Bitcoin Magazine

Strive ($ASST) Plans $150 Million Follow-On Offering to Buy More Bitcoin, Retire Convertible Notes

Strive announced today that it intends to raise up to $150 million through a follow-on offering of its Variable Rate Series A Perpetual Preferred Stock, known as SATA Stock, subject to market conditions. 

The offering is registered under the Securities Act of 1933 and marks Strive’s latest move to expand its bitcoin holdings while addressing outstanding debt.

Strive plans to use the proceeds from the offering, along with cash on hand and potentially funds from terminating certain derivative contracts tied to convertible debt, to repurchase or redeem all or a portion of the 4.25% Convertible Senior Notes due 2030 issued by its subsidiary Semler Scientific, Inc. 

These Semler Convertible Notes, guaranteed by Strive, were originally issued under an indenture with U.S. Bank Trust Company, National Association acting as trustee. 

Strive wants to buy more bitcoin

The company may also use funds to pay down Semler Scientific’s borrowings under its loan agreements with Coinbase Credit Inc., acquire additional bitcoin and related products, and support general corporate needs.

In addition, Strive is negotiating with some holders of the Semler Convertible Notes to potentially exchange their notes for shares of SATA Stock. 

SATA Stock is structured as a variable-rate, cumulative dividend security with a stated value of $100 per share. Dividends are currently set at an annualized rate of 12.25%, payable monthly, though Strive reserves the right to adjust the rate within certain limits. 

If a dividend is missed, it accrues additional compounded interest, which can rise up to 20% per year. The company intends to manage the dividend rate to help the stock trade within a target range of $95 to $105 per share.

Strive also retains the right to redeem SATA Stock at $110 per share (or higher at its discretion), plus accrued dividends. Redemption can occur at any time, but the company generally cannot redeem less than $50 million of SATA Stock unless a clean-up or tax-related redemption applies.

The liquidation preference for SATA Stock is $100 per share, adjusted daily to the greater of the stated value, the previous trading day’s closing price, or the 10-day average price. 

Strive said that Barclays and Cantor are joint book-running managers for the offering, with Clear Street acting as co-manager.

After SATA briefly hit $100 today, the company’s approach to set a follow-on offering price based on current market conditions is seen as a cleaner alternative to an “at-the-market” (ATM) offering, avoiding dilution and allowing Strive to capitalize on favorable pricing. 

The raised funds will help the company retire legacy convertible debt and expand its Bitcoin holdings, signaling continued commitment to its crypto-focused growth strategy.

This post Strive ($ASST) Plans $150 Million Follow-On Offering to Buy More Bitcoin, Retire Convertible Notes first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Strive ($ASST) Gets Green Light on Semler Scientific Acquisition, Boosts Bitcoin Holdings to Nearly 13,000 BTC

Strive, Inc. announced today that stockholders of Semler Scientific, Inc. approved its acquisition by Strive, marking a landmark deal in publicly traded Bitcoin-backed companies.

The all-stock transaction includes Semler Scientific’s 5,048.1 Bitcoin, significantly expanding Strive’s digital asset holdings.

In addition, the company said they purchased 123 more Bitcoin for its corporate treasury at an average price of $91,561 per coin, for a total cost of approximately $11.26 million, inclusive of fees and expenses, the company said. 

These purchases bring the company’s total Bitcoin holdings to 7,749.8. Following the Semler Scientific acquisition, the combined entity will hold 12,797.9 Bitcoin, surpassing corporate holders such as Tesla and Trump Media & Technology Group to become the 11th largest corporate Bitcoin holder globally, according to the company. 

BREAKING: Vivek Ramaswamy's Strive acquires #Bitcoin company Semler Scientific in an all-stock transaction. pic.twitter.com/aHSjcy34ND

— Bitcoin Magazine (@BitcoinMagazine) January 13, 2026

$ASST also disclosed plans to monetize Semler Scientific’s operating business within 12 months of the transaction’s close and explore opportunities to retire Semler’s $100 million convertible note and $20 million Coinbase loan, subject to market conditions. 

Shares of Strive ($ASST) are down over 17% on the day, but are up over 15% on the month.  

Strive as a bitcoin-focused company

These strategic moves reflect the company’s continued focus on Bitcoin operations and a simplified, preferred equity-focused corporate structure.

“I’m proud of the execution the Strive team has delivered for our shareholders, making history towards completing the first acquisition of a publicly traded Bitcoin treasury company,” said Matt Cole, Chairman and CEO. “The Semler Scientific deal will continue Strive’s leading yield generation since the inception of our Bitcoin strategy, boosting our Q1 2026 Bitcoin yield to over 15%.”

The company also highlighted its successful November 2025 preferred equity IPO, SATA, which was upsized from $125 million to $200 million and received more than twice the subscription demand.

The company plans to issue additional SATA over the next 12 months to fund debt retirement and maintain amplification exclusively through preferred equity.

