Strive Announces Board of Directors and Initial Bitcoin Strategy

Rhea-AI Summary

Strive (NASDAQ:ASST), the first publicly traded asset management Bitcoin treasury company, has announced its comprehensive Board of Directors and Bitcoin strategy. The company starts with 69 Bitcoin acquired through a Section 351 exchange and has secured $750 million in financing, with potential for an additional $750 million from warrants within a year.

As a well-known-seasoned-issuer (WKSI), Strive has filed an S-3 ASR shelf registration and announced a $450 million at-the-market (ATM) offering alongside a $500 million stock repurchase program. The company plans to issue a publicly traded perpetual preferred equity security in 2025 to purchase additional Bitcoin in an accretive manner.

The board includes experienced Bitcoin executives from prominent organizations, led by CEO Matt Cole as Chairman, with members from Strategy, Swan, The Bitcoin Bond Company, and other notable institutions.

Positive

• Secured $750 million in financing with potential for additional $750 million from warrants
• Established $450 million ATM program for additional capital raising flexibility
• Implemented $500 million stock repurchase program
• Board composed of experienced Bitcoin and financial industry executives
• Clear strategy for Bitcoin accumulation and shareholder value creation

Negative

• Currently holds only 69 Bitcoin, a relatively small position for a Bitcoin treasury company
• Potential dilution risk from ATM offering and warrant exercises
• Dependency on capital markets for Bitcoin acquisition strategy

Insights

Bitcoin Treasury Strategist

Strive launches as a Bitcoin treasury company with strategic financing plans to accumulate Bitcoin while maximizing shareholder value.

Strive has emerged as the first publicly traded asset management Bitcoin treasury company with a clear mission to increase Bitcoin per share and outperform Bitcoin over the long term. The company starts with 69 Bitcoin acquired through a Section 351 exchange and has secured $750 million in financing with potential for an additional $750 million from warrant exercises in the first year.

What makes Strive unique is its comprehensive capital management approach. The company has qualified as a well-known-seasoned-issuer (WKSI), giving it significant flexibility in capital raising. It has filed an S-3 ASR shelf registration that enables multiple financing options, including a $450 million at-the-market (ATM) program and potential debt offerings. Simultaneously, Strive has implemented a $500 million stock repurchase program, creating a balanced mechanism to optimize capital structure as market conditions change.

The company's board composition reflects deep Bitcoin expertise, with industry leaders from Strategy, Swan, The Bitcoin Bond Company, and other Bitcoin-focused organizations. This governance structure indicates Strive is positioning itself as a sophisticated Bitcoin treasury operation rather than merely a passive holder.

Most notable is Strive's innovative approach to leverage: planning to issue publicly traded perpetual preferred equity securities specifically to purchase additional Bitcoin in an accretive manner. This structure aims to amplify Bitcoin exposure for common shareholders while providing yield opportunities for income-focused investors – effectively creating a capital structure that could potentially outperform direct Bitcoin holdings under certain market conditions.

The Strive, Inc. ("Strive"; Nasdaq: ASST) board, chaired by CEO Matt Cole, is stacked with experienced Bitcoin executives including Shirish Jajodia (Strategy), Ben Werkman (Swan), Pierre Rochard (The Bitcoin Bond Company), James Lavish (The Bitcoin Opportunity Fund), and Avik Roy (FREOPP).

Strive started its life as a public company with 69 Bitcoin acquired via a Section 351 exchange as part of the merger with Asset Entities, Inc. The company plans to further its Bitcoin strategy with the net proceeds from its $750 million financing round announced in May 2025 and a potential additional $750 million within a year from the exercise of warrants.

Strive is a well-known-seasoned-issuer (WKSI) and has filed a S-3 ASR shelf registration, enabling the company to raise additional capital utilizing a wide-range of financing tools, including:

• An at-the-market (ATM) program of up to $450 million in potential total proceeds.
• Potential debt and debt-like offerings. Strive currently has an equity-only capital structure and has ambitions to issue a publicly traded perpetual preferred equity security in 2025 to purchase additional Bitcoin in an accretive manner that the company believes will further amplify the Bitcoin exposure for common equity shareholders.

The company has also implemented a stock repurchase program of up to $500 million, which can be accessed depending on market conditions.

DALLAS, Sept. 15, 2025 /PRNewswire/ -- Strive, Inc. ("Strive" or the "Company") (Nasdaq: ASST) the first publicly traded asset management Bitcoin treasury company, today announced a series of strategic decisions.

