Target price raised 34% to $43, StoneX maintains Strive buy rating

Odaily Report: StoneX has raised its target price for Bitcoin treasury company Strive from $32 by 34% to $43, while maintaining a buy rating. Analyst Mark Palmer stated that Strive's recently completed SATS preferred stock IPO and the expiration of traditional warrants constitute a "clean reset" of the company's capital structure, highlighting its all-preferred-stock Bitcoin treasury model. On October 20, Strive completed an upsized IPO of 7 million shares of SATS preferred stock with a 15% dividend rate, raising $630 million in gross proceeds, and has reserved sufficient funds to cover dividend payments for the first 18 months. Palmer noted that SATS ranks junior to the earlier SATA preferred stock, so every dollar raised adds to assets without increasing claims senior to the senior preferred stock.