Strive launched a $500 million SATA stock ATM financing plan, with part of the net proceeds to be used for purchasing Bitcoin

According to Globenewswire, Bitcoin asset reserve company Strive (NASDAQ: ASST; SATA) announced that it has signed a sales agreement. Under this agreement, Strive may issue and sell its Series A variable rate perpetual preferred stock, with a par value of $0.001 per share (referred to as "SATA Stock"), with a total issuance price of up to $500 million (referred to as the "ATM Program").

Strive intends to use the net proceeds from the ATM Program for general corporate purposes, including but not limited to: purchasing Bitcoin and Bitcoin-related products, serving as working capital, acquiring income-generating assets to expand the company's business, making other capital expenditures, repurchasing the company's Class A common stock, and/or repaying debt. Strive may also use these proceeds to fund acquisitions of businesses, assets, or technologies that complement its current operations.