Strive, the bitcoin-focused issuer backed by Vivek Ramaswamy, launched an at-the-market plan to sell up to $500 million of its Variable Rate Series A Perpetual Preferred Stock.
Reports have disclosed the offering was filed on December 9, 2025 and that net proceeds may be used for general corporate purposes, including buying Bitcoin and Bitcoin-related products.
Strive Launches $500M Program
The public asset manager signed a sales agreement that names Cantor Fitzgerald, Barclays and Clear Street as placement agents for the program.
Based on reports, the ATM structure lets Strive sell SATA shares into the open market over time rather than in a single block. The prospectus supplement tied to the program makes clear how the offering fits into Strive’s capital toolbox.
Strive’s Announcement In Context
Strive has been steadily adding Bitcoin to its balance sheet this year. Reports show the firm bought about 1,567 BTC between October 28 and November 9 at an average price near $103,315 per coin, bringing total holdings to roughly 7,525 BTC as of early November.
These figures place Strive among the larger public corporate holders of Bitcoin and help explain why it is tapping preferred equity rather than other funding routes.
Bitcoin Holdings And Recent Buys
Based on reports, Strive’s stated goal is to increase Bitcoin per share over time. The company has framed preferred equity products like SATA as a way to fund future crypto buys while offering investors a different payout structure than common stock.
That mix — treasury Bitcoin plus income assets — is what Strive has pitched to shareholders in recent filings and investor updates.
Semler Deal And Earlier Purchase Plan
Reports have also tied Strive’s acquisition strategy to an earlier announcement to buy hundreds more coins as part of a corporate deal.
Reuters reported that in September Strive said it would buy 5,816 BTC for $675 million as part of its planned Semler acquisition, a move that would push combined holdings above 10,900 BTC if completed.
That disclosure underscores how the ATM program could fit into a broader plan to grow Bitcoin reserves.
Market Response
Stocks tied to Strive moved on the news. Some market pages recorded modest upticks in SATA and in Strive’s Class A common shares after the filing went public.
Investors and analysts will watch execution closely: an ATM sale can be gradual, and timing matters when buying a volatile asset like Bitcoin.
The preferred-stock route also has payout and conversion features that investors will weigh against dilution and cost of capital.
Featured image from Unsplash, chart from TradingView
