Bitcoin treasury company Strive disclosed an optional program to repurchase up to $500 million of its variable-rate perpetual preferred stock, traded as SATA, on Oct. 5.
The program exceeds its reported $284.7 million cash balance and lets management weigh further Bitcoin purchases against retiring dividend-paying preferred shares.
The SEC filing gives management discretion to repurchase shares from time to time. The ceiling is $215.3 million above reported Oct. 2 cash, so immediate full use would require resources beyond that dated balance.
