Strive, Inc. (NASDAQ: SATA) priced a follow‑on offering of its Variable Rate Series A Perpetual Preferred Stock on January 22, 2026, issuing 1,320,000 shares at $90 each for a total of $118.8 million. The pricing follows an announcement made the previous day that the company would raise approximately $150 million in total, including privately negotiated note exchanges.
The proceeds will be used to redeem or repurchase portions of Semler Scientific’s 4.25 % Convertible Senior Notes due 2030, acquire additional bitcoin and bitcoin‑related products, and support working capital and general corporate purposes. The move is part of Strive’s strategy to strengthen its balance sheet after the all‑stock acquisition of medical‑device maker Semler Scientific, which added both bitcoin holdings and debt to the company’s books.
Strive’s bitcoin treasury strategy has been a core pillar of its business model. As of January 16, 2026, the company held roughly 12,797.6 bitcoin, a level that represents a significant increase from the 12,000‑plus bitcoin it reported in the prior quarter. The preferred‑stock proceeds will allow the firm to continue buying bitcoin while also reducing the debt burden that grew with the Semler acquisition.
The offering also signals confidence in the company’s dual‑business model. Strive’s asset‑management segment, which includes ETFs, direct indexing, and 401(k) products, has faced margin compression, with a negative EBITDA in the trailing twelve months. The preferred‑stock financing provides a low‑cost source of capital that can be deployed to support the higher‑margin bitcoin treasury side without diluting common shareholders.
Management emphasized that the preferred stock’s variable dividend, initially set at 12.25 % annually, will be paid from the company’s cash flow and that the stock is redeemable at the company’s discretion. CEO Vivek Ramaswamy said the firm is “building a war chest of Bitcoin to create long‑term value for shareholders and to set a new standard for corporate treasury management.”
Investors reacted to the announcement, reflecting concerns about dilution and the impact of the new preferred shares on the capital structure.
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