Bitcoin treasury firm Strive has signed agreements with seven institutions, and plans to issue up to $1 billion in preferred stock via an At-The-Market (ATM) offering.

According to U.S. SEC filings, Bitcoin treasury firm Strive signed a sales agreement on October 26 with seven institutions: Cantor Fitzgerald, Barclays, Clear Street, StoneX, B. Riley Securities, Maxim Group, and H.C. Wainwright. The company plans to sell up to 15% of its Series A perpetual preferred stock (ticker: SATS) with a total offering value of up to $1 billion via an at-the-market (ATM) offering on an irregular basis. The filings show the preferred stock carries an annual dividend rate of 15% and a $100 par value per share. Strive may conduct the issuance through existing trading venues such as Nasdaq or other legal channels based on market conditions, with the seven firms acting as selling agents entitled to a maximum commission of 2% of the total proceeds per sale. This offering is an additional issuance, separate from the 7 million SATS preferred shares already issued. The filings add that Strive may issue shares on an irregular basis depending on market conditions, with the actual issuance size and timing subject to the company’s arrangements and market environment.