Strive, Inc., the asset management firm co-founded by Vivek Ramaswamy, has announced plans for a $150 million follow-on public offering of its Variable Rate Series A Perpetual Preferred Stock, ticker SATA. The company stated the offering's success is contingent on market conditions. The primary objectives for the capital are to strengthen the balance sheet by reducing debt and to acquire additional Bitcoin.
The firm intends to use a portion of the proceeds to repay or redeem specific obligations, including the 4.25% Convertible Senior Notes due 2030 from its recently acquired subsidiary, Semler Scientific, and to settle borrowings from Coinbase Credit. After addressing these debts, the remaining funds will be allocated toward purchasing more Bitcoin and Bitcoin-related products, with a smaller portion reserved for working capital and general corporate purposes.
This strategy allows Strive to pursue its aggressive Bitcoin accumulation without heavily diluting its common shareholders, continuing its reliance on preferred equity for funding. The move follows a similar $160 million raise via the SATA preferred stock in November 2025.
Strive's Bitcoin treasury has grown significantly, now holding approximately 12,798 BTC, making it the 11th largest public corporate holder globally. This position was bolstered by the all-stock acquisition of Semler Scientific, completed in early January 2026, which added over 5,000 BTC to its reserves. The company now holds more Bitcoin than Tesla and Trump Media.
The SATA preferred stock offers a 12.25% annual dividend yield paid monthly and includes protective features such as a 12-month dividend reserve funded at closing to ensure consistent payments. Strive is also negotiating private exchanges where existing convertible noteholders can swap their notes for SATA stock, which could reduce the size of the public offering.
