Less than a week after the SATS preferred stock IPO closed on October 20, Strive filed a prospectus supplement for an at-the-market program of up to $1B. Shares will be sold over time through Cantor Fitzgerald, Barclays, Clear Street, StoneX, B. Riley, Maxim and H.C. Wainwright on Nasdaq, where SATS last traded at $94.88.

The stock pays a cumulative 15% annual dividend on a $100 stated amount, with 7 million shares already outstanding. Net proceeds may go to general corporate purposes, including the acquisition of bitcoin and bitcoin-related products, as well as working capital and buybacks of Class A common stock.

As of October 23, Strive held about 43,000 BTC bought at an average of $87,785, with a total cost of $3.8B against a fair value of $3.5B.

The program extends the preferred-stock playbook used by bitcoin treasury companies to fund purchases without diluting common shareholders, but a 15% dividend makes it one of the more expensive sources of capital while the holdings sit below cost.