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**Strive**, the asset management firm co-founded by Vivek Ramaswamy and listed on Nasdaq under **ASST** (with preferred stock SATA), announced on **January 21, 2026**, a proposed follow-on offering of up to **$150 million** in Variable Rate Series A Perpetual Preferred Stock (SATA). The capital raise aims primarily to acquire additional **Bitcoin**, repay or repurchase debt (including convertible notes from subsidiary Semler Scientific and borrowings from Coinbase Credit), and support general corporate purposes.
As of January 16, 2026, Strive holds approximately **12,797.6–12,798 BTC**, positioning it as the 11th largest corporate Bitcoin holder globally—boosted by its recent all-stock acquisition of Semler Scientific, which added over 5,000 BTC to its treasury. The offering follows Strive’s shift toward a “perpetual-preferred only amplification model,” focusing on increasing “Bitcoin per share” to potentially outperform BTC’s price appreciation long-term.
Proceeds allocation priorities include:
– Debt reduction to strengthen the balance sheet and reduce refinancing risks.
– Direct Bitcoin purchases and Bitcoin-related investments to expand treasury holdings.
– Working capital and operational growth.
This move signals strong institutional conviction in Bitcoin as a reserve asset amid ongoing adoption trends. It aligns with broader corporate treasury strategies (e.g., similar to MicroStrategy’s approach), where firms use capital raises to amplify BTC exposure while managing liabilities. Analysts view it as a bullish indicator for Bitcoin’s long-term value, potentially encouraging further institutional accumulation and contributing to market liquidity by locking up supply in long-term holdings.
The offering remains subject to market conditions and regulatory approvals, with no fixed pricing or timeline disclosed yet. Strive’s aggressive Bitcoin strategy underscores growing confidence in digital assets as a hedge against traditional economic pressures.
