Strive Asset Management has launched a $500 million at-the-market stock program to accelerate purchases of Bitcoin, according to regulatory filings. The offering uses a variable-rate perpetual preferred share (SATA), and the firm says proceeds will be allocated to Bitcoin acquisitions and other corporate purposes.
Strive filed a prospectus supplement with the SEC to put its Variable Rate Series A Perpetual Preferred Stock (SATA) on the market and has sales agreements in place with Cantor Fitzgerald & Co. and Barclays Capital Inc. The company states the capital raise will fund Bitcoin and Bitcoin-related product purchases as a priority, and may also support working capital, income-generating asset purchases, capital expenditures, potential repurchases of Class A common stock, debt repayment, and acquisitions of complementary businesses or technologies.
The capital plan follows Strive’s September 2025 reverse merger with Asset Entities (NASDAQ: ASST), which repositioned the firm as a publicly traded company focused on a Bitcoin-centric treasury strategy. The company frames that strategy around the maxim ‘Bitcoin is the hurdle rate,’ aiming to increase Bitcoin per share as a long-term performance target.
As of November 7, 2025, Strive held 7,525 BTC, valued at approximately $694M, placing it among the top corporate holders globally, according to BitcoinTreasuries data.
Treasury strategy, market reaction and risks
Investor response to the offering was mixed but tilted toward optimism: ASST shares rose about 3.57% on the ATM announcement, reflecting appetite for publicly traded Bitcoin-treasury exposure. The stock remains volatile — trading between $13.42 and $0.34 over the past 52 weeks — a dynamic that reflects the company’s hybrid role as both a capital-raising vehicle and a sovereign-style Bitcoin treasury.
Strive has also reported unrealized losses on its holdings, a reminder that corporate balance-sheet Bitcoin exposure introduces mark-to-market volatility. Strive has engaged in regulatory advocacy, publicly challenging proposals that would exclude heavy Bitcoin holders from major indices; CEO Matt Cole urged index providers to “let the market decide” inclusion rules.
Key operational risks for stakeholders include equity dilution from ongoing at-the-market sales, price volatility in Bitcoin that can amplify unrealized losses, and potential shifts in index or regulatory treatment that could affect institutional demand.
Strive’s $500M ATM program is a deliberate move to scale a corporate Bitcoin treasury while retaining flexibility for broader strategic uses.
