Strive Bitcoin capital raise targets $150M preferred stock offering and aggressive treasury expansion

Asset manager Strive is launching a major financing initiative as part of a broader Strive bitcoin strategy to scale its corporate holdings and streamline its balance sheet.

$150 million preferred stock deal to accelerate accumulation

Strive has unveiled plans for a $150 million follow-on offering of its Variable Rate Series A Perpetual Preferred Stock, with proceeds earmarked primarily for additional Bitcoin purchases and debt reduction. The Dallas-based company disclosed the move on Wednesday, signaling a more aggressive stance on digital asset reserves and capital structure optimization.

The firm, which held approximately 12,798 BTC as of January 16, said the raise supports a shift toward what it calls a “perpetual-preferred only amplification model.” Moreover, Strive aims to use this structure to expand its Bitcoin treasury operations while reducing reliance on traditional debt instruments.

The preferred stock sale arrives amid notable changes in Bitcoin holder composition and rising market turbulence. On-chain data from CryptoQuant indicates that 2024 and 2025 have produced “the largest long-term Bitcoin supply release in history,” with coins dormant for more than two years moving at unprecedented rates.

Analysts view this rotation as a structural handover from early, cycle-focused investors to newer participants more sensitive to macro conditions and liquidity. However, they also stress that the shift does not yet signal a broad distribution phase from major institutional players.

Debt reduction plan and Semler-linked transactions

Strive intends to deploy proceeds from the stock sale alongside existing cash and funds from terminating capped call transactions tied to Semler Scientific‘s outstanding $4.25% Convertible Senior Notes due 2030. According to the announcement, this capital mix will back a focused balance sheet cleanup.

The company plans to allocate money for “the redemption, repurchase, repayment, satisfaction and discharge or other payment of all or a portion” of these convertible notes. Moreover, proceeds may be used to address Semler Scientific‘s borrowings under its master loan agreement with Coinbase Credit Inc., further reducing leverage linked to legacy financing arrangements.

At the same time, Strive is negotiating separate deals with certain noteholders to exchange portions of the Semler Convertible Notes for shares of SATA Stock. The firm expects to trim the size of the preferred offering if these exchanges occur. However, it emphasized that “this offering is not conditioned on the closing of any such exchange,” underscoring flexibility in execution.

Any such exchanges would take place under Section 4(a)(2) of the Securities Act as private transactions not involving a public offering. That said, investors will still see the capital structure evolve through a mix of market issuance and privately negotiated instruments.

Barclays and Cantor are acting as joint book-running managers for the transaction, with Clear Street serving as co-manager. The sale proceeds under an effective shelf registration statement on file with the Securities and Exchange Commission, aligning the deal with established regulatory protocols.

On-chain data reinforces institutional bitcoin accumulation

The Strive capital raise is unfolding as on-chain indicators continue to highlight robust institutional bitcoin accumulation despite price swings. CryptoQuant analysts report that “since January, Bitcoin whales have continued to accumulate aggressively despite short-term volatility and corrective phases, while retail investors have exited.”

Even after recent geopolitical escalation, large-holder balances on a monthly basis “have not declined but instead continued to increase.” That said, the firm characterizes the current environment as one of structural accumulation rather than broad distribution, suggesting institutional conviction remains intact.

Market risk, however, has not disappeared. Bitcoin‘s estimated leverage ratio on Binance climbed to roughly 0.184 near the $90,000 price zone, its highest level since last November. This jump reflects “a notable return to leverage following a period of relative risk aversion,” heightening the possibility of sharp liquidations if prices move quickly in either direction.

Asian markets opened higher today as Bitcoin edged toward $90,000 following comments about a “framework of a future deal” involving NATO over Greenland, which helped ease immediate tariff concerns. Moreover, analysts at Bitfinex say attention has shifted to stabilization signals such as flattening ETF flows, a positive spot taker cumulative volume delta, and sustained price action above $90,000 alongside declining volatility.

Corporate playbook: aggressive treasury positioning

Strive’s latest move aligns with a broader corporate trend toward aggressive treasury allocation to Bitcoin. The company previously launched a $500 million preferred stock offering in December 2025 and completed an all-stock merger with Semler Scientific at a valuation reflecting a 210% premium. Together, the combined entity is targeting Bitcoin-per-share growth designed, in its words, to “outperform Bitcoin over the long run.”

Industry peers have set powerful benchmarks for this approach. Strategy, led by Michael Saylor, acquired 22,305 BTC for approximately $2.13 billion between January 12-19 at an average price of $95,284 per coin. As a result, the company now holds a total of 709,715 Bitcoin, reinforcing its reputation as one of the largest corporate holders of the asset.

Meanwhile, 91-year-old burger chain Steak ‘n Shake has also joined the ranks of corporate adopters. The company executed a $10 million purchase for its treasury, establishing a “Strategic Bitcoin Reserve” that directs all coins received via Lightning Network payments into holdings instead of converting them back into cash.

Together, these moves underscore how treasury policies are evolving from passive cash management to active digital asset accumulation strategies. For Strive, the latest preferred stock initiative marks another step in building a scalable capital structure to support that shift in the years ahead.

Outlook for Strive’s bitcoin balance sheet

Looking forward, the capital raise and related debt maneuvers position Strive to expand its role as a large corporate Bitcoin holder while slimming down legacy liabilities. However, success will depend on execution in the preferred stock market and the pace of any Semler note exchanges.

If whale accumulation trends persist and leverage remains contained, the firm could benefit from a more favorable macro backdrop for digital assets. In that scenario, its amplified Bitcoin-per-share strategy may resonate further with investors seeking exposure to both corporate growth and hard-asset balance sheet policies.

In summary, Strive’s latest financing plan blends balance sheet restructuring with a bolder digital asset mandate, reflecting how traditional capital markets and Bitcoin-native strategies are becoming increasingly intertwined.