Strive's $500M Stock Offering and the Future of Corporate Bitcoin Treasuries

The corporate adoption of Bitcoin as a treasury asset has entered a new phase, marked by aggressive capital allocation strategies and institutional experimentation with at-the-market (ATM) equity offerings. Strive, a publicly traded Bitcoin treasury and asset-management firm, has recently announced a $500 million ATM program for its Variable Rate Series A Perpetual Preferred Stock (SATA), a move that underscores the evolving dynamics of corporate Bitcoin strategies in a bear market. This offering, which provides investors with a 12% dividend and allows Strive to purchase Bitcoin at a discount to its par value, reflects both the opportunities and risks inherent in leveraging equity issuance to build long-term value in a volatile asset class.

Strategic Capital Allocation: Strive's ATM Offering

Strive's $500 million SATA offering is designed to fund Bitcoin purchases, working capital needs, and strategic acquisitions, with the flexibility to issue shares incrementally based on market conditions according to market analysis. The ATM structure minimizes dilution by allowing the company to time its equity issuance, a critical advantage in a bear market where liquidity constraints often force suboptimal capital allocation decisions. As of November 2025, Strive holds 7,525 Bitcoin, valued at approximately $695 million, positioning it as the 14th-largest publicly traded corporate holder of the asset.

By prioritizing Bitcoin accumulation, Strive mirrors the playbook of MicroStrategy, which has long advocated for Bitcoin as a hedge against inflation and a store of value according to company strategy.

The SATA stock's current trading price of $91-below its $100 par value-creates a compelling arbitrage opportunity for investors. This discount, combined with the 12% dividend yield, suggests that the market is pricing in both the risks of Bitcoin's volatility and the potential for future appreciation in the company's Bitcoin per share metric. However, the success of this strategy hinges on Strive's ability to maintain access to capital markets, a challenge exacerbated by the broader crypto sector's deleveraging in late 2025.

Institutional Adoption in a Bear Market: Trends and Risks

The broader institutional adoption of Bitcoin in corporate treasuries has continued to grow in 2025, with businesses allocating a median of 10% of net income to Bitcoin, and some adopting even more aggressive strategies according to industry reports. The River Business Report 2025 highlights that corporations now hold 6.2% of the total Bitcoin supply (1.30 million BTC), with $12.5 billion in new inflows over eight months of 2025 alone according to financial analysis. Regulatory clarity, including the U.S. SEC's approval of spot Bitcoin ETFs and the passage of the GENIUS Act in July 2025, has further legitimized Bitcoin as an institutional asset class.

Yet, the bear market has introduced significant headwinds. For example, Strategy (formerly MicroStrategy) reduced its Bitcoin purchases by 93% in late 2025 compared to its peak in 2024, reflecting a broader recalibration of corporate strategies amid economic uncertainty. This trend highlights the tension between Bitcoin's long-term value proposition and the short-term liquidity demands of capital markets. Specialized treasury companies, however, continue to dominate Bitcoin purchases, accounting for 76% of business inflows since January 2024. This suggests that while macroeconomic pressures are reshaping adoption rates, the core thesis of Bitcoin as a corporate treasury asset remains intact.

Historical Context: Bear Markets and Corporate Behavior

Comparing the 2025 bear market to previous downturns reveals critical insights. During the 2018–2019 bear market, Bitcoin's price plummeted by 83%, leading to a 3 million BTC outflow from corporate treasuries and a shift toward centralized exchanges. In contrast, the 2021–2022 bear market saw a reversal, with large BTC inflows into self-custody solutions post-FTX collapse, reflecting a maturing institutional approach to risk management. The 2025 bear market appears to blend elements of both: while some firms are scaling back Bitcoin purchases, others are doubling down, leveraging ATM programs and equity premiums to maintain or expand their holdings according to market analysis.

The sustainability of Bitcoin treasury strategies ultimately depends on macroeconomic conditions and the ability of firms to navigate liquidity crunches. For instance, the collapse of equity premiums for companies like Metaplanet and Nakamoto in late 2025 exposed the fragility of leveraged models reliant on perpetual issuance according to research. This underscores the importance of conservative capital allocation and diversified funding sources in a bear market.

Implications for the Future of Corporate Bitcoin Treasuries

Strive's $500 million offering and the broader institutional adoption of Bitcoin signal a maturing market, but also highlight the need for caution. While Bitcoin's capped supply and low correlation with traditional assets make it an attractive diversification tool, its role as a corporate treasury asset remains contingent on regulatory stability and macroeconomic resilience. For investors, the key question is whether firms like Strive can maintain their Bitcoin per share growth while navigating the liquidity constraints of a bear market.

In the long term, the integration of Bitcoin into corporate treasuries is likely to persist, driven by its unique properties and the growing acceptance of digital assets as a legitimate asset class. However, the path forward will require a balance between aggressive capital allocation and prudent risk management-a challenge that will define the next phase of corporate Bitcoin adoption.