Strive Announces IPO for Variable Rate Preferred Stock, Plans to Fund Bitcoin Purchases and Stock Buybacks.

Strive, a digital asset treasury firm, is issuing 1.25 million shares of Variable Rate Series A Perpetual Preferred Stock in an IPO to fund bitcoin purchases, income-producing assets, and other purposes. The preferred shares carry a 12% annual dividend, adjustable monthly based on the one-month SOFR benchmark. Unpaid dividends will compound monthly up to a 20% annual rate. The shares can be redeemed at $110 each plus accrued dividends after being listed on a major exchange or upon a "fundamental change." ASST rose 9% on the announcement.