topic
Capital raising by issuing preferred shares that pay set dividends ahead of common stock, widely used by bitcoin treasury companies such as Strategy and Strive.
Strategy and Strive added 197,000 BTC in 2026, more than the 193,000 BTC net gain River reports for all businesses. Strive held 32,773 BTC on Oct. 9, so Strategy's share is at least 164,000 BTC, or 83%.
Reality
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