Strive Inc. (Nasdaq: ASST) has announced plans for an initial public offering (IPO) of its new Variable Rate Series A Perpetual Preferred Stock, ticker $SATA, marking another step in its expansion as a Bitcoin treasury company. The Dallas-based firm said the proceeds will fund general operations, new Bitcoin acquisitions, income-generating assets, and potential debt repayment.
According to the filing, the SATA stock will carry an initial 12% annual dividend, paid monthly, and may be adjusted over time depending on market conditions.
The company also plans to establish a dividend reserve equal to the first 12 months of payouts, signaling a bid to attract yield-focused investors while maintaining cash flexibility. Barclays and Cantor Fitzgerald will lead the offering, with Clear Street acting as co-manager.
A hybrid between yield and Bitcoin exposure
The SATA issuance reflects Strive’s growing use of traditional capital instruments to finance its Bitcoin strategy.
As outlined in the SEC filing, proceeds could also fund additional BTC purchases, a model similar to those pioneered by Strategy Inc. With roughly 5,957 BTC on its balance sheet as of October 27, Strive is positioning itself among the top 20 firms on Bitcoin treasury holdings, according to BitcoinTreasuries.
The move aligns with a broader shift among Bitcoin-holding firms using preferred shares to raise capital.
Bitcoin expansion through acquisitions
The IPO announcement comes weeks after Strive revealed a major all-stock merger with Semler Scientific, valuing the deal at more than $90 per share. Together, the two companies now control nearly 10,900 BTC, following Strive’s $675 million Bitcoin purchase at an average price of $116,047 per coin.
The merger unified two of the earliest public companies to adopt Bitcoin as a reserve asset, combining health technology cash flows with Strive’s investment operations. The company has adopted a “preferred equity only” model to fund growth without debt, relying instead on dividend-bearing stock. Meanwhile, Strive’s own shares have reflected market skepticism, trading at $1.25, down 52% from $2.50 last month.
A growing movement of Bitcoin treasuries
Strive’s transformation reflects a larger corporate trend toward Bitcoin-backed balance sheets, particularly in the U.S. public market. The firm joins peers like Strategy Inc. in repurposing conventional corporate tools to acquire and manage BTC. While such approaches have sparked debate over financial sustainability and volatility exposure, they represent an emerging model of hybrid treasury management in a high-inflation environment.
Whether investors buy in or not, the SATA launch marks Strive’s shift from ETF issuer to Bitcoin-focused holding firm blending yield, equity, and crypto finance.
Also read: Bitcoin Treasury Firm Sequans Transfers 970 BTC Worth $111M to Coinbase
