Strive, an asset management firm co-founded by Vivek Ramaswamy in 2022, plans to secure up to $150 million through an offering of preferred stock aimed at paying off debt and buying more Bitcoin.
Strive intends to sell shares of its Variable Rate Series A Perpetual Preferred Stock, trading under the ticker SATA, according to a Wednesday announcement.
The capital generated from this initiative, combined with cash on hand and revenue from unwinding hedging transactions, is planned to settle liabilities at its wholly owned subsidiary, Semler Scientific. This includes repurchasing a portion of Semler’s 4.25% convertible senior notes which mature in 2030, as well as outstanding debts under a master loan agreement with Coinbase Credit.
Strive aims to streamline its balance sheet and return to a “perpetual-preferred only amplification model.” Any leftover funds could potentially be used for purchasing Bitcoin (BTC) and Bitcoin-related assets.
Strive Plans Debt Swaps
The Bitcoin treasury company has also disclosed intentions to negotiate private exchanges with certain holders of Semler’s convertible notes, permitting them to swap debt for SATA preferred shares. These swaps would decrease the public offering’s scale but would not create cash flow for the company.
The SATA preferred stock will carry an initial annual dividend rate of 12.25%, disbursed monthly in cash, with the rate adapting over time based on market dynamics and short-term interest rates. Although the preferred shares are perpetual, they can be redeemed at Strive’s discretion, typically priced at $110 per share plus any unpaid dividends.
Barclays and Cantor Fitzgerald are serving as joint book-running managers for the offering, with Clear Street acting as co-manager.
Earlier this January, Strive revealed plans for an all-stock agreement to acquire Semler Scientific. The company stated that shareholder approval has been achieved for this acquisition, which will add Semler Scientific’s 5,048.1 Bitcoin to Strive’s existing treasury. Following the completion of this transaction, Strive’s total Bitcoin holdings will rise to 12,797.9 BTC.
Related: Strategy Buys $2.13B In Bitcoin, Holdings Surpass 700K
Translation: Related: Strategy buys $2.13 billion in Bitcoin, holdings surpass 700,000.
In May 2025, Strive announced a $750 million fundraising to develop “alpha-generating” strategies through Bitcoin purchases. Furthermore, they also initiated another $500 million stock sales program in December for the same aim.
Crypto Treasury Firms Face Challenges in 2026
Strive’s strategy emerges as digital asset treasury companies are entering a challenging phase, with industry leaders warning that many firms founded during Bitcoin’s peak could struggle to survive. MoreMarkets CEO Altan Tutar stated that 2026 may see extensive shutdowns due to declining crypto prices and falling share valuations affecting business models that heavily rely on holding digital assets.
Tutar believes that treasury firms focused on altcoins may falter first, followed by major strategies linked to assets like Ethereum (ETH), Solana (SOL), and XRP (XRP). He noted the sector is overcrowded and unable to maintain valuations beyond net asset value without pursuing new sources of return.
Related: One in four S&P 500 firms will hold Bitcoin by 2030
Translation: One in four S&P 500 firms is predicted to hold Bitcoin by 2030.
