Strive launches $500M at‑the‑market stock program to buy more Bitcoin
Strive announced a $500 million SATA at‑the‑market (ATM) preferred stock program to raise capital for expanding its Bitcoin treasury, buying income‑generating assets, and general corporate purposes. As of November 7, 2025 the company holds about 7,525 BTC (≈$694M). Shares rose ~3.6% on the announcement. Strive — co‑founded by Vivek Ramaswamy in 2022 and operator of a Bitcoin‑focused ETF — has grown assets under management to over $2 billion since launching its first ETF in 2022. The ATM program builds on a recent upsized IPO and signals continued corporate commitment to Bitcoin accumulation. Analysts flagged potential liquidity, leverage and liquidation risks in volatile markets but noted the move reinforces Strive’s treasury strategy similar to past corporate Bitcoin buyers.
Bullish
Raising up to $500M via an ATM stock program explicitly to buy Bitcoin is a direct capital inflow into BTC demand from a public company. The market reacted positively with a share price bump, reflecting investor approval of continued Bitcoin accumulation. Historically, announcements by public firms (e.g., MicroStrategy) that allocate capital to Bitcoin have supported bullish sentiment for BTC by signaling growing corporate adoption and by creating a predictable buyer. Short‑term, the announcement may increase buying pressure on BTC and related equities (treasury‑focused firms), especially if the ATM draws investor demand and results in immediate purchases. However, analysts’ concerns about liquidity, leverage and potential forced selling during sharp volatility introduce risk: if Strive were to use leverage or sell other assets to manage margin calls, that could create transient downward pressure. Long‑term, steady corporate accumulation programs typically support higher floor expectations for BTC price by reducing available supply and normalizing corporate reserve strategies. Traders should watch filing details, timing of actual BTC purchases, any use of leverage, and macro liquidity conditions to manage risk.