Bitcoin treasury company Strive announced Tuesday evening that it is launching a new perpetual preferred stock, SATS, planning to issue 5 million shares at $100 per share to raise $500 million, with proceeds to be used for purchasing more Bitcoin, acquiring revenue-generating assets, or buying back stock.

The preferred stock offers a 15% fixed dividend rate and ranks junior to the company's existing perpetual preferred stock, SATA. SATS will pay dividends on a daily basis. The existing SATA carries a floating rate, currently at 13%.

Strive said that at the close of the offering, the company plans to establish a dividend reserve equal to the first 18 months of SATS dividend payments.

Unlike most Bitcoin treasury companies, including the larger Strategy, Strive has sharply increased its Bitcoin holdings in recent weeks. The company purchased 3,311 Bitcoins last week, bringing total holdings to 32,773 coins, currently valued at approximately $2.7 billion. Three months ago, its holdings were below 20,000 coins.

In market data, the Bitcoin price stands at approximately $83,342.69, while Strive shares are quoted at $27.60.