Strive Seeks $4.2 Billion ATM Expansion To Fund More Bitcoin Purchases

Strive is preparing to expand its capital-raising capacity by $4.2 billion as the Bitcoin treasury company looks to fund additional BTC purchases, extending one of the fastest accumulation campaigns among public corporate holders.

Chief executive Matt Cole said the company expects to increase the size of both its ASST and SATA at-the-market programs by $2.1 billion each. The proposed expansion would give Strive substantially more flexibility to issue securities into the market and direct proceeds toward its Bitcoin strategy, though ATM capacity does not mean the full amount has already been raised.

“Strive expects to increase the size of both the ASST and SATA ATM programs by $2.1 billion each, reflecting a sustained increase in liquidity and demand for both securities. We will provide a balance sheet update tomorrow pre-market,” Cole wrote on X.

The announcement comes shortly after Strive raised approximately $194 million through its SATA preferred stock offering last week, equivalent to about 2,621 BTC at current market prices. The company currently holds approximately 16,500 BTC, valued at roughly $1.27 billion, placing it among the largest public Bitcoin treasury companies.

Based on BitcoinTreasuries.net’s public-company leaderboard, Strive ranks seventh among listed corporate Bitcoin holders with 16,500 BTC. The firms ahead of it are Strategy, by far the largest holder with more than 843,000 BTC, followed by Twenty One Capital, Metaplanet, MARA Holdings, Bitcoin Standard Treasury Company and Bullish.

SATA Becomes The Bitcoin Funding Engine

SATA has become central to that model. Strive launched the Variable Rate Series A Perpetual Preferred Stock in November 2025, with the IPO upsized to 2 million shares from an initially targeted 1.25 million shares. At the time, the company said it had acquired 1,567 BTC at an average price of $103,315 and held 7,525 BTC as of November 10, 2025.

“The successful IPO of the SATA Stock makes Strive the first Bitcoin treasury company to finance its Bitcoin amplification exclusively through perpetual preferred equity, and the second overall, after Strategy, to issue a publicly traded perpetual preferred equity security,” Cole said at the time. “While Strive only went public in September, we’ve quickly shown the market both the speed and the precision our team operates with to drive long-term value to our shareholders, with Bitcoin as our hurdle rate.”

The product has since become a larger part of Strive’s capital stack. The company’s website says SATA’s 13% APR monthly dividend schedule is set to transition to payments every business day beginning June 16, 2026, increasing the dividend frequency from 12 payments per year to roughly 250 payments per year. Strive has also said it targets a $99 to $101 trading range for SATA and holds cash and marketable securities in reserve for dividend payments.

Strive CIO Ben Werkman wrote via X late Monday: “More than $100M in volume on the ex-dividend date, with a closing price of $99.56, down just 0.44% from par. Continued progress for SATA.”

At press time, BTC traded at $69,894.

Featured image created with DALL.E, chart from TradingView.com