Strive upsizes $200 million offering of variable-rate Series A perpetual preferred stock

Davis Polk represented Strive, Inc. in connection with an upsized SEC-registered offering of 2,000,000 shares of variable-rate Series A perpetual preferred stock. The offering was upsized to 2,000,000 shares of variable-rate Series A perpetual preferred stock, representing aggregate gross proceeds of approximately $200 million. The preferred stock is listed on the Nasdaq Global Market under the symbol SATA. Strive intends to maintain the trading price of the preferred stock within its stated long-term range of $95 to $105 per share. The company will use the net proceeds from the offering to purchase bitcoin and for general corporate purposes, including working capital. Strive is the first publicly traded asset management bitcoin treasury company and is focused on increasing bitcoin per share to outperform bitcoin over the long run. As of November 10, 2025, Strive held approximately 7,525 bitcoins. Since launching its first ETF in August 2022, Strive Asset Management, LLC, a direct wholly owned subsidiary of Strive and an SEC-registered investment adviser, has grown to manage over $2 billion in assets. Davis Polk represented client(s) Strive, Inc. with a team composed by: partner Derek Dostal (capital markets), counsel Michael Stromquist (capital markets), associates Lik Hang (Lincoln) Jim and Rebecca Lei (capital markets); partner Kara L. Mungovan and associate Carter Ballentine Allison (tax); counsel Sarah E. Kim and associate Nausherwan Ahmed Aamir (investment management). Members of the Davis Polk team are based in the New York and Northern California offices.

Strive upsizes $200 million offering of variable-rate Series A perpetual preferred stock

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