DeFi digital credit protocol Saturn has used its own funds to participate in the initial public offering of SATS, the preferred stock issued by bitcoin treasury company Strive, according to a post on X from Saturn co-founder Ellis Osborn. Osborn said the move does not affect USDat, sUSDat, or Saturn’s existing products and holders. He also said Saturn plans to explore offering similar instruments to its global investors in the future.
Foresight News had previously reported that SATS is a cumulative perpetual preferred stock with a fixed 15% annual dividend rate and distributions paid every business day. In the capital structure, SATS ranks below Strive’s floating-rate preferred stock SATA and above its common stock ASST. Strive sold 7 million shares of SATS at $90 each, raising about $630 million. The offering closed on Oct. 20.
Saturn, a DeFi digital credit protocol, has used its own funds to participate in the IPO of SATS, the preferred stock issued by bitcoin treasury company Strive, according to an X post from Saturn co-founder Ellis Osborn.
Osborn said the investment does not affect USDat, sUSDat, or Saturn’s existing products and holders. He added that Saturn plans to explore offering SATS-like instruments to its global investors in the future.
Terms of the SATS offering
Foresight News previously reported that SATS carries a fixed 15% annual dividend rate and is structured as cumulative perpetual preferred stock, with distributions paid every business day. In the repayment order, SATS ranks below Strive’s floating-rate preferred stock SATA and above common stock ASST.
Strive issued 7 million shares of SATS at $90 per share, raising about $630 million. The deal closed on Oct. 20.
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