Strive Eyes $1 Billion Raise as Strategy Pauses Bitcoin Buying

What happened

Strive announced it can sell up to $1 billion of its 15.00% Series A Perpetual SATS Preferred Stock through an at-the-market program, aiming to use proceeds for Bitcoin purchases and general corporate purposes. Meanwhile, Strategy bought zero Bitcoin and repurchased $204.9 million of preferred stock.

Confirmed

Global impact / market context

Strive's planned raise signals it wants more cash to buy Bitcoin, which could increase demand for the asset. Strategy's pause shifts its cash toward buying back preferred stock, changing how both companies deploy capital and how investors view their Bitcoin strategies.

Analyst inference

Two Bitcoin-focused companies are taking opposite paths: Strive seeks new money partly for Bitcoin, while Strategy holds its 848,517 BTC flat and spends cash on preferred buybacks. This contrast shows differing views on whether now is the time to add Bitcoin or return cash to investors.

Analyst inference

What to watch

1. Strive's at-the-market program allows share sales up to $1 billion under its existing shelf registration, which became effective in September 2025. Watch actual sales and how proceeds are used. Confirmed
2. Strive said net proceeds may fund Bitcoin purchases, working capital, income-generating assets, stock repurchases, or acquisitions that complement its business. Watch which uses it chooses first. Proposed
3. Strategy's zero Bitcoin buying and $204.9 million preferred buyback could signal a shift toward supporting its preferred stock. Watch future filings for resumed Bitcoin purchases or more buybacks. Analyst inference

Affected assets

• BTC — Bitcoin

Evidence

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