Backed by Vivek Ramaswamy, asset manager Strive bitcoin plans now include a fresh capital raise aimed at restructuring its balance sheet and expanding its crypto exposure.
Strive targets $150 million via SATA preferred stock
Strive, co-founded in 2022 by former US presidential candidate Vivek Ramaswamy, plans to raise up to $150 million through an offering of preferred stock to pay down debt and acquire more Bitcoin. According to a Wednesday announcement, the firm will issue shares of its Variable Rate Series A Perpetual Preferred Stock, which trades under the ticker SATA.
The company noted that proceeds from the preferred share sale, combined with existing cash and potential income from unwinding hedging transactions, will be directed to reduce liabilities at its wholly owned subsidiary Semler Scientific. That said, the debt reduction is a key part of Strive’s broader balance sheet simplification plan.
These liabilities include repurchasing a portion of Semler’s 4.25% convertible senior notes due in 2030, as well as paying down outstanding borrowings under a master loan agreement with Coinbase Credit. Moreover, the company intends to use the capital structure shift to reinforce its identity as a Bitcoin-focused treasury platform.
Debt swaps and preferred-only capital model
Strive said the initiative aims to streamline its balance sheet and return to what it calls a “perpetual-preferred only amplification model”. Any remaining funds after the planned debt repayments may be allocated to acquiring Bitcoin and Bitcoin-related products, effectively expanding the firm’s digital asset treasury.
The Bitcoin treasury company also disclosed plans to negotiate private exchanges with certain holders of the Semler convertible notes. In these transactions, investors would swap their debt holdings for SATA preferred shares. However, these exchanges would not generate new cash for Strive, though they would reduce the size of the public offering.
The SATA preferred stock has a starting annual dividend rate of 12.25%, paid monthly in cash. The rate will adjust over time based on market conditions and short-term interest rates. Moreover, the preferred shares are perpetual, but Strive can redeem them, typically at $110 per share plus any unpaid dividends.
Barclays and Cantor Fitzgerald are acting as joint book-running managers for the offering, with Clear Street serving as co-manager. These roles place major Wall Street institutions at the center of the capital raise.
Semler acquisition boosts Bitcoin treasury
Earlier in January, Strive announced an all-stock deal to acquire Semler Scientific. The company said it has secured shareholder approval for the acquisition, marking a pivotal expansion of its digital asset holdings. Following completion, Semler’s treasury will be combined with Strive’s existing reserves.
The transaction will add Semler Scientific’s 5,048.1 Bitcoin to Strive’s current holdings. As a result, Strive’s total Bitcoin treasury will reach 12,797.9 BTC. However, the preferred stock raise and related liability management are being positioned as complementary moves that support this larger accumulation strategy.
In May 2025, Strive announced a $750 million capital raise dedicated to establishing “alpha-generating” strategies through Bitcoin-related purchases. Moreover, in December the company revealed another $500 million stock sales program to finance additional Bitcoin acquisitions, underscoring its aggressive build-up of digital assets.
Market headwinds for crypto treasury companies in 2026
Strive bitcoin efforts are unfolding as digital asset treasury companies brace for a challenging environment in 2026. Industry executives have warned that many firms created during Bitcoin’s rally may struggle to survive if the market downturn persists.
Altan Tutar, CEO of MoreMarkets, said 2026 could bring widespread shutdowns as falling crypto prices and declining share valuations put pressure on business models largely dependent on holding digital assets. However, he emphasized that firms without diversified revenue or clear yield strategies are most at risk.
Tutar expects altcoin-focused treasury companies to be the first to fail, followed by large-cap strategies concentrated in assets such as Ethereum, Solana and XRP. Moreover, he argued the sector is overcrowded and cannot sustain valuations above net asset value without generating additional sources of return.
In this context, Strive’s mix of preferred stock financing, debt management at Semler Scientific and targeted Bitcoin accumulation represents a high-conviction bet on the long-term value of the leading cryptocurrency.
Overall, Strive’s $150 million SATA offering, Semler integration, and evolving Bitcoin treasury model highlight a bold strategy to scale its balance sheet around digital assets, even as the broader crypto treasury sector heads into a turbulent 2026.
Source: https://en.cryptonomist.ch/2026/01/22/strive-bitcoin-sata-offering/
