Strive, an asset manager co-founded by former US presidential candidate Vivek Ramaswamy in 2022, plans to raise as much as $150 million through an offering of preferred stock, with proceeds earmarked for debt repayment and Bitcoin purchases.
Strive said it plans to sell shares of its Variable Rate Series A Perpetual Preferred Stock, trading under the ticker SATA, according to a Wednesday announcement.
The company said the capital raised, alongside existing cash and potential proceeds from unwinding hedging transactions, would be used to pay down liabilities at its wholly owned subsidiary, Semler Scientific. That includes repurchasing a portion of Semler’s 4.25% convertible senior notes due in 2030, as well as outstanding borrowings under a master loan agreement with Coinbase Credit.
Strive said the move is intended to simplify its balance sheet and return to a “perpetual-preferred only amplification model.” Any remaining funds may be allocated toward acquiring Bitcoin (BTC) and Bitcoin-related products.
Strive plans debt swaps
The Bitcoin treasury company also revealed plans to negotiate private exchanges with certain holders of the Semler convertible notes, allowing them to swap debt for SATA preferred shares. These exchanges would reduce the size of the public offering but would not generate cash for the company.
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The SATA preferred stock carries a starting annual dividend rate of 12.25%, paid monthly in cash, with the rate adjusting over time based on market conditions and short-term interest rates. The preferred shares are perpetual but can be redeemed at Strive’s option, generally at $110 per share plus any unpaid dividends.
Barclays and Cantor Fitzgerald are acting as joint book-running managers for the offering, with Clear Street serving as co-manager.
Earlier in January, Strive announced an all-stock deal to acquire Semler Scientific. The company said it has secured shareholder approval for the acquisition, which would add Semler Scientific’s 5,048.1 Bitcoin to Strive’s existing treasury. Following the transaction, Strive’s total Bitcoin holdings will increase to 12,797.9 BTC.
In May 2025, Strive announced a $750 million raise to establish “alpha-generating” strategies through Bitcoin-related purchases. The company announced another $500 million stock sales program to raise funds for additional BTC purchases in December.
Related: One in four S&P 500 firms will hold Bitcoin by 2030
Crypto treasury firms face challenges in 2026
Strive’s plan comes as digital asset treasury companies are heading into a difficult period, with industry executives warning that many companies built during Bitcoin’s rally may not survive. MoreMarkets CEO Altan Tutar said 2026 could see widespread shutdowns as falling crypto prices and declining share valuations put pressure on business models that rely largely on holding digital assets.
Tutar expects altcoin-focused treasury firms to fail first, followed by large-cap strategies tied to assets such as Ethereum (ETH), Solana (SOL) and XRP (XRP). He said the sector is overcrowded and unable to sustain valuations above net asset value without creating additional sources of return.
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