Strive Asset Management, the publicly traded firm that has been rapidly accumulating Bitcoin, announced plans for a massive expansion of its at-the-market (ATM) stock offering program. The company aims to increase its fundraising capacity by a total of $4.2 billion, with the proceeds earmarked exclusively for additional Bitcoin purchases.
The proposal calls for raising the ATM limits for two of its share classes: adding $2.1 billion to the Class A common stock (ASST) program and another $2.1 billion to the SATA preferred stock program. Once approved, this would bring the total capacity for ASST to $2.55 billion and for SATA to $2.6 billion. The plan still requires amended prospectus filings and corporate approvals.
CEO Matt Cole confirmed the expected increases in a social media post, citing improved liquidity and strong investor demand for the securities. He also stated that a balance sheet update would be released before Tuesday’s market open.
Strive’s stock reacted negatively in the short term, with ASST falling 2.77% to $17.18 amid a sharp morning sell-off before a partial recovery. The dilution risk inherent in the ATM model weighed on shares, even as the move underscores the firm’s aggressive Bitcoin strategy.
The company currently holds approximately 16,500 BTC, valued at about $1.27 billion, placing it among the largest corporate Bitcoin holders globally. Since January 2026, Strive has added more than 3,700 BTC, including a recent stretch where it deployed over $194 million from SATA proceeds to buy about 2,624 BTC in a single week. On one day alone, the SATA vehicle absorbed an estimated 453 BTC—equivalent to 101% of the daily mined supply.
Strive’s approach mirrors the Bitcoin treasury playbook pioneered by MicroStrategy, but with a key difference: it relies on perpetual preferred equity (SATA) instead of convertible debt. The SATA shares operate similarly to MicroStrategy’s STRC preferred shares, issuing new stock to acquire Bitcoin whenever the share price exceeds its $100 par value. If fully executed, the $4.2 billion expansion would more than triple the firm’s potential Bitcoin purchasing power, signaling strong long-term conviction in the digital asset. However, shareholders face the risk that the benefits of Bitcoin appreciation must outweigh the dilution from continuous new share issuance.
