Bitplanet: Strive's 15% SATS preferred dividend could force bitcoin sales
- —SATS raised $630 million at $90 per share against a $100 par with a 15% rate
- —Annual preferred dividend burden is about $287.4 million
- —Strive posted negative operating cash flow of $39.4 million in H1
- —At BTC $82,500 it would need to sell ~3,484 BTC for dividends; at $41,250, ~6,967 BTC
Why it matters: Bitcoin treasury models funded by costly preferred stock are vulnerable to a BTC drawdown and closed capital markets.
Source: Bloomingbit