We advised Strive on the offering

Davis Polk advised Strive, Inc. in connection with its SEC-registered at-the-market offering of its shares of 15.00% Series A perpetual SATS preferred stock, $0.001 par value per share, for up to an aggregate offering price of $1 billion. Strive intends to use the net proceeds from the offering to purchase bitcoin and for general corporate purposes, including for working capital. The preferred stock is listed on the Nasdaq Global Market under the symbol “SATS.”

Strive is a structured finance company focused on disciplined capital allocation and long-term value creation. The company has strategically adopted bitcoin as its hurdle rate for capital deployment because of its fiduciary duty to maximize long-term value for stockholders and compound purchasing power over time. Strive Asset Management, LLC, a direct, wholly owned subsidiary of Strive and an SEC-registered investment adviser, manages over $2.8 billion in assets.

The Davis Polk capital markets team included partner Derek Dostal, counsel Michael Stromquist and associate Jenna Pedranti. Partner Kara L. Mungovan and associate Georgianna Eck provided tax advice. Counsel Sarah E. Kim and associates Andrea Stoller and John Godoshian provided investment management advice. All members of the Davis Polk team are based in the New York office.

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