Strive Doubles Down on Bitcoin With $500 Million Offering as Portfolio Slides Nearly 18%
Strive announced a $500 million offering to fund corporate needs, including buying more Bitcoin, despite an unrealized 18% loss on current holdings.Summary
Bitcoin treasury firm Strive, founded by Vivek Ramaswamy's firm, has launched a $500 million at-the-market offering of its Variable Rate Series A Perpetual Preferred Stock (SATA Stock). The capital raised will be used for general corporate purposes, notably acquiring more Bitcoin and Bitcoin-related assets, alongside working capital and debt repayment.
This move comes as Strive's existing 7,525 BTC holdings, acquired at an average cost of $113,383 per coin, reflect an unrealized loss of nearly 18% due to the recent cryptocurrency downturn, where BTC fell below $100,000.
Furthermore, Strive is facing external pressure as MSCI has proposed reclassifying companies holding digital assets exceeding 50% of total assets as "funds," potentially leading to exclusion from MSCI benchmarks and significant passive-index outflows. Strive has formally urged MSCI to reconsider this proposal, arguing it unfairly targets digital asset holders.
(Source：BeInCrypto)