Strive's Jeff Walton Explains $700M Bitcoin Preferred Stock Raise as Credit Spreads Widen

Strive raises $700 million for Bitcoin through an upsized preferred stock offering

Strive raised $700 million for Bitcoin through an upsized public offering of its SATS preferred stock, according to a video interview published by Bitcoin Magazine on October 21, 2026. Preferred stock is a type of share that usually pays a set dividend before common shareholders are paid.

The interview features Jeff Walton, Chief Risk Officer at Strive. He discusses what the raise signals for Bitcoin-backed preferred equity and for rated capital, which is debt or equity that has been given a formal credit rating by an agency.

Key details from the interview

• Strive raised $700 million for Bitcoin through the SATS preferred stock offering, which the video describes as upsized.
• Walton says high-yield credit spreads — the extra interest investors demand from riskier borrowers — were widening at the time, which he says is notable given that Strive still completed the raise. Commonly known as CCC spreads, these were the specific spreads described as blowing out.
• The discussion covers Strategy's daily dividend vote and STRC returning to par. Par is the face value of a security.
• Walton describes what he calls a "gold rush" of new capital pools chasing Bitcoin.
• Topics also include Strive's 18-month dividend reserve, its amplification ratio, and the difference between the SATS and SATA instruments as tools for raising capital.
• Other subjects include surviving what the video calls the longest Bitcoin bear market with no capital access, and MSCI's Bitcoin treasury exclusion alongside a comparison to Vanguard.

What is stated as fact and what is opinion

The $700 million raise for Bitcoin and the upsized SATS preferred stock offering are presented as reported facts in the source. The other points in the interview — including the significance of the raise during widening credit spreads, the idea that new capital pools are chasing Bitcoin, and Walton's view that this is where the next trillion dollars comes from — are his opinions and analysis as a participant in the show.

The source notes that the views expressed in the show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, or any affiliated entities. It also states the content is for informational and educational purposes only and is not investment, legal, tax, or accounting advice.

Sources

• Bitcoin Magazine

Read also: CryptoSlate model puts Bitcoin's median 90-day price near $96,388 by January 2027