Strive, Inc. (NASDAQ: ASST) has initiated a $500 million at‑the‑market (ATM) program to issue Variable Rate Series A Perpetual Preferred Stock, known as SATA Stock. The program allows the company to sell shares on a continuous basis, with proceeds earmarked for general corporate purposes, Bitcoin acquisition, working capital, and other strategic initiatives.
The ATM offering is structured under Strive’s existing automatic shelf registration statement, which became effective on September 15, 2025. The program follows the upsized SATA IPO that closed on November 10, 2025, and is part of the company’s broader capital‑raising strategy to support its Bitcoin treasury model.
Strive currently holds approximately 7,525 bitcoins, a position that has grown steadily as the company pursues its goal of increasing Bitcoin per share. Despite this asset accumulation, the company’s operating and net margins remain negative—operating margin at –579.59% and net margin at –540.86%—while its liquidity remains strong, with a current ratio of 11.97 and a debt‑to‑equity ratio of 0.01. The ATM program is therefore a tool to shore up cash flow and fund further Bitcoin purchases without relying on debt.
The capital raise aligns with Strive’s strategic focus on becoming a leading publicly traded Bitcoin treasury company. By raising capital opportunistically, the company can time Bitcoin acquisitions to capture favorable market conditions. However, issuing preferred stock introduces dilution risk for existing shareholders and increases exposure to Bitcoin’s price volatility. The program also dovetails with the company’s ongoing merger discussions with Semler Scientific Inc., which could reshape its capital structure and strategic direction.
The announcement signals management’s confidence in the Bitcoin strategy while acknowledging the need for additional liquidity to sustain growth. Investors will weigh the potential dilution against the upside of increased Bitcoin holdings and the company’s strong balance‑sheet liquidity. The ATM program represents a significant step in Strive’s pursuit of long‑term value creation through Bitcoin accumulation.
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