Strive, Inc. has unveiled plans to raise $150 million through a follow-on offering of its SATA preferred stock, aiming to boost its bitcoin holdings and reduce corporate debt.
Key Takeaways
- Strive plans to raise $150 million through a follow-on offering of its dividend-paying SATA preferred stock.
- The funds will be used to buy more bitcoin, repay or repurchase Semler Scientific’s 4.25% Convertible Senior Notes, and settle loans from Coinbase Credit.
- The offering follows Strive’s successful November raise and comes as SATA stock approaches its target trading range of $95 to $105.
- Strive may reduce the offering size via private exchanges of convertible notes for preferred shares, avoiding cash payments and SEC registration.
What Happened?
Strive, Inc., a bitcoin treasury and asset management firm founded in 2022 by Vivek Ramaswamy, has announced a $150 million follow-on offering of its Variable Rate Series A Perpetual Preferred Stock, known as SATA. The company plans to use the proceeds to acquire additional bitcoin and bitcoin-related products, repay Semler Scientific’s convertible debt, and support working capital needs.
Strive Proposes $150M Stock Sale to Buy More Bitcoin
— Crypto Patel (@CryptoPatel) January 22, 2026
Vivek Ramaswamy’s #Strive announced a $150M preferred stock offering.
Use of funds:
→ Repay Semler Convertible Notes & Coinbase debt
→ Accumulate more #Bitcoin
Current holdings: 12,797 BTC (~$1.3B)
Now the 11th largest… pic.twitter.com/Jx83ttNLgC
A Strategic Move to Build Bitcoin Reserves and Cut Debt
Strive’s new capital raise is part of a broader strategy to strengthen its financial position while deepening its commitment to bitcoin. The offering was announced on January 21, 2026, in Dallas, and remains subject to market conditions and applicable securities laws.
Key details of the offering and its intended use include:
- Debt reduction: Proceeds will be directed toward repurchasing or redeeming Semler Scientific’s 4.25% Convertible Senior Notes due 2030.
- Bitcoin acquisition: A portion of the capital will be used to buy more bitcoin and bitcoin-related investment products.
- Balance sheet improvement: The funds will also go toward settling borrowings from Coinbase Credit and supporting general corporate needs.
Strive acquired Semler Scientific earlier this month in an all-stock transaction. The acquisition added convertible debt to its balance sheet, which the company is now looking to clean up through this capital raise.
Preferred Stock Mechanics and Dividend Appeal
SATA preferred shares are designed to appeal to income-seeking investors with their monthly cash dividends. Here’s how the structure works:
- SATA pays an initial annualized yield of 12.25%, distributed monthly.
- Dividends accrue and compound monthly if unpaid, with rates potentially increasing to as much as 20% annually.
- The stock includes provisions for redemption and repurchase under certain fundamental change scenarios.
- Management targets a long-term trading price between $95 and $105, with the stock most recently trading near $99.50.
SATA was previously issued in November 2025, when Strive raised about $160 million through an oversubscribed offering of 2 million preferred shares. The current offering will build on that momentum, though the exact offering price has not yet been disclosed.
Private Exchanges Could Reduce Offering Size
To optimize the offering, Strive is also negotiating private note-for-stock exchanges with certain holders of Semler’s convertible notes. These transactions:
- Are exempt from SEC registration.
- Will not produce direct cash proceeds.
- Could significantly reduce the size of the public offering, easing market pressure.
These exchanges are part of Strive’s larger financial restructuring strategy aimed at streamlining operations after the Semler acquisition.
CoinLaw’s Takeaway
In my experience watching treasury moves in the crypto space, this is a bold and calculated bet by Strive. Raising money to buy bitcoin while simultaneously cutting down high-interest debt is a clear signal: they’re going all-in on their bitcoin-centric identity. What really stands out to me is their use of a high-yield preferred stock to attract traditional income investors into a strategy that ultimately supports a volatile asset like bitcoin. It’s creative, gutsy, and speaks volumes about how financial engineering is evolving in the digital asset world.
