Strive's Strategic $500M ATM Offering and Its Potential to Supercharge Bitcoin-per-Share Growth

Strive, Inc. (NASDAQ: ASST), a publicly traded Bitcoin treasury company co-founded by Vivek Ramaswamy, has announced a $500 million at-the-market (ATM) offering of its Variable Rate Series A Perpetual Preferred Stock (SATA) to accelerate its Bitcoin accumulation strategy according to reports. This move, executed under a prospectus supplement filed with the SEC and leveraging an existing shelf registration as per filings, underscores Strive's commitment to positioning itself as a long-term outperformer of Bitcoin itself by increasing Bitcoin-per-share (BTC/share) through aggressive capital reinvestment.

The ATM Offering: Structure and Strategic Rationale

The ATM program allows Strive to issue SATA shares at prevailing market prices, providing flexibility to raise capital over time rather than in a single fixed-price transaction as noted in reports. The SATA stock carries a 12.00% annual dividend rate, with the company reserving the right to adjust this rate in the future according to official filings. Proceeds will be allocated to Bitcoin and Bitcoin-related product acquisitions, working capital, income-generating asset purchases, share repurchases, and debt repayment as detailed in financial documents. This structure aligns with Strive's broader goal of building a corporate treasury model where Bitcoin serves as both a store of value and a leveraged growth engine.

As of November 7, 2025, Strive held 7,525 Bitcoin, valued at approximately $693 million according to financial data. The company's Bitcoin holdings have grown significantly in recent months, including a $160 million preferred stock offering that funded the acquisition of 1,567.2 additional Bitcoin as reported in financial results. By further expanding its Bitcoin treasury, Strive aims to amplify BTC/share, a metric critical to its thesis of outperforming Bitcoin's price action over the long term as revealed in strategic updates.

Bitcoin Treasury Expansion: A Path to Long-Term Outperformance

Strive's strategy hinges on the principle that increasing BTC/share can generate compounding returns for shareholders. For instance, the company's recent capital-raising activities-including a $762.6 million private investment in public equity (PIPE) and warrant exercises-have been directed toward Bitcoin acquisitions as detailed in financial results. This approach mirrors the playbook of companies like MicroStrategy, which has historically leveraged equity financing to accumulate Bitcoin.

While Strive has not disclosed a specific allocation percentage of the $500M ATM earmarked for Bitcoin, its strategic focus on Bitcoin expansion suggests a significant portion will be directed toward treasury purchases as reported in market analysis. The company's position as the 14th largest corporate Bitcoin holder according to market data, combined with its advocacy for Bitcoin's inclusion in global indexes as stated in company announcements, highlights its institutional credibility in the digital asset space.

Investor Sentiment and Market Dynamics

Investor reactions to the ATM have been mixed. NASDAQ: ASST surged 3.57% following the announcement, reflecting optimism about the capital raise as reported in market analysis. However, the stock remains highly volatile, trading between $13.42 and $0.34 over the past 52 weeks as noted in price data. This volatility is partly attributable to Strive's dual nature as both a Bitcoin treasury and a capital-raising vehicle, which introduces risks related to equity dilution and market sentiment shifts.

Despite these risks, Strive's management has projected a transition from a single-digit million-dollar loss in 2025 to a range of losses or gains in 2026, with a net loss or income of approximately $0.01 per diluted common share as detailed in financial results. These projections, while modest, signal a potential stabilization in the company's asset management operations, which could bolster investor confidence.

Risks and Considerations

Critics may question the sustainability of Strive's strategy, particularly given Bitcoin's inherent price volatility and the dilutive effects of perpetual preferred stock. Additionally, the company's reliance on equity financing to fund Bitcoin purchases exposes it to market conditions that could limit future capital-raising flexibility. However, Strive's aggressive reinvestment approach-prioritizing long-term BTC/share growth over short-term earnings-appeals to investors who view Bitcoin as a macroeconomic hedge and a store of value.

Conclusion

Strive's $500M ATM offering represents a pivotal step in its mission to outperform Bitcoin through strategic Bitcoin treasury expansion. By leveraging flexible capital-raising tools and a disciplined reinvestment strategy, the company aims to amplify BTC/share and solidify its position as a leader in the corporate Bitcoin treasury space. While risks remain, the alignment of management incentives with long-term shareholder value creation-coupled with Bitcoin's growing institutional adoption-positions Strive as a compelling case study in the intersection of digital assets and corporate finance.