- Strive launches dual strategy of $450M raise and $500M buyback to boost Bitcoin per share.
- The company secured $750M financing with another $750M possible through warrant exercises.
- Board led by Matt Cole includes Bitcoin-focused executives from Strategy, Swan, and more.
Taking an innovative move, Strive Inc. launched a dual-capital strategy to expand its Bitcoin treasury. The entity, which recently merged with Nasdaq-listed Asset Entities, announced a $450 million at-the-market equity raise alongside a $500 million stock repurchase program to boost its “Bitcoin per share” metric. The move followed Strive’s merger completion and board appointment.
Dual Strategy to Expand Bitcoin Holdings
Reportedly, Strive can raise capital under a shelf registration, and this enables it to file less detailed regulatory documents while maintaining an equity-only capital structure.
The firm confirmed that proceeds from the $450 million equity raise will be directed toward additional Bitcoin purchases, while the $500 million buyback program would reduce outstanding shares, thus boosting Bitcoin per share. Management described this approach as designed to maximize balance sheet flexibility while deepening the company’s Bitcoin exposure.
The company began operations with 69 Bitcoin acquired through a Section 351 exchange during the merger with Asset Entities. That exchange allowed property transfers for stock without immediate tax consequences, providing Strive with initial holdings worth roughly $7.9 million at current prices.
Financing Pipeline and Preferred Equity Plan
Strive disclosed that it secured $750 million in financing with another $750 million available through warrant exercises over the next year. The company also outlined plans for a $750 million private placement (PIPE) as part of its long-term treasury expansion.
These funds, combined with the shelf registration flexibility, form the foundation for the company’s aggressive Bitcoin accumulation plan. In addition, Strive intends to issue a perpetual preferred equity security in 2025.
The instrument, once approved, would provide yield for income-focused investors while funding further Bitcoin acquisitions. Management noted that this preferred equity would increase Bitcoin exposure for common shareholders in what it described as an “accretive manner.”
The firm emphasized that it has not issued debt. However, it left open the possibility of debt-like offerings in the future to speed up its Bitcoin-focused strategy. By relying on equity and preferred securities, Strive maintains its stated commitment to an equity-only structure while preserving financial flexibility.
Related: Strive Proposes GameStop Convert $5B Cash Reserves to BTC
Board and Governance
The company also introduced its board of directors, led by CEO and chairman Matt Cole. Internal executives Ben Pham, Logan Beirne, and Arshia Sarkhani joined him in governance roles. External directors include Shirish Jajodia of Strategy, Pierre Rochard of The Bitcoin Bond Company, Ben Werkman of Swan, James Lavish of The Bitcoin Opportunity Fund, and Avik Roy of the Foundation for Research on Equal Opportunity.
Strive’s board members bring experience in Bitcoin treasury management, digital asset strategy, policy, and capital markets. According to the release, their collective focus is on ensuring the company delivers shareholder value by expanding its Bitcoin holdings. A vice president of Bitcoin strategy was also added as a board observer to align governance directly with the treasury growth mission.
The merger with Asset Entities was originally announced in May and structured as a reverse merger. At that time, Strive described it as a “first-of-its-kind” tax-free Bitcoin-for-equity exchange under Section 351 of the U.S. tax code. The deal set the foundation for the company’s positioning as what it calls the first publicly traded asset management Bitcoin treasury firm.
Strive’s merger and subsequent capital plan combine a $450 million equity raise with a $500 million buyback to enhance Bitcoin per share. The company secured $750 million in financing, aims for another $750 million through warrants, and plans a preferred equity issue in 2025. With a Bitcoin-focused board and equity-only capital structure, Strive has positioned itself to expand its Bitcoin treasury through coordinated financing tools and shareholder programs.
