Strive, co‑founded by former presidential candidate Vivek Ramaswamy in 2022, said Wednesday it will seek up to $150 million by selling Variable Rate Series A Perpetual Preferred Stock (ticker SATA) to pay down debt and potentially buy Bitcoin. The company stated the offering aims to simplify its balance sheet and support treasury growth.
Raised capital, plus cash on hand and possible proceeds from unwinding hedges, will target liabilities at wholly owned subsidiary Semler Scientific. That includes repurchasing part of Semler’s 4.25% convertible senior notes due 2030 and reducing borrowings under a master loan agreement with Coinbase Credit.
Strive said the move seeks a return to an perpetual-preferred only amplification model. Any remaining funds may purchase Bitcoin and Bitcoin-related products.
The company plans private exchanges allowing some Semler noteholders to swap debt for SATA preferred shares, which would lower the public offering size without generating cash. SATA carries a starting annual dividend of 12.25%, paid monthly in cash, and is perpetual but generally redeemable at $110 per share plus unpaid dividends.
Barclays and Cantor Fitzgerald are joint book-running managers, with Clear Street as co-manager. An all-stock deal to acquire Semler Scientific would add 5,048.1 BTC to Strive’s treasury, bringing total holdings to 12,797.9 BTC (source: BitcoinTreasuries.NET).
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