Strive, a digital asset and investment management firm co-founded by former U.S. presidential candidate Vivek Ramaswamy, has announced plans to raise up to $150 million through a preferred stock offering. The capital will be used primarily to reduce debt and potentially acquire more Bitcoin, reinforcing Strive’s long-term crypto treasury strategy.
The company said it will issue Variable Rate Series A Perpetual Preferred Stock, trading under the ticker SATA. Proceeds from the offering, combined with existing cash and potential gains from unwinding hedge positions, will be directed toward paying down liabilities at its wholly owned subsidiary, Semler Scientific.
This includes repurchasing part of Semler’s 4.25% convertible senior notes due in 2030 and reducing outstanding borrowings under a master loan agreement with Coinbase Credit. According to Strive, the goal is to simplify its capital structure and return to what it calls a “perpetual-preferred only amplification model.”
Any remaining capital from the raise may be allocated to purchasing Bitcoin and Bitcoin-related financial products, further strengthening the company’s BTC-focused balance sheet.
Strive Plans Debt-for-Equity Swaps and Details SATA Preferred Stock
In addition to the public offering, Strive plans to negotiate private debt-for-equity exchanges with certain holders of Semler’s convertible notes. These transactions would allow noteholders to swap their debt for SATA preferred shares, reducing the size of the public offering but not generating new cash.
The SATA preferred stock comes with a starting annual dividend rate of 12.25%, paid monthly in cash. The dividend rate will adjust over time based on market conditions and short-term interest rates. The shares are perpetual, though Strive retains the option to redeem them, generally at $110 per share plus any unpaid dividends.
Barclays and Cantor Fitzgerald are acting as joint book-running managers for the offering, while Clear Street is serving as co-manager.
Earlier this year, Strive announced an all-stock acquisition of Semler Scientific, which has already received shareholder approval. Once completed, the deal will add 5,048.1 BTC to Strive’s treasury, bringing its total Bitcoin holdings to approximately 12,797.9 BTC.
Strive has been aggressively expanding its Bitcoin exposure. In May 2025, the company announced a $750 million raise aimed at deploying “alpha-generating” Bitcoin strategies. This was followed by a $500 million stock sales program in December to fund additional BTC purchases.
Crypto Treasury Firms Face Rising Pressure in 2026
Strive’s latest move comes as crypto treasury companies face increasing uncertainty heading into 2026. Industry leaders warn that many firms built during Bitcoin’s bull market may struggle to survive if prices weaken and equity valuations continue to decline.
MoreMarkets CEO Altan Tutar has cautioned that 2026 could bring widespread shutdowns across the sector. He expects altcoin-focused treasury firms to fail first, followed by companies heavily exposed to large-cap digital assets such as Ethereum, Solana, and XRP.
According to Tutar, the space has become overcrowded, and many companies are unable to maintain valuations above net asset value without developing sustainable revenue streams beyond simply holding digital assets.
