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BTC Strive公司计划发行5亿美元永续优先股，筹资用于购买比特币
专注于比特币的结构化金融公司Strive, Inc.（纳斯达克代码：ASST）计划通过发行新的永续优先股筹集5亿美元。该优先股附带固定15%的年度股息，且募集资金的主要用途明确列为购买比特币。该公司于10月13日在新闻稿中披露了这一计划。
发行条款与结构
在市场条件允许的情况下，此次发行将出售500万股15.00%系列A SATS优先股，每股面值为100美元。15%的收益率高于Strive现有的可变利率SATA优先股（目前设定为13%），但在资本结构中，SATS优先股的清偿顺序次于SATA。
根据SATS发行的条款，股息按面值100美元的每年15%累积，仅在Strive董事会宣布时支付。首次常规派息日期定于2026年11月9日，首期款项将包含自收盘日起累计的股息。Strive计划设立相当于18个月付款额的准备金，即每股22.50美元（500万股总计约1.125亿美元），该资金将使用手头现金和证券进行资助。
募集资金将用于一般企业目的，包括购买比特币及比特币相关产品、营运资金、产生收益的资产、资本支出、普通股或SATA股票的回购以及潜在收购。巴克莱银行（Barclays）和坎托·费茨gerald（Cantor Fitzgerald）担任联合账簿管理人，Clear Street担任牵头管理人，依据有效的美国证券交易委员会（SEC）货架注册进行。
为何选择15%股息作为比特币国库资本的基准
Strive将比特币描述为其部署资本的“ hurdle rate ”（门槛收益率），即任何新的投资承诺预期都必须超越这一基准。支付固定的15%股息意味着公司押注其通过持有比特币（10月14日凌晨交易价格约为83,400美元）以及增长其产生收益的资产，能够获得超过该成本的回报。
15%的票面利率是次级地位的价格。SATS持有人处于SATA之后，因此他们承担更高风险以换取更高、固定的股息。与大型比特币国库管理公司Strategy偏爱的可转换债务融资不同——后者在其最新每周买入中增加了250枚比特币——优先股具有可见的现金股息，但不存在到期日或强制转换的压力。
条款内置的风险
If the full amount is announced, a fixed 15% annual dividend would represent a significant ongoing cash obligation, amounting to approximately $75 million per year. The liquidation priority starts at $100 per share, but it may be adjusted daily based on the market price of SATs shares. This could pose a risk of losses for holders if the amount they hold exceeds the required threshold. Strive may only redeem shares when the number of unissued shares falls below 25% of the initial issuance, or in case of tax-related events. Holders will only have the right to repurchase shares in case of “fundamental changes.”
This issuance has not yet been priced, and its terms and delivery date remain uncertain due to market conditions. Next, key observations include the transaction pricing and completion, the date of the first dividend payment (November 9th), and whether Strive will invest the raised funds in Bitcoin at current levels. The last time Strive disclosed any treasury operations was in late September, when it purchased 1,355 Bitcoins, bringing its total holdings to 26,355 BTC.
