Strive, the asset manager backed by Vivek Ramaswamy, has significantly expanded its bitcoin treasury, underscoring an increasingly aggressive corporate accumulation strategy. The company disclosed that it purchased 1,567 BTC at an average price of $103,315 per coin, bringing its total bitcoin holdings to 7,525 BTC as of Nov. 10, 2025. Based on the company’s stated figures, Strive’s bitcoin treasury has now reached roughly $777 million.
A Bigger Bitcoin Treasury Backed by New Capital Markets Activity
The latest purchase came as Strive moved forward with a capital-markets structure designed to deepen its exposure to bitcoin without relying on common equity dilution. Even after bitcoin slipped below $100,000 in the prior week, investor demand for the firm’s new preferred stock offering remained strong enough to support an upsized deal.
According to the report, Strive increased the size of its initial public offering from 1.25 million shares to 2 million shares. The offering was priced at $80 per share and began trading on Nasdaq under the ticker “SATA”. The market response suggested that investors remain receptive to products tied to a bitcoin-centered treasury model, even during short-term price weakness in the underlying asset.
What SATA Is and Why It Matters
SATA is described as a variable-rate perpetual preferred stock. Its purpose is to help finance additional bitcoin acquisitions through what the company characterizes as a non-dilutive mechanism. In practical terms, Strive is attempting to create a structure that can expand bitcoin exposure and support long-term shareholder value without issuing more common shares.
The company’s filing presents the instrument as a type of “bitcoin amplification” tool, reflecting a broader effort to align treasury growth with capital efficiency. Rather than depending on conventional equity issuance, Strive is using preferred equity to fund further accumulation while preserving the existing common-share base.
Management Frames the Offering as a Milestone
Chairman and CEO Matt Cole called the offering a milestone for the company, saying it made Strive the first bitcoin treasury company to finance its bitcoin accumulation entirely through perpetual preferred equity. In his view, the transaction demonstrates both the speed and precision of the firm’s execution and reinforces bitcoin’s role as the benchmark for the company’s long-term value creation strategy.
Cole said the team had quickly shown the market how it operates when pursuing shareholder value with bitcoin at the center of the capital plan. That framing is notable because it places bitcoin not just on the balance sheet, but at the core of the firm’s operating and financing philosophy.
Yield Structure and Risk Framing
Strive’s SATA shares include a variable monthly dividend, initially set at 12%. The company said it is targeting a long-term trading range of $95 to $105 per share. That combination of yield and treasury-linked exposure appears intended to broaden investor appeal beyond buyers focused purely on bitcoin price appreciation.
Chief Investment Officer Ben Werkman described SATA as an attractive yield opportunity supported by disciplined risk management. Chief Risk Officer Jeff Walton added that bitcoin’s liquidity and transparency make it well suited for structured yield instruments. Those comments reflect a central part of Strive’s pitch: bitcoin can serve not only as a reserve asset, but also as the foundation for more sophisticated public-market financing structures.
Joining the Ranks of Major Public Bitcoin Holders
With approximately 7,525 BTC now under management, Strive has moved into the group of larger publicly visible corporate bitcoin holders. Its approach places it alongside other digital-asset treasury companies, including Strategy, which earlier in the year also used perpetual preferred equity issuance as part of its financing playbook.
The comparison is significant because it shows how the bitcoin treasury model is evolving. Early corporate bitcoin strategies focused mainly on direct balance-sheet purchases. Strive’s latest move suggests the model is becoming more financially engineered, with firms building dedicated capital structures to expand holdings over time rather than making isolated allocations.
Bitcoin-First Strategy Remains Intact
The latest accumulation indicates that Strive is not slowing its commitment to digital reserve assets. Despite short-term volatility in bitcoin’s price, the company continues to treat market pullbacks and funding opportunities as part of a broader long-term strategy. The combination of fresh treasury purchases and the Nasdaq listing of SATA highlights a coordinated effort to scale exposure rather than simply hold existing reserves.
For the market, the key takeaway is that Strive is combining balance-sheet accumulation with public-market financing innovation. By adding 1,567 BTC and lifting its total reserves to 7,525 BTC, while simultaneously launching a preferred equity instrument to support future purchases, the firm is making a clear statement: its bitcoin-first treasury strategy is designed to expand, not pause.