Strive, an asset manager co-founded by Vivek Ramaswamy, is preparing a preferred stock offering that could raise as much as $150 million, with funds aimed at reducing debt and strengthening its Bitcoin-focused strategy.
The company said the proceeds would be used to simplify its balance sheet and potentially increase its exposure to Bitcoin at a time when crypto treasury firms face mounting pressure in 2026.
What Strive plans to do with the capital
Strive said it will issue Variable Rate Series A Perpetual Preferred Stock, trading under the ticker SATA. Alongside existing cash and possible gains from unwinding hedging positions, the capital will primarily be directed toward liabilities at its wholly owned subsidiary, Semler Scientific.
The company plans to repurchase part of Semler’s 4.25% convertible senior notes due in 2030 and reduce outstanding borrowings under a loan facility with Coinbase Credit. Strive said the restructuring is designed to shift back toward a “perpetual-preferred only amplification model,” with any remaining funds potentially allocated to Bitcoin and related products.
Barclays and Cantor Fitzgerald are acting as joint book-running managers for the offering, with Clear Street as co-manager.
Preferred stock terms and debt swap strategy
The SATA preferred shares carry an initial annual dividend rate of 12.25%, paid monthly in cash. The rate will adjust over time based on market conditions and short-term interest rates. The shares are perpetual but can be redeemed at Strive’s option, generally at $110 per share plus unpaid dividends.
Strive also disclosed plans to negotiate private exchanges with certain holders of Semler’s convertible notes, allowing them to swap debt for SATA preferred shares. These transactions would reduce the size of the public offering but would not generate fresh cash for the company.
Semler acquisition and Bitcoin holdings
Earlier in January, Strive announced an all-stock acquisition of Semler Scientific and said it had secured shareholder approval for the deal. The transaction is expected to add 5,048.1 Bitcoin to Strive’s treasury, bringing its total holdings to 12,797.9 BTC after completion.
The company has pursued an aggressive Bitcoin strategy over the past year. In May 2025, it announced a $750 million raise to fund Bitcoin-related investments, followed by a $500 million stock sales program in December to support additional purchases.
Why this move matters now
Strive’s fundraising effort reflects a broader shift among crypto treasury firms that are trying to stabilize capital structures while maintaining exposure to digital assets. Rising interest rates, volatile crypto prices, and pressure on equity valuations have made debt-heavy models harder to sustain.
Industry executives have warned that 2026 could be a stress test for companies built around Bitcoin accumulation. MoreMarkets CEO Altan Tutar said many firms created during the previous rally may struggle to survive if falling crypto prices and declining share values continue to erode their financial flexibility.
What to watch next
Investors will be watching how much capital Strive ultimately raises, how much debt it retires, and whether it deploys meaningful capital into Bitcoin during a period of heightened market uncertainty. The outcome could signal whether crypto treasury firms are entering a consolidation phase or doubling down on their accumulation strategies.
This report is based on the provided source; independent confirmation was not available in the provided material.
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