The Bitcoin treasury company, Strive, has announced an open market offering of $500 million, with plans to allocate these funds to general corporate needs, including the purchase of Bitcoin (BTC).
The announcement comes as the company faces an unrealized loss of nearly 18% on its current Bitcoin holdings due to the cryptocurrency's bearish trend.
Strive seeks to expand its Bitcoin holdings despite unrealized losses.
In a recent press release, the company of Vivek Ramaswamy revealed that it has signed a sale agreement. This allows the company to issue and sell up to $500 million of its 'Variable Rate Series A Perpetual Preferred Stock' (SATA Stock) through an open market offering.
The capital is directed to general corporate purposes, including the purchase of Bitcoin and BTC-related assets. Other applications include working capital, purchases of income-generating assets, potential share buybacks, and debt repayment.
“The SATA Stock, according to the terms and conditions of the sales agreement, may be sold by sales agents through any method considered an 'offer in the open market' as defined by Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, or any other method permitted by law,” says the press release.
According to Strive's Bitcoin Strategy Tracker, the company bought Bitcoin on three different occasions during 2025. At the beginning of September, the company acquired 5,816 BTC, followed by another smaller purchase of 72 tokens at the end of October. Finally, Strive bought 1,567 BTC in early November.
In total, the company holds 7,525 BTC, making it the fourteenth largest public holder of Bitcoin. Its average acquisition cost is $113,383 per BTC.
According to the latest data, its Bitcoin holdings are valued at $699.81 million, reflecting an unrealized loss of approximately 18%, or about $153 million.
Cryptoasset treasury companies under pressure
Meanwhile, it is not just Strive. Data from Bitcoin Treasuries show that Metaplanet, GD Culture Group, Remixpoint, and other companies also have unrealized losses due to Bitcoin's bearish performance in the market.
Bitcoin faced strong bearish winds in the market during October, and the downward trend only accelerated in November. By mid-month, BTC fell below the $100,000 level and has yet to recover it.
However, in the last 24 hours, a moderate recovery has been observed. At the time of writing this article, Bitcoin was trading at $92,377, which represents an increase of 2.42%.
Beyond market volatility, DAT companies now face structural pressures from index providers. MSCI has proposed that companies with cryptoassets representing more than 50% of their total assets be reclassified as 'funds'.
This could result in its removal from MSCI's benchmark indices. The decision has critical consequences for DAT companies. Exclusion from the indices would likely trigger large outflows from passive funds linked to the indices.
Last week, Strive sent a seven-page letter to the president of MSCI, asking him to reconsider the proposal.
“Index providers do not exclude energy companies whose oil reserves dominate their balance sheets, gold miners whose value primarily depends on the metal they extract, nor financial companies whose assets consist mostly of securities and derivatives… Creating a special exclusion rule just for cryptoassets would depart from that tradition without regulatory or economic justification,” wrote Strive in the letter.
The decision by MSCI will be announced on January 15, 2026. The outcome will determine how traditional markets will treat companies with large treasuries in cryptocurrencies and may influence the future of the BTC treasury business model.
