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 IPO. Notably, the announcement on Wednesday comes on the heels of its SATA stock hitting $100.
According to an announcement on Wednesday, the firm will use the capital to buy bitcoin and retire debt from the convertible senior notes issued by its subsidiary, Semler Scientific, along with borrowings from Coinbase Credit Inc.
Those convertible senior notes are paying 4.25% and are due 2030. The company noted it’s “negotiating separate and individual transactions” with some convertible note holders to exchange the notes for SATA stock.
“After hitting $100 in trading this afternoon for the first time, $ASST Strive announces $150M follow-on offer of SATA PREF, price TBD, to buy more BTC and retire the Semler converts,” VanEck Head of Research Matt Sigel said on X. “I like this strategy of finding a price in the market and avoiding the ATM for now. Cleaner.”
Strive raised about $160 million last year by offering 2 million shares of a new Variable Rate Series A Perpetual Preferred Stock, SATA, which trades alongside its existing ASST stock. SATA pays cumulative monthly dividends at a current annualized rate of 12.25%, payable only in cash, according to the announcement.
SATA’s rate can be adjusted to achieve Strive’s “stated long-term range of $95 and $105 per share.”
Strive Asset Management, founded in 2022 by Vivek Ramaswamy, issues a range of ETFs, investment trusts, and other products with a combined $2.3 billion in assets under management. The firm, which sometimes calls itself the “first publicly traded asset management Bitcoin treasury company,” agreed to acquire Semler Scientific in an all-stock transaction last year.
Strive’s ASST shares plunged recently after stockholders voted to approve the merger on Jan. 13, which would kick off a 1-20 reverse stock split. The stock is now trading below $0.90, down nearly 80% from September, when the acquisition agreement was announced.
The combined firm holds approximately 12,797.6 bitcoin as of Jan. 16, ranking among the top 15 largest corporate holders.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.