Asset management firm Strive has unveiled its intention to conduct a $150 million follow-on offering of its Variable Rate Series A Perpetual Preferred Stock, with the funds primarily directed towards the acquisition of Bitcoin and the reduction of debt. Based in Dallas, Strive currently holds approximately 12,798 BTC as of January 16 and has disclosed this capital raise as part of its strategic pivot towards a “perpetual-preferred only amplification model” while expanding its Bitcoin treasury operations.
The announcement comes in light of notable changes in Bitcoin’s holder composition, coinciding with heightened market volatility. Data from CryptoQuant indicates that 2024 and 2025 have marked a record in long-term Bitcoin supply being released, with dormant coins—held for over two years—shifting at unprecedented rates. Analysts view this as a pivotal transformation in ownership demographics, as early holders concerned with halving cycles are being supplanted by new participants motivated by macroeconomic factors and liquidity considerations.
Strive plans to utilize proceeds from the stock sale along with existing cash reserves and gains from terminating capped call transactions associated with Semler Scientific’s outstanding 4.25% Convertible Senior Notes due in 2030. The capital will be allocated for various financial maneuvers, including the redemption and repayment of portions of these convertible notes and Semler Scientific’s borrowings from Coinbase Credit Inc. The firm is also negotiating transactions with certain noteholders to exchange parts of the Semler Convertible Notes for shares of SATA Stock. Strive indicated that it may adjust the offering size based on these exchanges, but clarified that the offering is not contingent on the completion of such exchanges. Any finalized exchanges will proceed as private transactions in compliance with Section 4(a)(2) of the Securities Act.
Barclays and Cantor have been appointed as joint book-running managers for the offering, with Clear Street participating as co-manager. The sale adheres to regulatory protocols outlined in an effective shelf registration statement filed with the Securities and Exchange Commission.
The capital raise emerges within a landscape of persistent institutional Bitcoin accumulation, even as short-term price volatility continues to pose challenges. CryptoQuant analysis reveals that Bitcoin whales have been actively accumulating despite market fluctuations, while retail investors have shown signs of exiting. Notably, recent geopolitical tensions have not diminished whale holdings, which have remained stable or increased, indicating that this phase in the market is one of structural accumulation rather than distribution.
Market dynamics are, however, complex, with Bitcoin’s estimated leverage ratio on Binance soaring to around 0.184 near the $90,000 price point, the highest level since last November. This increase in borrowing among futures traders has raised concerns about potential sharp liquidations during rapid price movements.
As markets open, Asian exchanges logged gains, with Bitcoin inching closer to the $90,000 mark. This upward movement follows comments from President Donald Trump suggesting a potential framework for future negotiations involving NATO and Greenland, alleviating some immediate concerns regarding tariffs. Analysts from Bitfinex have observed a renewed focus on stabilizing signals, including consistent price action above $90,000 coupled with decreasing volatility.
Strive’s expansion is in line with broader corporate trends toward Bitcoin acquisition. The firm had previously conducted a $500 million preferred stock offering in December 2025 and completed an all-stock merger with Semler Scientific at a significant premium. The combined entity aims for Bitcoin-per-share growth to outperform Bitcoin over the long term, as stated by Chairman and CEO Matt Cole. Meanwhile, Michael Saylor’s strategy has led to the acquisition of 22,305 BTC for approximately $2.13 billion in mid-January, raising total holdings to 709,715 BTC. In a notable move, the 91-year-old burger chain Steak ‘n Shake has also initiated corporate Bitcoin ownership with a $10 million treasury purchase, establishing a “Strategic Bitcoin Reserve” that focuses on holding Bitcoin received from Lightning Network payments instead of converting it to cash.
