Bitcoin treasury company Strive (Nasdaq: ASST) has closed the initial public offering of its 15% Series A Perpetual SATS Preferred Stock, which begins trading on the Nasdaq Global Market under the ticker SATS on October 20.

The deal was upsized by 2 million shares to 7 million, priced at $90 per share against a $100 stated amount. SATS pays cumulative dividends at 15% per year, with the first payment expected on November 9 if declared by the board.

At closing, Strive set aside $22.50 per share as a dividend reserve, covering 18 months of payments.

SATS ranks above Strive's common stock but below its existing variable rate SATA preferred and any debt. The company uses bitcoin as the hurdle rate for deploying capital, and the new junior layer adds funding capacity for its treasury strategy.