 
 
Vivek Ramaswamy-backed Bitcoin treasury firm Strive is looking to raise an additional $150 million via a secondary public offering, with proceeds earmarked for debt repayment and BTC buys.
According to a Wednesday press release, Strive intends to sell shares of its Variable Rate Series A Perpetual Preferred Stock trading under the ticker SATA.
The Dallas-based financial services company co-founded by Republican Ohio gubernatorial candidate Vivek Ramaswamy said the capital raised would be used to buy Bitcoin and pay down liabilities at its wholly owned subsidiary, Semler Scientific. That includes repurchasing some of Semler’s 4.25% convertible senior notes due in 2030, as well as outstanding borrowings from Coinbase Credit.
“After hitting $100 in trading this afternoon for the first time, $ASST Strive announces $150M follow-on offer of SATA PREF, price TBD, to buy more BTC and retire the Semler converts,” VanEck Head of Research Matt Sigel wrote in a post on X. “I like this strategy of finding a price in the market and avoiding the ATM for now. Cleaner.”
Strive indicated that the move aims to optimize the company’s balance sheet and return to a “perpetual-preferred only amplification model” while advancing its Bitcoin-focused investment approach.
 
Strive raised approximately $160 million last year by offering 2 million SATA preferred shares. Per the announcement, SATA pays cumulative monthly dividends at a current annualized payout rate of 12.25%, payable only in cash, according to the announcement.
Earlier this month, Strive announced the completion of the acquisition of Semler Scientific in an all-stock deal. The company disclosed last week that it has secured shareholder approval for the purchase, which would add Semler Scientific’s over 5,000 BTC to Strive’s existing stockpile. Strive’s total Bitcoin stash has increased to 12,798 BTC after the transaction.
Strive, which is currently the 11th largest corporate Bitcoin holder, is negotiating private exchanges with certain holders of the Semler convertible notes, allowing them to swap some or all debt for SATA stock. These exchanges would cut the size of the public offering, but would not generate cash proceeds for the firm.