Strive is scaling up its capital-raising efforts significantly, aiming to gather an additional $4.2 billion to fuel its Bitcoin purchases. The company’s CEO, Matthew Cole, announced plans to enlarge two separate at-the-market programs linked to its ASST and SATA securities, each by $2.1 billion. This move is driven by heightened liquidity and growing investor interest in these instruments.
Just days earlier, Strive revealed a major Bitcoin acquisition, purchasing 1,109 coins for about $85.4 million between May 19 and May 22. The average cost per Bitcoin in that transaction was roughly $76,988. With this addition, Strive’s total Bitcoin stash reached 16,500 BTC, surpassing both Coinbase’ 16,492 BTC and Riot Platforms’ 15,680 BTC, according to data from Bitcoin Treasuries.
The ASST and SATA programs are central to Strive’s strategy, allowing the company to raise capital without traditional borrowing. Recent figures show that SATA, a perpetual preferred stock, brought in nearly $194.3 million in the prior week, enough to buy around 2,621 BTC at current prices. Moreover, SATA’s dividend yield has climbed to 13%, outperforming the 11.50% yield offered by Strategy’s STRC preferred stock.
While Strive accelerates its accumulation, Strategy, the largest corporate Bitcoin holder, took a different step last week. In a regulatory filing, Strategy disclosed selling 32 BTC valued at approximately $2.5 million. This marks its first Bitcoin sale since December 2022, with proceeds going toward distributions for its preferred stock offerings. Despite this sale, Strategy still holds a commanding 843,706 BTC, far ahead of any other public company.
Strive’s latest fundraising push underscores its commitment to expanding its Bitcoin treasury through equity-linked capital markets, positioning itself as a more active player in the corporate crypto space.