Asset manager Strive, Inc., co-founded by entrepreneur and former presidential candidate Vivek Ramaswamy, has moved to raise up to $500 million via a new at-the-market offering of its perpetual preferred stock in a bid to increase its Bitcoin reserves and support other corporate objectives. Vivek’s Strive already holds 7,525 BTC as of early November 2025, which is good enough to be ranked in the top 20 among Bitcoin treasury companies. Vivek’s Strive raises new capital for crypto accumulation On December 9, 2025, Strive filed with U.S. regulators a sales agreement to issue and sell up to $500 million of its Variable Rate Series A Perpetual Preferred Stock (ticker: SATA). The company said the net proceeds from the offering will be directed toward “general corporate purposes, including, among other things, the acquisition of bitcoin and bitcoin-related products and for working capital, the purchase of income generating assets to grow the Company’s business, other capital expenditures, repurchases of shares of the Company’s Class A common stock, par value $0.001 per share, and/or repayment of debt.” It also added that it may use the proceeds to “fund acquisitions of businesses, assets or technologies that complement its current business.” The at-the-market (ATM) structure gives Strive the flexibility to sell shares incrementally into open markets rather than in a large lump sum. It means Vivek and co can calibrate fundraising to prevailing market conditions. Strive is also open to utilizing proceeds for working capital, purchasing income-generating assets, funding capital expenditures, repurchasing common stock, and potentially repaying debt or acquiring complementary businesses or technologies. Accumulation to 7,525 BTC continues after reverse merger Strive’s transformation into a Bitcoin treasury company began in May 2025, when the firm announced plans to merge via a reverse takeover with a Nasdaq-listed shell, allowing it to tap public equity markets to fund large BTC acquisitions. Later in September 2025, Strive completed an all-stock merger with Semler Scientific, Inc., taking advantage of Semler’s assets and boosting its Bitcoin holdings by roughly 5,816 BTC, paid at an average price of about $116,047 per coin. As shared in that announcement, “The combined company would own over 10,900 Bitcoin prior to any additional Bitcoin raised from future financings, in addition to sufficient cash held in reserve to support future perpetual preferred offerings.” In early November, Strive disclosed a separate transaction in which it acquired about 1,567 BTC between October 28 and November 9 at an average cost of $103,315, bringing its total BTC holdings to 7,525. The company funded this purchase through its initial SATA preferred stock offering and warrant exercise. Vivek copies Saylor’s homework Strive’s Bitcoin accumulation strategy closely follows the approach pioneered by Michael Saylor at Strategy, formerly known as MicroStrategy. Strategy has amassed 660,624 BTC, representing more than 3% of Bitcoin’s total supply and establishing the template for corporate Bitcoin treasury models. Unlike spot Bitcoin exchange-traded funds, BTC treasury companies like Strategy usually use the full suite of balance sheet gymnastics, equity issuance, and timed acquisitions to amplify gains. On the downside, losses may also be amplified. Strive’s latest capital raise follows this playbook, combining stock offerings with plans to increase Bitcoin per share through multiple channels. The firm, which has managed over $2 billion in assets since launching its first ETF in August 2022, first signaled its Bitcoin ambitions via its reverse merger in May. It subsequently revealed plans to acquire 75,000 BTC from claims related to the defunct Mt Gox exchange bankruptcy. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .
