Strive, an asset manager co-founded in 2022 by Vivek Ramaswamy, plans to raise as much as $150 million through an offering of Variable Rate Series A Perpetual Preferred Stock. The proceeds are intended primarily for debt reduction and, if excess capital remains, additional Bitcoin purchases.
The funds would be used to reduce liabilities at Strive’s wholly owned subsidiary, Semler Scientific, including repurchasing portions of its 4.25% convertible senior notes due in 2030 and outstanding borrowings under a loan agreement with Coinbase Credit. Strive said the move is aimed at simplifying its balance sheet and returning to a preferred-equity-focused capital structure.
Strive also plans to pursue private debt-for-equity exchanges with certain noteholders, which could reduce the size of the public offering but would not generate new cash. The preferred shares carry an initial annual dividend rate of 12.25%, paid monthly, with terms that adjust based on market conditions.