Strive announced its full Board of Directors:

• Chairman Matt Cole, CEO of Strive, Inc.
• Ben Pham, CFO of Strive, Inc.
• Logan Beirne, CLO of Strive, Inc.
• Arshia Sarkhani, CMO of Strive, Inc.
• Shirish Jajodia, Corporate Treasurer at Strategy, Inc.
• Pierre Rochard, CEO of The Bitcoin Bond Company
• Ben Werkman, CIO of Swan, Inc.
• James Lavish, Managing Partner, Portfolio Manager of The Bitcoin Opportunity Fund
• Avik Roy, Co-Founder & Chairman of the Foundation for Research on Equal Opportunity
• Mahesh Ramakrishnan, Co-Founder & Managing Partner of EV3 Ventures
• Jonathan Macey, Yale Professor of Corporate Law, Corporate Finance, and Securities Law
• Jeff Walton, VP of Bitcoin Strategy – Board observer

"A mission aligned board is essential for a Bitcoin treasury company to achieve its goals," said Matt Cole, Chairman & CEO of Strive. "Our board and executive team have world-class expertise in Bitcoin, Bitcoin treasury management, capital markets, policy, and governance. We have quickly developed a strong working chemistry that is rare, and I believe will drive substantial shareholder value. We intentionally put together this team to enable Strive to lead with an unwavering focus on Bitcoin accumulation, strategic decision making, and fiduciary duty in service of our mission to increase Bitcoin per share and outperform Bitcoin over the long run."

The company announced further details regarding its Bitcoin accumulation strategy. Starting with initial Bitcoin holdings of 69 Bitcoin raised via a 351 exchange, the company raised $750 million in financing with up to an additional $750 million in financing from warrants over the first 12 months. In addition, the company qualified as a well-known-seasoned-issuer (WKSI) for its shelf registration. In conjunction with the WKSI shelf registration, the company announced both a $450 million at-the-market offering, in addition to a $500 million stock repurchase program to maintain maximum balance sheet flexibility in increasing Bitcoin per share.

Strive also announced ambitions to leverage its shelf registration to issue a publicly registered perpetual preferred equity security to purchase additional Bitcoin in an accretive manner that the company believes will further amplify the Bitcoin exposure for common equity shareholders, while also offering an attractive risk-adjusted income opportunity through the preferred equity security for yield focused investors.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, any shares of Strive's Class A common stock. 

About Strive
Strive is the first publicly traded asset management Bitcoin treasury company. The Company is focused on increasing Bitcoin per share to outperform Bitcoin over the long run.

Since launching its first ETF in August 2022, Strive Asset Management, LLC, a direct, wholly owned subsidiary of Strive and an SEC-registered investment adviser, has grown to manage over $2 billion in assets.

Learn more at strive.com and follow the company on X at @strive.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements herein and the documents incorporated herein by reference may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Rule 3b-6 promulgated thereunder, which statements involve inherent risks and uncertainties. Such statements are often characterized by the use of qualified words (and their derivatives) such as "may," "will," "anticipate," "could," "should," "would," "believe," "contemplate," "expect," "estimate," "continue," "plan," "project," "predict," "potential," "assume," "forecast," "target," "budget," "outlook," "trend," "guidance," "objective," "goal," "strategy," "opportunity," and "intend," as well as words of similar meaning or other statements concerning opinions or judgment of Strive or its management about future events. Forward-looking statements are based on assumptions as of the time they are made and are subject to risks, uncertainties and other factors that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results expressed or implied by such forward-looking statements.

Although Strive believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results of Strive will not differ materially from any projected future results expressed or implied by such forward-looking statements. Additional factors that could cause results to differ materially from those described above can be found in Strive's most recent annual report on Form 10-K for the fiscal year ended December 31, 2024, quarterly reports on Form 10-Q, and other documents subsequently filed by Strive with the SEC. The actual results anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on Strive. Investors are cautioned not to rely too heavily on any such forward-looking statements. Forward-looking statements speak only as of the date they are made and Strive undertakes no obligation to update or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

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SOURCE Strive, Inc.

FAQ

How many Bitcoin does Strive (NASDAQ:ASST) currently hold?

Strive currently holds 69 Bitcoin acquired through a Section 351 exchange as part of the merger with Asset Entities, Inc.

What is the size of Strive's (NASDAQ:ASST) financing round announced in May 2025?

Strive secured $750 million in financing with potential for an additional $750 million from warrant exercises within the first 12 months.

Who are the key members of Strive's (NASDAQ:ASST) Board of Directors?

The board is chaired by CEO Matt Cole and includes experienced Bitcoin executives such as Shirish Jajodia (Strategy), Ben Werkman (Swan), Pierre Rochard (The Bitcoin Bond Company), and other industry leaders.

What is Strive's (NASDAQ:ASST) ATM program size?

Strive has implemented an at-the-market (ATM) program of up to $450 million in potential total proceeds.

How large is Strive's (NASDAQ:ASST) stock repurchase program?

Strive has announced a stock repurchase program of up to $500 million, which can be accessed depending on market conditions.

What are Strive's (NASDAQ:ASST) plans for preferred equity in 2025?

Strive plans to issue a publicly traded perpetual preferred equity security in 2025 to purchase additional Bitcoin in an accretive manner to amplify Bitcoin exposure for common equity shareholders.