Strive Targets $150M Raise to Cut Debt and Expand BTC Holdings
Strive, an asset manager based in Dallas, has announced intentions for a $150 million follow-on offering of its Variable Rate Series A Perpetual Preferred Stock. The goal is to increase its BTC treasury and lower its debt.
The on Wednesday fits with the company’s shift to a “perpetual-preferred only amplification model.” This comes as BTC’s price stays around $90,000 as the market changes.
As of January 16, Strive has around 12,798 BTC. The company plans to utilise the money from tradeing these coins, along with cash it already has and money from ending capped call transactions, to purchase more cryptocurrencies.
The company just merged with Semler Scientific in an all-stock deal worth 210% more than the stock price. This strategy puts the new company in a position to “outperform BTC over the long run” through -per-share growth, according to Chairman and CEO Matt Cole.
Strategic Debt Reduction and Growth of The Treasury
Paying off debt is a large part of the rise. Strive wants to use some of its money to pay off Semler Scientific’s $4.25% Convertible Senior Notes due in 2030, as well as any additional payments it has to make under its master loan agreement with Coinbase Credit Inc.
The company is also talking to some noteholders about trading parts of these convertible notes for shares of SATA Stock. If these arrangements go through, the offering size might be smaller.
However, the stock sale doesn’t depend on these platforms, which would happen as private deals under Section 4(a)(2) of the Securities Act. Barclays and Cantor are both running the books, and Clear Street is assisting them do it. The offering follows an effective shelf registration statement that was submitted with the , which ensures that it follows the rules.
Market Forces assist Institutions Build Up
The announcement comes at a time when BTC’s holder base is going through a lot of changes. According to CryptoQuant statistics, 2024 and 2025 saw “the largest long-term BTC supply release in history,” with dormant coins that had been stored for more than two years moving at record levels.
Analysts view this as “a fundamental shift in ownership from ahead holders focused on halving cycles to newer participants driven by macro factors and liquidity considerations.”
Even though the market is volatile, institutional investors are still positive. CryptoQuant says, “Since January, BTC whales have kept purchaseing aggressively, even though there have been short-term price swings and corrections.
Retail investors, on the other hand, have left.” “ have not gone down on a monthly basis, but have instead continued to rise, which means that the current phase is structural accumulation rather than distribution,” even with recent geopolitical tensions.
Market leverage has gone up, with BTC’s estimated ratio on Binance reaching 0.184 near $90,000, its highest level since last November, indicating “a significant return to leverage later than a time of relative risk aversion.”
experts stress the need to wait for stabilisation, which includes ETF flows that flatten, a positive spot taker cumulative volume delta, and prices that stay stable above $90,000 with less volatility. went up as BTC got closer to that level. This was assisted by U.S. President Donald Trump’s comments about a possible NATO-Greenland pact that would ease tariff anxieties.
Aggressive Treasury Strategy Follows Industry Leaders
Strive’s approach is similar to how other companies are begining to use BTC as a reserve asset. The company is building on its $500 million preferred stock issue from December 2025.
In the identical way, , led by Michael Saylor, bought 22,305 BTC for $2.13 billion between January 12 and 19, at an average price of $95,284 per coin. This brought its total holdings to 709,715 BTC.
Steak ‘n Shake, a 91-year-old burger company, even got in on the action with a $10 million acquisition that set up a “” by sending Lightning Network payments straight to holdings. As companies like Strive invest more in BTC, it looks like the cryptocurrency’s role in corporate treasuries will continue to rise, which could change how assets are managed during times of market volatility.
