Strive, an asset manager co-founded by former 2022 US presidential candidate Vivek Ramaswamy, plans to lift as much as $150 million through the issuance of preferred shares, with proceeds earmarked for debt repayment and Bitcoin purchases.
Strive plans to sell shares of its Series A floating rate perpetual preferred stock, trading under the ticker symbol SATA, in response to an announcement Wednesday.
The company said the capital raised, together with existing money and potential proceeds from the unwinding of hedges, could be used to pay down liabilities of its wholly-owned subsidiary, Semler Scientific. This includes repurchasing a portion of Semler's 4.25% convertible senior notes due 2030 and outstanding borrowings under a master loan agreement with Coinbase Credit.
Strive said the move was aimed toward simplifying its balance sheet and returning to a “perpetual-preferred-only amplification model.” The remaining funds might be used to buy Bitcoin (BTC) and Bitcoin-related products.
Strive plans debt swap
The Bitcoin Treasury also announced plans to barter private exchanges with certain Semler convertible note holders that might allow them to exchange debt for SATA preferred stock. These exchanges would cut back the scale of the general public offering but wouldn’t provide the corporate with money.
The SATA Preferred Stock has an initial annual dividend rate of 12.25%, paid monthly in money, with the speed adjusting over time based on market conditions and short-term rates of interest. The preferred shares have a perpetual term but could also be repurchased at Strive's option, generally for $110 per share plus any unpaid dividends.
Barclays and Cantor Fitzgerald are acting as joint book-running managers for the offering, with Clear Street acting as co-manager.
In early January, Strive announced an all-stock deal to amass Semler Scientific. The company said it received shareholder approval for the acquisition, which might add Semler Scientific's 5,048.1 Bitcoin to Strive's existing vault. After the transaction, Strive’s total Bitcoin holdings will increase to 12,797.9 BTC.
Go for Bitcoin holdings. Source: BitcoinTreasuries.NET
In May 2025, Strive announced a $750 million capital raise to ascertain “alpha-generating” strategies through Bitcoin-related purchases. The company announced one other $500 million share sale program in December to lift funds for extra BTC purchases.
Crypto treasury firms face challenges in 2026
Strive's plan comes as digital asset treasury firms face a difficult time, as industry executives warn that many firms founded throughout the Bitcoin rally may not survive. Altan Tutar, CEO of MoreMarkets, said widespread shutdowns could occur in 2026 as falling crypto prices and falling stock valuations put pressure on business models largely based on holding digital assets.
Tutar expects altcoin-focused treasury firms to fail first, followed by large-cap strategies tied to assets reminiscent of Ethereum (ETH), Solana (SOL), and XRP (XRP). He said the sector is overcrowded and unable to sustain valuations above net asset value without creating additional sources of returns.
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