Jeff Walton, Strive’s Chief Risk Officer, emphasized the unique risk profile of SATA, noting that “the balance sheet is comprised of a transparent, digitally native asset, allowing risk to be observed and measured in real time, unlike traditional illiquid assets.”

As part of the merger, the board approved a 1-for-20 reverse split of Class A and Class B shares to align with institutional investment standards. 

Semler Scientific Executive Chairman Eric Semler will join the Board of Directors post-closing.

This post Strive ($ASST) Gets Green Light on Semler Scientific Acquisition, Boosts Bitcoin Holdings to Nearly 13,000 BTC first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Strive Lines Up $500 Million Stock Offering to Buy More Bitcoin

Strive, a publicly traded bitcoin treasury and asset-management firm, said it has arranged a $500 million at-the-market offering to help fund more bitcoin purchases.

The company plans to sell Variable Rate Series A Perpetual Preferred Stock, known as SATA. The offering allows Strive to issue shares into the market at prevailing prices rather than through a single sale. The structure gives the firm flexibility to raise capital as demand allows.

SATA carries a 12% dividend and an effective yield near 13%. The preferred stock is modeled on Strategy’s STRC perpetual preferred equity, which has been used as a funding tool for bitcoin accumulation. 

SATA currently trades around $91, below its $100 par value.

Strive said proceeds may be used for a range of purposes. These include buying bitcoin, purchasing income-generating assets, supporting working capital, repurchasing common shares, or pursuing acquisitions. 

JUST IN: Vivek Ramaswamy's Strive to raise $500 million to buy more #Bitcoin

Nothing stops this train pic.twitter.com/I2ZStdFYBX

— Bitcoin Magazine (@BitcoinMagazine) December 10, 2025

The company did not specify how much of the raise would be allocated to bitcoin purchases.

The 14th-largest corporate bitcoin holder

Strive currently holds about 7,525 bitcoin, valued at roughly $695 million at recent market prices. That positions the firm as the 14th-largest publicly traded corporate holder of bitcoin. 

The company has leaned into a bitcoin-focused treasury strategy following a public reverse merger earlier this year.

The company was co-founded in 2022 by entrepreneur and political figure Vivek Ramaswamy. Since launching its first exchange-traded fund in August 2022, Strive Asset Management has grown to oversee more than $2 billion in assets, according to company disclosures. 

The firm markets itself as an alternative asset manager with a focus on aligning capital with long-term investment themes.

In September, Strive agreed to acquire Semler Scientific, a transaction that increased the combined entity’s bitcoin exposure. The move placed the company among a growing group of public companies that use equity markets to build large bitcoin positions, a strategy popularized by Michael Saylor’s Strategy.

Shares of its common stock, ASST, trade near $1 today.

Strive calls out MSCI on bitcoin beliefs 

The company has also taken an active role in market structure debates tied to bitcoin treasury firms. Earlier this month, Strive called on index provider MSCI to avoid excluding companies with large digital asset holdings from major equity benchmarks. 

MSCI is reportedly consulting investors on whether firms with balance sheets dominated by crypto assets should remain eligible for inclusion.

The company argued that such exclusions would limit investor choice and reshape capital flows across passive funds. The review could have broad implications for companies that hold bitcoin as a core treasury asset.

This post Strive Lines Up $500 Million Stock Offering to Buy More Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Bitcoin Coalition Pushes Back Against MSCI Proposal Targeting Bitcoin-Heavy Companies

Bitcoin For Corporations (BFC), in coordination with its member companies, formally challenged MSCI’s proposed rule to exclude companies from the MSCI Global Investable Market Indexes if digital assets represent 50% or more of total assets. 

The rule would apply to companies whose primary business is classified as digital-asset treasury activity.

BFC argues the proposal misclassifies operating companies by prioritizing balance-sheet holdings over actual business operations.

“MSCI has long defined companies by what they do, not by what they hold. This proposal abandons that principle for a single asset class,” said George Mekhail, managing director of BFC. “A shareholder-approved treasury decision shouldn’t override that reality.”

The coalition identified three structural issues with the proposal. First, it redefines primary business based on asset composition rather than revenue-generating operations. Second, it singles out digital assets while other asset classes face no similar treatment. 

Third, it ties index inclusion to volatile market prices, creating unpredictable membership changes.

BFC warned that the proposal could lead to passive fund outflows, higher capital costs, and increased volatility for companies, all unrelated to operational performance. 

The group urged MSCI to withdraw the threshold, maintain an operations-based classification, ensure asset-class neutrality, and engage with market participants on a business-aligned framework.

1/ JUST IN: @BitcoinForCorps (BFC) is formally calling on MSCI to withdraw its proposed 50% digital-asset exclusion rule.

The proposal directly affects how operating companies are treated in global indexes.

Here's everything you need to know: pic.twitter.com/mfBCML5AgW

— Bitcoin For Corporations (@BitcoinForCorps) December 8, 2025

Strive echoes the sentiment 

Strive Asset Management, co-founded by Vivek Ramaswamy, also formally urged MSCI last week to reconsider its proposal to exclude companies with bitcoin holdings exceeding 50% of total assets from major equity benchmarks. 

