Strive, a Bitcoin financial management company, announced a $500 million at-the-market (ATM) offering. These funds are expected to be used for various corporate purposes, including the purchase of Bitcoin (BTC).
This announcement comes as Strive has recorded an estimated 18% valuation loss on the Bitcoin it currently holds amid the cryptocurrency downturn.
Strive expands Bitcoin holdings despite unrealized losses
In a recent press release, Strive, led by Vivek Ramaswamy, announced that it has entered into a sale agreement. Through this agreement, the company will be able to issue and sell up to $500 million worth of variable rate perpetual preferred stock (SATA stock) through an at-the-market (ATM) offering.
These funds are expected to be used for general operational expenses of the company, including the acquisition of Bitcoin and related assets. Additionally, they can be utilized for working capital, purchasing income-generating assets, share buybacks, and debt repayment.
“SATA stock may be sold by the sales agent in accordance with the terms of the sale agreement, through methods defined as on-market sales (ATM) or other legally permissible means.” – Strive's official press release
According to Strive's Bitcoin strategy tracker, they purchased Bitcoin three times in 2025. They acquired 5,816 BTC in early September and added 72 more at the end of October. Lastly, they purchased 1,567 BTC in early November.
The total holding is 7,525 BTC, making it the 14th largest among publicly listed companies worldwide. The average acquisition cost per Bitcoin is $113,383.
According to the latest data, Strive's Bitcoin holdings amount to $699.81 million. This reflects a total holding of approximately $153 million, which includes an unrealized loss of about 18%.
Digital asset treasury companies are under pressure.
Meanwhile, Strive is not the only one to suffer unrealized losses. According to Bitcoin Treasuries data, companies like Metaplanet, GD Culture Group, and Remixpoint have also incurred significant unrealized losses due to the decline in Bitcoin prices.
Bitcoin experienced significant headwinds in October, and its decline accelerated further in November. By mid-month, BTC fell below $100,000 and has yet to recover that price level.
However, there has been a slight rebound in the last 24 hours. As of the time of writing, Bitcoin is trading at $92,377, which is an increase of 2.42%.
In addition to market volatility, DAT (Digital Asset Treasury) companies are also facing structural pressure from index firms. MSCI has proposed that companies with more than 50% of their total assets in digital assets be classified as 'funds.'
This decision could lead to exclusion from the MSCI benchmark. Such measures could have a significant impact on DAT companies. If excluded from the index, substantial passive index investment funds could exit.
Last week, Strive submitted a seven-page public letter to the MSCI chairman requesting a reconsideration of this proposal.
“Index providers do not exclude energy companies with a high proportion of oil, gold mining companies whose value is tied to gold, and financial firms that primarily deal with securities and derivatives. Applying separate regulations only to digital assets deviates from existing practices and lacks regulatory and economic justification.” – Strive's official position
MSCI's final decision is scheduled to be announced on January 15, 2026. This outcome will serve as a benchmark for assessing the response of traditional financial markets to companies with substantial cryptocurrency holdings. It could also influence the future direction of the Bitcoin treasury business model.
