Bitcoin treasury company Strive has announced a $500 million public offering and plans to allocate the funds to a wide range of corporate needs, including the purchase of Bitcoin (BTC).
The announcement comes as the company faces an unrealized loss of nearly 18% on its existing Bitcoin holdings amid the cryptocurrency downturn.
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Strive aims to acquire larger Bitcoin holdings despite unrealized losses
In a recent press release, Vivek Ramaswamy’s company revealed that it has signed a distribution agreement. This will allow the company to issue and sell up to $500 million of floating rate series A perpetual preferred stock (SATA stock) through open market sales.
This capital is intended for general corporate purposes, including the acquisition of Bitcoin and Bitcoin-related assets. Additional uses include working capital, the purchase of income-producing assets, potential stock repurchases, and debt repayments.
“SATA stock may be sold by the sales agent, subject to the terms and conditions of the sales agreement, in any manner that qualifies as an ‘over-the-counter offering’ as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, or in any other manner permitted by law,” the press release reads.
According to Strive’s Bitcoin Strategy Tracker, the company made three separate purchases of Bitcoin in 2025. In early September, the company purchased 5,816 BTC, and a smaller amount of 72 coins in late October. Finally, Strive acquired 1,567 BTC in early November.
The company holds a total of 7,525 BTC, making it the 14th largest public holder of Bitcoin. The average acquisition cost is $113,383 per BTC.
As of the latest data, the company’s Bitcoin holdings are valued at $699.81 million, reflecting unrealized losses of approximately 18%, or approximately $153 million.
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Digital asset treasury firms under pressure
On the other hand, Strive is not alone. Data on Bitcoin government bonds revealed that Metaplanet, GD Culture Group, Remix Point, and others are facing unrealized losses due to the performance of the Bitcoin market.
Bitcoin faced significant headwinds in the market in October, and the downward trend accelerated in November. In mid-month, BTC fell below the $100,000 level, but has not been able to regain it yet.
However, in the past 24 hours, a gradual recovery was observed. At the time of writing, Bitcoin is trading at $92,377, representing an increase of 2.42%.
Beyond market volatility, DAT companies currently face structural pressures from index providers. MSCI proposed Companies that hold digital assets accounting for 50% or more of their total assets will be reclassified as “funds.”
This allows them to Removal from MSCI benchmarks. This decision has significant consequences for DAT companies. Index removal is likely to cause large-scale outflows from passive indexes.
Mr. Strive last week submitted a seven-page letter to the MSCI president asking him to reconsider the proposal.
“Index providers do not exclude energy companies whose balance sheets are dominated by oil reserves, gold miners whose value depends heavily on the metals they extract, or financial companies whose assets consist mostly of securities and derivatives.… Creating special exclusion rules only for digital assets would be a departure from that tradition without regulatory or economic rationale,” Strive wrote.
MSCI’s decision is expected to be announced on January 15, 2026. The results provide information on how traditional markets treat companies with large crypto treasury holdings and could influence the future of Bitcoin treasury business models.
