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.