Strive Plans $150 Million Preferred Stock Offering to Repay Debt and Buy Bitcoin

Highlights:

• Strive plans a preferred stock offering to pay down debt and fund Bitcoin buys.
• The company will use proceeds to retire Semler debt and reduce Coinbase Credit exposure.
• Strive’s Bitcoin holdings have surpassed 12,700 BTC after the Semler acquisition.

Strive Asset Management is preparing a fresh capital raise as it reworks its funding structure. The firm plans to raise up to $150 million through Variable Rate Series A Perpetual Preferred Stock. The preferred shares trade under the ticker SATA. The company said it will pair the raise with existing cash resources. It may also draw from proceeds linked to the unwind of selected hedging positions. 

🇺🇸 LATEST: Vivek Ramaswamy's Strive looks to raise $150 million in secondary stock offering.

🔹 BTC+1.16% treasury firm Strive, Inc. (Nasdaq: SATA) is looking to raise an additional $150 million through a secondary public offering, following on from its oversubscribed November…

— Monetized💰Ⓧ (@MonetizedX) January 22, 2026

Debt reduction sits at the center of the plan. However, Strive also intends to allocate remaining capital toward Bitcoin and related products. Management framed the approach as a measured step rather than a rapid expansion. The SATA preferred stock pays an initial annual dividend rate of 12.25%. The company will distribute dividends monthly and only in cash. Over time, the rate may adjust in response to market conditions and short-term interest rates.

The preferred shares do not carry a maturity date. Strive can redeem them at its discretion. Redemptions typically occur at $110 per share plus any unpaid dividends. Barclays and Cantor Fitzgerald are serving as joint book-running managers. Clear Street is acting as co-manager on the offering.

Preferred Stock Offering Focuses on Semler Debt and Coinbase Credit

Strive intends to direct the majority of proceeds to its wholly owned subsidiary, Semler Scientific. The company will focus on streamlining responsibilities that come along with the acquisition. The initiative focuses on minimizing current debt. Semler Scientific had issued 4.25% convertible senior notes, which expire in 2030.

Strive is planning to buy back part of those notes. This measure will reduce future refinancing strain and interest risk. The company will also repay borrowings under a master loan agreement with Coinbase Credit. The management considers the repayment to be essential in order to minimize counterparty exposure.

Strive confirmed it is negotiating private exchanges with certain noteholders. The negotiations entail an exchange of convertible notes held by noteholders with SATA preferred shares. The exchange of notes with shares will lower the debt balances.

The exchanges, however, do not produce new cash. They merely re-form the liability structure. Therefore, advancements in swaps might decrease the magnitude of the public offering. Strive explained that these measures will facilitate a shift to a preferred-oriented model of funding. The company desires to have fewer overlapping debt levels.

Semler Deal Lifts Bitcoin Holdings as Treasury Firms Face Pressure

Strive recently secured shareholder approval for its all-stock acquisition of Semler Scientific. The deal adds roughly 5,048 Bitcoin to Strive’s balance sheet. Semler accumulated the holdings before the transaction. Following the acquisition, Strive’s total Bitcoin position will reach about 12,798 BTC. The increase places the firm among the largest corporate Bitcoin holders. 

Strive Announces the Completion of Semler Scientific Acquisition

• Strive now holds approximately 12,797.9 bitcoin, becoming the #11 largest public corporate holder of bitcoin globally.

• Strive also announces the appointment of @Avik Roy as Chief Strategy Officer of Strive.…

— Strive (@strive) January 16, 2026

Strive previously raised $750 million in May 2025 to support Bitcoin-related strategies. It followed with a $500 million stock sales program in December. Those efforts aligned with stronger market conditions at the time.

Industry executives now warn that the environment has shifted. Altan Tutar expects widespread strain across crypto treasury firms in 2026. He has pointed to the falling crypto prices and weaker equity valuations. Tutar said firms focused on altcoin treasuries may face pressure first. According to him, treasury firms struggle to sustain valuations without additional sources of return.