Strive, Inc. has made significant strides in the realm of Bitcoin asset management as it officially announced its full Board of Directors, reflecting a strategic push to strengthen its position in the market. The board is chaired by CEO Matt Cole and features a roster of experienced professionals from the cryptocurrency space, including Shirish Jajodia, Ben Werkman, Pierre Rochard, James Lavish, and Avik Roy, each bringing a wealth of knowledge from leading companies and institutions focused on Bitcoin.
Initially, Strive multiplied its Bitcoin holdings through a strategic merger with Asset Entities, acquiring 69 Bitcoin via a Section 351 exchange. In a move to fortify its Bitcoin strategy, the company recently completed a $750 million financing round, with projections for an additional $750 million within a year from warranty exercises.
In pursuit of further capital expansion, Strive is classified as a well-known-seasoned issuer (WKSI) and has filed an S-3 ASR shelf registration. This designation allows the company to access a variety of financing options, including a $450 million at-the-market (ATM) program, as well as potential debt offerings. Strive aims to introduce a publicly traded perpetual preferred equity security in 2025, intended to enhance its Bitcoin holdings while providing common equity shareholders increased exposure to cryptocurrency.
Additionally, the company has initiated a stock repurchase program with a budget of up to $500 million, which will be utilized based on market fluctuations and conditions.
In light of the announced board, Matt Cole emphasized the importance of a mission-aligned team for realizing the objectives of a Bitcoin treasury company. He stated, “Our board and executive team have world-class expertise in Bitcoin, Bitcoin treasury management, capital markets, policy, and governance. We have quickly developed a strong working chemistry that is rare, and I believe will drive substantial shareholder value.”
Strive’s overarching goal is to increase Bitcoin per share and outperform Bitcoin over the long term. Since the launch of its first Exchange Traded Fund (ETF) in August 2022, the company has successfully managed to grow its asset base to over $2 billion, demonstrating a robust commitment to its Bitcoin strategy and an increasing interest from investors.
While the company is optimistic about its growth trajectory, it also issued a cautionary note regarding forward-looking statements, acknowledging inherent risks and uncertainties that could lead to actual results differing materially from forecasts. Looking ahead, Strive appears poised to enhance its footprint in the Bitcoin asset management landscape, supported by a dedicated and knowledgeable leadership team.
