The Bitcoin company Strive has launched a new issuance of 500 million USD. The company wants to use the money for various purposes, such as buying Bitcoin (BTC).
The news comes at the same time as the company has an unrealized loss of nearly 18% on its BTC holdings. This is due to the cryptocurrency market declining.
Strive wants to increase its holdings of Bitcoin despite unrealized losses.
In a new press release, Vivek Ramaswamy's company reports that they have signed a sales agreement. It allows the company to issue and sell up to 500 million USD of its interest-bearing Series A Perpetual Preferred Stock (SATA Stock) via an issuance.
The capital will be used for various purposes for the company. For example, Strive may buy Bitcoin and assets linked to Bitcoin. The company may also use the money for working capital, purchasing income-generating assets, stock buybacks, and paying debts.
“The SATA stock, according to the terms of the sales agreement, may be sold by the selling agents by any method considered an ‘at-the-market’ offering under rule 415(a)(4) of the Securities Act of 1933, or any other lawful method,” the press release states.
According to its Bitcoin Strategy Tracker, Strive has purchased Bitcoin three times during 2025. In early September, they bought 5,816 BTC. At the end of October, they bought 72 more. Then, in early November, Strive bought 1,567 BTC.
The company owns a total of 7,525 BTC. This makes Strive the fourteenth largest public holder of Bitcoin. The average purchase cost is $113,383 per BTC.
According to the latest figures, their BTC holdings are worth $699.81 million. This shows an unrealized loss of about 18%, or approximately $153 million.
Companies in the digital asset management sector are facing tough times.
It is not just Strive that has losses. Data from Bitcoin Treasuries shows that Metaplanet, GD Culture Group, Remixpoint, and others also have unrealized losses due to market developments for Bitcoin.
Bitcoin faced headwinds in the market in October. The decline became even stronger in November. In the middle of the month, BTC fell below $100,000 and has not recovered since.
But in the last 24 hours, a small recovery has been noted. At the time of writing, Bitcoin was trading at $92,377, an increase of 2.42%.
In addition to market movements, DAT companies now face structural challenges from index providers. MSCI suggests that companies with digital assets that are more than 50% of their total assets should be categorized as “funds.”
This could lead to their removal from the MSCI index. The decision has significant consequences for DAT companies. If they are excluded from the index, it could lead to significant outflows from passive index funds.
Last week, Strive sent a seven-page letter to the chairman of MSCI. Strive urged him to reconsider the proposal.
“Index providers do not exclude energy companies where oil reserves dominate the balance sheet, gold mines where value depends on the metal they mine, or finance companies with assets mainly in securities and derivatives… Creating a specific exception for digital assets goes against that tradition without support in law or economics,” writes Strive.
MSCI will announce its decision on January 15, 2026. The decision shows how traditional markets should view companies with large cryptocurrency holdings and may affect the future business model of Bitcoin companies.
