TLDR
- Strive Asset Management filed a $500 million at-the-market offering to purchase more Bitcoin and related assets
- The Vivek Ramaswamy-backed company owns 7,525 BTC worth $694 million, making it the 14th-largest corporate holder
- Strive will sell Variable Rate Series A Perpetual Preferred Stock with a 12% annual dividend rate
- ASST shares gained 3.6% Tuesday to $1.02, more than doubling in 2025
- The firm upsized its November SATA IPO to 2 million shares at $80 per share due to strong demand
Strive Asset Management filed a $500 million at-the-market stock offering Tuesday to expand its Bitcoin treasury. The company plans to sell preferred shares through market agents over time.
The firm entered sales agreements with Cantor Fitzgerald, Barclays and Clear Street. Strive will offer Variable Rate Series A Perpetual Preferred Stock (SATA) at market prices rather than a fixed-price deal.
Proceeds will fund Bitcoin acquisitions, Bitcoin-related products and general business needs. The company also plans to buy income-generating assets but did not identify specific targets.
Co-founded by entrepreneur Vivek Ramaswamy in 2022, Strive converted to a Bitcoin treasury company through a reverse merger in May 2025. The firm follows the model created by Michael Saylor’s Strategy for accumulating crypto through equity markets.
Corporate Bitcoin Holdings
Strive holds 7,525 BTC valued at approximately $694 million. This ranks the company as the 14th-largest corporate Bitcoin holder worldwide.
The firm agreed to acquire Semler Scientific in September. The combined entity would become one of the largest public companies holding Bitcoin on its balance sheet.
Strive launched its first exchange-traded fund in August 2022. The asset manager now oversees more than $2 billion in total assets.
Share Price Movement
Class A common shares (ASST) rose 3.6% Tuesday to close at $1.02. The stock has gained over 100% since the beginning of 2025.
SATA preferred shares finished Tuesday at $91.15, up 0.088%. These shares pay a 12% annual dividend starting November 10, 2025. The company can adjust this rate in the future.
Strive completed an upsized SATA initial public offering on November 10. Investor demand pushed the deal to 2 million shares from 1.25 million shares. The offering priced at $80 per share.
Index Battle Continues
Strive CEO Matt Cole challenged MSCI to include Bitcoin treasury companies in its stock indexes. The index provider consulted with investors about blocking firms with balance sheets over 50% digital assets.
Cole argued investors should decide whether to include these companies in passive portfolios. The outcome affects Strive and other Bitcoin-focused public firms.
The at-the-market structure gives Strive flexibility to sell shares when market conditions are favorable. This approach differs from traditional offerings that sell all shares at once.
Strive describes itself as the first publicly traded asset management company operating a Bitcoin treasury. The firm held 7,525 BTC as of November 7 according to its latest filing.
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