Strive will be raising a total of $500 million via preferred stock to purchase BTC, as per an official press release.
Alongside the acquisition of Bitcoin and any products connected to it, the proceeds will also be used for working capital, capital expenditures, and the repurchase of shares of the company’s common stock.
Referred to as SATA, Strive’s move mimics Strategy’s method of accumulating funds for BTC purchases through preferred stock. The largest corporate holder of Bitcoin now has 4 classes of preferred stock open: STRD, STRF, STRK, and This will be Strive’s first class of preferred stock for this
Since its listing in 2023, Strive’s stock has lost 94.25% in value.
The asset management firm was founded by Republican businessman Vivek Ramasamy and Matt Nelson in 2022.
The update comes after a Bitcoin-led coalition responded to MSCI’s proposal of removing digital asset treasury firms from its indexes if their digital asset holdings are more than 50% of total assets.