Strive Unveils $500 Million Stock Sale Plan, Ramps Up Its Bitcoin Buying Spree

Publicly traded asset manager and Bitcoin treasury firm Strive has launched a fresh $500 million stock sales program aimed at raising new capital for more BTC purchases. The company said on Tuesday that proceeds from the sale will go toward general corporate needs. This includes acquiring Bitcoin, buying Bitcoin related products and maintaining working capital. 

Notably, entrepreneur and former presidential candidate Vivek Ramaswamy co-founded Strive in 2022. The company also said it plans to purchase income producing assets, though it has not yet detailed what those will be.

Strive expands its Bitcoin treasury push

The announcement places Strive among the growing list of public companies accumulating BTC, a strategy that Michael Saylor’s Strategy started. Strive has moved quickly in that direction. It is currently the 14th largest corporate holder of Bitcoin, with 7,525 BTC valued at about $694 million based on current market prices.

The company formally pivoted into a Bitcoin treasury business earlier this year through a public reverse merger completed in May. That shift set the stage for a larger expansion. In September, the company agreed to acquire Semler Scientific, a move that brought the combined entity closer to the upper tier of corporate BTC holders. 

At the same time, Strive Asset Management, which launched its first exchange traded fund in August 2022, has grown to more than $2 billion in assets under management.

Stock jumps as Strive leans deeper into BTC

Strive shares, trading under the ticker ASST, closed at $1.02 on Tuesday, up 3.6% for the day according to Google Finance. The stock has more than doubled since the start of the year, a rise that has reflected both Bitcoin’s stronger market conditions and the company’s aggressive posture toward BTC accumulation.

Earlier this month, Strive CEO Matt Cole weighed in on a key debate at index giant MSCI. Cole urged the firm to allow the market to decide whether Bitcoin holding companies should remain in passive index products. The comments came as MSCI continued consultations on whether to remove digital asset treasury companies with balance sheets made up of more than 50% crypto.

For Strive, the new $500 million stock plan signals that its Bitcoin strategy is set to accelerate. The firm already holds billions in assets and eyeing further expansion.