Strive launches $500 million at-the-market preferred stock offering

Davis Polk advised Strive, Inc. in connection with the company’s SEC-registered at-the-market offering of its variable-rate Series A perpetual preferred stock. The offering is for shares of variable-rate Series A perpetual preferred stock, $0.001 par value per share, for up to an aggregate offering price of $500 million. Strive intends to maintain the trading price of the preferred stock within a stated long-term range of $95 to $105 per share. The company expects to use the net proceeds from the offering to purchase bitcoin and for general corporate purposes, including working capital. The preferred stock is listed on the Nasdaq Global Market under the symbol SATA. 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 Strive, Inc. with a team composed by: Derek Dostal (partner, capital markets); Michael Stromquist (counsel, capital markets); Lik Hang (Lincoln) Jim (associate, capital markets); Rebecca Lei (associate, capital markets); Kara L. Mungovan (partner, tax); Carter Ballentine Allison (associate, tax); Sarah E. Kim (counsel, investment management); Nausherwan Ahmed Aamir (associate, investment management). Members of the team are based in the New York and Northern California offices.

Strive launches $500 million at-the-market preferred stock offering

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