Strive’s Bitcoin Hoard: 13K+ and Counting-Hot or Not?

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Strive just went full Bitcoin Barbie, stacking 13,132 Bitcoins like they’re going out of style (which, let’s be honest, they might). All thanks to a cool $225M in preferred financing-because who needs a rainy day fund when you can have a crypto tsunami?

Strive’s Bitcoin Treasury Hits 13K+-Preferred Equity, Preferred Chaos

In a move that screams “we’re either geniuses or completely unhinged,” Strive Inc., the publicly traded asset management firm with a Bitcoin obsession, just flexed its financial muscles. On Jan. 28, they closed an upsized and oversubscribed follow-on offering, because apparently, investors are still throwing money at anything with the word “Bitcoin” in it. Oh, and they bought more Bitcoin. Shocking.

The company issued 1.32 million shares of Variable Rate Series A Perpetual Preferred Stock at $90 per share, raking in over $600 million in demand. Because who needs a simple savings account when you can have a “preferred equity strategy”? Chairman and CEO Matt Cole said:

“Strive continues to demonstrate leading execution in managing a world-class, bitcoin-powered treasury, retiring over 90% of the Semler legacy debt just 11 days after closing the Semler acquisition, with intentions to retire the remaining debt by April.”

Translation: “We’re really good at spending money and then telling everyone how smart we are for spending it.”

Cole also mentioned something about aligning long-duration Bitcoin exposure with long-duration financing, which sounds like financial jargon for “we’re betting the farm on Bitcoin and hoping it doesn’t turn into a pumpkin.” Through this financial acrobatics, Strive retired $110 million of $120 million in debt from the Semler acquisition and plans to kiss the remaining $10 million goodbye by April 2026. They also swapped $90 million of Semler’s convertible notes for preferred stock and paid off a $20 million loan from Coinbase Credit, leaving their Bitcoin holdings “fully unencumbered.” Whatever that means.

Alongside this financial gymnastics, Strive announced they’ve acquired 333.89 Bitcoin at an average price of $89,851, bringing their total stash to 13,131.82 Bitcoin as of January 28, 2026. They’re now the tenth largest public corporate holder of Bitcoin globally. Congrats? Or condolences?

“Strive has an amplification ratio of 37.2% with 97.7% coming from our preferred equity,” the company detailed, because nothing says “we’re serious” like throwing around numbers no one understands. Their quarter-to-date Bitcoin yield is 21.17%, which apparently means their Bitcoin exposure is growing faster than my skepticism about this whole endeavor.

Chief Investment Officer Ben Werkman chimed in, saying, “In just over four months, Strive has scaled from zero Bitcoin to become a top-10 publicly traded holder of Bitcoin.” Which is either incredibly impressive or incredibly reckless. You decide.

Management also emphasized that institutional demand for digital credit supported this rapid balance sheet repositioning, while the preferred equity-heavy structure reduced reliance on traditional debt. Because who needs stability when you can have volatility?

FAQ ⏰

  • How much did Strive raise in its preferred equity offering?
    $225 million. Because why stop at $150 million when you can go full send?
  • How much Bitcoin does Strive now hold?
    13,131.82 Bitcoin. That’s a lot of digital coins. Or a lot of digital nothing. Jury’s out.
  • What debt did Strive eliminate through the financing?
    $110 million of $120 million in Semler legacy debt. Because who needs debt when you can have Bitcoin-induced anxiety?
  • What is Strive’s reported Bitcoin yield this quarter?
    21.17%. Which is either amazing or terrifying, depending on how you feel about rollercoasters.

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2026-01-30 08:12