Strive launches $500 million at-the-market offering for further bitcoin acquisitions

Strive, a Nasdaq-listed structured finance company that operates a bitcoin treasury, announced Tuesday that it is launching a $500 million at-the-market offering of its Variable Rate Series A Perpetual Preferred Stock (SATA).

According to its prospectus, Strive has entered a sales agreement with Cantor Fitzgerald, Barclays and Clear Street to offer up to $500 million in shares of its SATA stock. 

Utilizing the ATM structure, Strive and its agents gain the flexibility to sell shares directly to the market at prevailing prices over a period, instead of issuing them at a fixed price in one large transaction.

The dividend rate for SATA is set at 12.00% per annum, with the regular dividend period beginning on Nov. 10, 2025. Strive noted that it has the right to adjust the regular dividend rate in the future.

"The program builds on the success of the upsized SATA IPO offering and will provide the company with additional capital for general corporate purposes, including acquiring more Bitcoin," Strive wrote in a post on social media platform X. 

On Nov. 10, Strive announced that it closed the initial public offering of the SATA stock at a price of $80 per share, after it upsized the IPO to 2 million shares from the initial target of 1.25 million. The stock went on to trade on the Nasdaq Global Market.

Strive, co-founded by entrepreneur and politician Vivek Ramaswamy, describes itself as the first publicly traded asset management Bitcoin treasury company. It holds a long-term goal of increasing BTC-per-share to eventually outperform bitcoin. According to the press release, Strive held 7,525 BTC as of Nov. 7.

SATA edged up 0.088% on Tuesday, closing markets at $91.15. Strive's Class A common stock ASST closed the day up 3.57% at $1.02, according to Google Finance data.