Strive plans preferred stock buyback program of up to $500M

Bitcoin treasury company Strive plans to launch a buyback program for its floating-rate perpetual preferred stock, SATA, of up to $500 million, CryptoSlate reported. According to a filing with the U.S. SEC, the amount exceeds Strive’s $284.7 million cash balance as of Oct. 2, but the company is not required to execute the full $500 million, and it did not disclose specific funding methods or a timeline.

Buying back and retiring the preferred shares could reduce future dividend obligations, while also leaving less cash available for additional BTC purchases. Strive held 29,462 BTC as of Oct. 2.

Source: Coinness