Strive, the Vivek Ramaswami-backed Bitcoin-focused issuer, has launched a market plan to sell floating rate Series A perpetual preferred stock for up to $500 million.
Reports indicate that the offering will be filed on December 9, 2025, and that the net proceeds may be used for general corporate purposes, including the purchase of Bitcoin and Bitcoin-related products.
Strive launches $500 million program
Public Asset Manager has signed a sales agreement naming Cantor Fitzgerald, Barclays and Clear Street as placement agents for the program.
According to the report, the ATM structure allows Strive to sell SATA shares to the open market over time rather than in a single block. The prospectus supplement associated with this program reveals how this service fits into Strive’s capital toolbox.
Context of Strive’s announcement
Strive has been steadily adding Bitcoin to its balance sheet this year. According to the report, the company purchased approximately 1,567 BTC between October 28 and November 9 at an average price of nearly $103,315 per coin, bringing its total holdings to approximately 7,525 BTC as of early November.
These numbers place Strive among the large public company holders of Bitcoin and help explain why the company is leveraging preferred stock rather than other funding routes.
Bitcoin holdings and recent purchases
Based on the report, Strive’s stated goal is to increase its Bitcoin per share over time. The company has assembled preferred stock products like SATA as a way to fund future crypto purchases while offering investors a different dividend structure than common stocks.
This combination, a combination of treasury Bitcoin and income assets, is what Strive proposed to shareholders in recent filings and investor updates.
Image: Nanalyze
Semler Deals and Early Purchase Plans
The report also ties Strive’s acquisition strategy to an earlier announcement to purchase hundreds of additional coins as part of a corporate transaction.
Reuters reported that in September, Strive announced it would buy 5,816 BTC for $675 million as part of its planned acquisition of Semler, which would bring its total holdings to more than 10,900 BTC once the acquisition is completed.
This disclosure highlights how the ATM program can fit into broader plans to increase Bitcoin reserves.
market reaction
Strive-related stocks moved in response to this news. Some market pages posted slight gains in SATA and Strive’s Class A common stock after the filing was made public.
Investors and analysts will be closely monitoring execution. ATM sales may occur in stages, and timing is critical when purchasing a volatile asset like Bitcoin.
The preferred stock route also has payment and conversion features that allow investors to account for dilution and cost of capital.
Featured image from Unsplash, chart from TradingView