In a letter to MSCI CEO Henry Fernandez, Strive warned that the rule could produce inconsistent results due to differing accounting standards under U.S. GAAP and IFRS.

Strive, the 14th-largest corporate bitcoin holder with over 7,500 BTC, argued that the 50% threshold is “unjustified, overbroad, and unworkable.” Its executives highlighted that many bitcoin treasury companies operate real businesses in sectors such as AI data centers, structured finance, and cloud infrastructure. 

They compared the proposed treatment of bitcoin to other assets, noting that energy companies with large oil reserves or gold miners are not excluded from indexes.

The firm also cited market volatility, derivatives exposure, and accounting differences as factors that could make index inclusion unpredictable. 

Strive warned that strict rules could drive innovation abroad, giving international firms a competitive advantage.

MSCI plans to announce its decision on January 15, 2026. Strive’s intervention reinforces the broader industry call for operations-based classification, asset-class neutrality, and fair treatment of companies holding significant bitcoin as part of their treasury strategy.

MSCI could exclude Strategy

Perhaps the company most affected by this would be Strategy, the tech- and Bitcoin-focused software company famous for its bold Bitcoin reserve strategy. Strategy and Chairman Michael Saylor recently pushed back against concerns that MSCI could exclude the company from major equity indices, which analysts warn might trigger billions in passive outflows. 

Saylor emphasized that Strategy is not a fund or holding company but an operating business with a $500 million software division and a $7.7 billion Bitcoin-backed credit program. 

He highlighted products like Stretch ($STRC), a Bitcoin-backed credit instrument, and stressed that Strategy actively creates, structures, and operates financial products rather than passively holding assets. 

Disclaimer: Bitcoin For Corporations And Bitcoin Magazine both operate under the parent company of BTC Inc.

This post Bitcoin Coalition Pushes Back Against MSCI Proposal Targeting Bitcoin-Heavy Companies first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Vivek Ramaswamy’s Strive Urges MSCI to Rethink Bitcoin Index Exclusion

Strive Asset Management is pushing back against MSCI’s latest proposal. The index provider suggested removing companies with bitcoin holdings over 50% of total assets from major equity benchmarks.

In a letter to MSCI CEO Henry Fernandez, Strive warned the plan could create uneven results worldwide. Companies report bitcoin differently under U.S. GAAP and IFRS accounting standards. Strive said this could lead to inconsistent outcomes for firms with similar exposure.

The Nasdaq-listed firm urged MSCI to rely on optional “ex-digital-asset treasury” index variants instead of redefining eligibility for broad benchmarks. These custom indexes already exist for sectors like energy and tobacco.

Strive is the 14th-largest public corporate bitcoin holder, with more than 7,500 BTC on its balance sheet. Its executives argued that the proposal would “depart from index neutrality” and asked MSCI to “let the market decide” how bitcoin-heavy firms are treated.

Co-founded by Vivek Ramaswamy and Anson Frericks in 2022, Strive has a mission to “depoliticize corporate America.”

MSCI’s ruling affect on companies like Strive and Strategy

The rule change could affect major players like Strategy, which holds 650,000 BTC. JPMorgan estimates MSCI’s exclusion could trigger $2.8 billion in passive outflows from Strategy alone. If other index providers follow suit, the total could rise to $8.8 billion.

Strive’s letter criticized the 50% threshold as “unjustified, overbroad and unworkable.” Many bitcoin treasury companies operate real businesses. 

These include AI data centers, structured finance, and cloud infrastructure. Miners such as MARA, Riot, Hut 8, and CleanSpark are pivoting into renting excess power and compute capacity.

The firm drew comparisons to other industries. Indexes do not exclude energy companies with large oil reserves or gold miners whose value depends on metals. Applying a bitcoin-specific rule, Strive argued, imposes an investment judgment on benchmarks meant to remain neutral.

Executives also highlighted market volatility and accounting differences. Bitcoin’s price swings could push companies in and out of eligibility from quarter to quarter. Derivatives or structured products further complicate exposure calculations.

Strive warned that strict rules could push innovation abroad. U.S. markets may face penalties, while international companies benefit from IFRS treatment. The firm believes the proposal may stifle new bitcoin-backed financial products.

MSCI plans to announce its decision on January 15, 2026, before the February index review. Strive is among several firms lobbying against the proposal. Its argument centers on fairness, neutrality, and market choice rather than restricting investor access.

Last week, Strategy’s Michael Saylor disputed MSCI index disputes and clarified that Strategy is a publicly traded operating company with a $500 million software business and a treasury strategy using Bitcoin, not a fund, trust, or holding company. 

This post Vivek Ramaswamy’s Strive Urges MSCI to Rethink Bitcoin Index Exclusion first appeared on Bitcoin Magazine and is written by Micah Zimmerman.