Strive, a Bitcoin-focused issuer backed by Vivek Ramaswamy, has launched a marketplace plan to sell up to $500 million in variable rate Series A perpetual preferred stock.
According to the report, the offering was filed on December 9, 2025, and the net proceeds could be used for general corporate purposes, including purchasing Bitcoin and Bitcoin-related products.
Strive launches $500 million program
The public asset manager 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 on the open market over time rather than in single blocks. The prospectus supplement associated with the program clearly demonstrates how the product fits into Strive’s capital toolbox.
Strive’s Presentation in Context
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 close to $103,315 per coin, bringing its total holdings to approximately 7,525 BTC as of early November.
These numbers indicate that Strive is one of the largest public corporate holders of Bitcoin and help explain why it is leveraging preferred stock rather than other funding routes.
Bitcoin holdings and recent purchases
According to the report, Strive’s stated goal is to increase Bitcoin per share over time. Companies have structured preferred stock products like SATA as a way to fund future cryptocurrency purchases while providing investors with a different payment structure than common stock.
The mix of Treasury Bitcoin and income assets is what Strive presented to shareholders in recent filings and investor updates.
Image: Nanalyze
Semler Deals and Early Purchase Plan
According to the report, Strive’s acquisition strategy is tied to its previous announcement that it would purchase hundreds of additional coins as part of a corporate transaction.
Reuters reported in September that Strive would purchase 5,816 BTC for $675 million as part of its planned acquisition of Semler, a move that would raise its total holdings to over 10,900 BTC once completed.
These disclosures highlight how the ATM program could fit into a broader plan to increase Bitcoin holdings.
market reaction
Stocks related to Strive moved on the news. Some market pages recorded a slight rise in the Class A common stock of SATA and Strive following the release of the filings.
Investors and analysts will be watching the execution closely. ATM sales can be gradual, and timing is important when purchasing a volatile asset like Bitcoin.
The preferred stock route also has payout and conversion features that investors will assess for dilution and cost of capital.
Featured image from Unsplash, chart from TradingView
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