Strive closes $630M SATS IPO, leaves Bitcoin allocation unspecified

Strive closed a $630 million IPO for its SATS vehicle, but did not specify how much of the proceeds will go toward Bitcoin. At current prices, the net proceeds could fund an estimated 7,372 BTC, which would place it above Metaplanet's holdings if fully allocated. Traders care because the disclosure leaves a large potential buyer's demand uncertain, so the market impact hinges on whether Strive confirms the full allocation.