SATS
15.00% Series A Perpetual SATS Preferred Stock
At this price
The 15% fixed rate gives a higher indicated yield than SATA at this snapshot. That compensation comes with junior ranking and no compounding on unpaid dividends. The initial reserve is a funding resource, not collateral or an assurance of payments.
Assessment and scenario use October 30 prices. A later price-only update does not silently refresh this assessment. Indicated yield annualizes the snapshot ordinary rate; it is not promised income or total return.
One-year scenario at the October 30 entry price
Not a forecast: assumes distributions are realized in cash-equivalent value, no reinvestment, fees or taxes. STRK cash settlement is not assured; variable rates may change.
Entry $93.25. At the assumed $15 distributions, price-only decline to $78.25 would offset that income before costs. Omitted or deferred payments change the result.
New Strive issue—not EchoStar
SATS is Strive’s new preferred. This ticker was previously used by EchoStar. No pre-Strive chart history or IPO offer price is presented as a trading return. The first declared payment is still in the future at this price cutoff.
Why consider it?
Higher fixed contractual rate than SATA, with a junior claim.
Main trade-off
Junior to SATA; unpaid dividends do not compound. New issue with limited trading history.
Income terms
First declared payment November 9; subsequent business-day installments. Cumulative, no compounding.
Cash, subject to declaration and legally available funds. First declared $0.8710 payment is November 9, record date November 6. No payment was due by the October 30 price cutoff.
No scheduled maturity. Preferred equity is not a secured loan or direct ownership of the issuer’s digital assets. Priority does not guarantee payment or recovery.
What supports the dividends?
At October 23, Strive reported $504.4m cash, $50.177m of STRC investments separately, and 43,000 BTC. Reported counts were 14,030,176 SATA and 7,000,000 SATS, including sold shares pending issuance. No consolidated debt was reported; this does not mean no liabilities.
Holding SATA at 13% and SATS at 15% gives $287.392m annual ordinary dividends combined: $182.392m SATA plus $105m SATS. This is a static rate-and-share-count scenario, not a cash-flow coverage measure.
Six-month operating cash flow through June 30 was negative $39.4m before $33.224m preferred cash dividends; financing supplied $702.736m. That period predates SATS and does not establish current operating coverage.
Dividend-only scenario, reserve and new issuance
Cash divided by the combined annual ordinary dividend estimate is 21.06 months of dividends alone—not forecast runway. It excludes operations, taxes, asset purchases and other uses, and assumes no rate or share-count changes.
The initial SATS reserve contribution is $157.5m (7m shares × $22.50), funded with existing cash/securities. Its overlap with reported cash is not reconciled: do not add it as a new asset or treat it as pledged collateral or guaranteed payments. The $1bn SATS ATM is permission to raise capital, not money already received; 17m shares is an offering assumption, not the current reported count.
ST_S1: Item 8.01 October23 holdings/share-count table and footnote1 · ST_S2: S-4 to S-7 offering/ranking; S-19 to S-31 Description of SATS; Use of Proceeds · ST_S7: Condensed Consolidated Statements of Cash Flows and MD&A Cash Flows, six monthsJune30 · ST_S8: Items3.03,8.01
Detailed terms, arrears and exit rights
Unpaid dividends
Cumulative unpaid dividends do not earn additional dividends. The controlling certificate prohibits compounding; this differs from SATA.
Exit limits
No conversion or scheduled maturity. All-only cleanup call below 25% of aggregate issued shares, or tax event, at liquidation preference plus unpaid dividends. Defined fundamental-change put at $100 plus unpaid dividends is conditional; no broad $110 optional call.
Liquidation preference is a contractual calculation, not a guaranteed $100 recovery or market floor.
Senior or parity stock can be issued without a SATS veto. Junior-payment restrictions have exceptions; limited protective votes are not a SATA-style missed-payment director right. The initial $100 liquidation preference can change under the additional-issuance formula; no current preference is calculated here. The October 20 8-K summary contains inconsistent compounding language; the controlling certificate §5(a) explicitly prohibits additional accrual on unpaid dividends.
ST_S3: SATS certificate Sections4,5,7,8,9; Definitions · ST_S2: S-4 to S-7 offering/ranking; S-19 to S-31 Description of SATS; Use of Proceeds · ST_S6: Item8.01 SATS first/dividend calendar
Sources, dates and limits
Primary-source review updated October 31; financial periods and effective dates remain separately stated. This is investment research, not a financial-statement audit. Declarations and scheduled payment dates are not proof of brokerage receipt. Distribution tax treatment depends on issuer reporting and investor circumstances; return of capital is not a blanket tax-free promise.
ST_S3: SATS certificate Sections4,5,7,8,9; Definitions · ST_S2: S-4 to S-7 offering/ranking; S-19 to S-31 Description of SATS; Use of Proceeds · ST_S6: Item8.01 SATS first/dividend calendar