Strive, Inc., the Nasdaq-listed structured finance company with a significant Bitcoin (BTC) treasury, announced on Tuesday the launch of a new $500 million at-the-market (ATM) offering of its Variable Rate Series A Perpetual Preferred Stock (SATA). The move is designed to provide Strive with flexible capital, with a primary use being the acquisition of more Bitcoin to expand its already substantial holdings.
Key Details of the Offering
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Security: Variable Rate Series A Perpetual Preferred Stock (SATA).
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Size: Up to $500 million in aggregate offering price.
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Structure: At-The-Market (ATM) Offering. This flexible structure allows Strive and its agents—Cantor Fitzgerald, Barclays, and Clear Street—to sell shares directly onto the Nasdaq Global Market at prevailing prices over a period of time, rather than in one large, fixed-price transaction.
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Dividend Rate: The stock has an initial annual dividend rate of 12.00%, payable monthly, with the company reserving the right to adjust the variable rate in the future.
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Use of Proceeds: Strive confirmed the proceeds will be used for general corporate purposes, “including acquiring more Bitcoin,” according to a post on social media platform X.
Building on the Bitcoin Treasury
The ATM program follows the successful initial public offering (IPO) of the SATA stock in November, which was upsized to 2 million shares, closing at a price of $80 per share.
Strive, co-founded by entrepreneur Vivek Ramaswamy, positions itself as the first publicly traded asset management Bitcoin treasury company. Its stated long-term goal is to increase its BTC-per-share metric, aiming to eventually outperform Bitcoin itself.
As of November 7, Strive reported holding 7,525 BTC in its treasury.
The new ATM offering underscores a growing trend among publicly traded companies to strategically utilize equity financing to build and fund corporate Bitcoin reserves.
