Bitcoin treasury company expands Class A and preferred stock offerings to accelerate accumulation
Strive, Inc. (ASST) plans to expand its at-the-market capital programs by a combined $4.2 billion, marking one of the most aggressive Bitcoin accumulation moves by any public company this year. The expansion increases the Class A common stock ATM capacity to $2.55 billion and the SATA perpetual preferred stock program to $2.6 billion, each representing a $2.1 billion boost.
CEO Matt Cole announced the expansion on Monday, with a balance sheet update promised before market open Tuesday. “Strive expects to increase the size of both the $ASST and $SATA ATM programs by $2.1 billion each, reflecting a sustained increase in liquidity and demand for both securities,” Cole said.
The move accelerates a strategy Strive launched in December 2025, when it initially established a $500 million SATA ATM program. Since January 2026, Strive has added over 3,700 Bitcoin to its treasury. As of late May 2026, the company holds approximately 16,500 BTC, valued at $1.27 billion, placing it seventh among publicly listed companies holding Bitcoin globally.
Recent acquisition activity underscores the pace of accumulation. During the week ending May 24, 2026, Strive acquired approximately 2,624 Bitcoin, exceeding its previous weekly purchase record of 371 BTC. The SATA instrument absorbed an estimated 453 Bitcoin in a single session during that stretch, described as the first “full-supply absorption event” in months. That single session represented 101% of the entire Bitcoin mining supply for that day.
Strive’s funding model distinguishes it from peers. The company funds accumulation exclusively through perpetual preferred equity rather than convertible debt, a structural choice that shapes its capital stack. The acquisition of Semler Scientific jump-started the company’s Bitcoin accumulation strategy.
Over the past three months, Strive’s share price has surged 133%. The expansion is subject to completion of amended prospectus filings and related corporate approvals, according to the company.
The $4.2 billion expansion reflects the company’s reliance on ATM issuance as its primary funding mechanism. Unlike traditional equity raises that require discrete investor rounds, ATM programs allow Strive to issue shares directly into the open market and convert proceeds to Bitcoin in near-real time, enabling continuous accumulation without discrete capital events.
