Strive closed its initial public offering of 2 million variable‑rate Series A perpetual preferred units on November 10 2025, raising $160 million at $80 per unit. The offering was upsized from the originally targeted 1.25 million units after the company received strong investor demand, making the IPO the most oversubscribed in its class to date.
The preferred units are perpetual, variable‑rate securities with a stated amount of $100 per unit and an initial liquidation preference of $100 per unit. They carry an initial variable dividend rate of 12 % per annum, payable monthly, and the company has established a dividend reserve to cover the first 12 months of payments.
Proceeds from the offering will be used to expand Strive’s Bitcoin holdings and fund general corporate purposes, including working capital. This financing marks the first time a Bitcoin treasury company has raised capital exclusively through perpetual preferred equity, providing a permanent, non‑dilutive capital base that avoids the maturity pressures of debt.
Strive’s financial backdrop underscores the significance of the raise. Over the past 12 months, the company’s revenue grew 111.73 %, yet it reported negative EBITDA, reflecting the high cost of Bitcoin accumulation and the need for capital to sustain growth. Its asset‑management subsidiary manages more than $2 billion in assets, and the company held 7,525 BTC as of November 10, 2025. Strive’s strategy is to increase Bitcoin per share to outperform Bitcoin itself, treating Bitcoin as a hurdle rate for all capital allocation decisions.
Matt Cole, Chairman and CEO, said the perpetual preferred equity structure “provides a permanent, non‑dilutive source of capital that aligns with our goal of increasing Bitcoin per share.” He added that the 12 % dividend offers an attractive yield to investors while preserving common equity for future growth.
Investor enthusiasm for the offering was evident in the rapid upsizing and the strong demand for the 12 % dividend. The structure’s non‑dilutive nature and the company’s clear Bitcoin‑centric strategy resonated with investors, even as Bitcoin’s price dipped below $100 k.
The IPO provides Strive with a durable capital foundation that supports its long‑term objective of outperforming Bitcoin. While the dividend obligation will add a recurring cash outflow, the permanent nature of the preferred units mitigates debt‑maturity risk and preserves common equity for future strategic initiatives. The transaction also signals confidence in the company’s ability to grow its Bitcoin holdings and asset‑management business amid a competitive and regulatory environment.
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