Bitcoin Treasury Company Strive launches $950 million new capital plan and announces board members

PANews reported on September 16 that according to The Block, Strive, which recently completed a merger with Asset Entities, a Nasdaq-listed company, announced the list of board members and details of its Bitcoin accumulation strategy on Monday. The company raised $750 million in funding and can receive up to $750 million in financing in the first 12 months based on warrants. The company will raise initial Bitcoin holdings in accordance with Article 351 of the Internal Revenue Act, with a total of 69 pieces worth approximately US$7.9 million. As part of the shelf registration, Strive announced a $450 million off-market issuance program and a $500 million stock buyback program designed to maintain balance sheet flexibility and increase the “bitcoin per share” amount. The company is qualified as a well-known mature issuer (WKSI), which can omit some details from regulatory documents and maintain a "equity-only capital structure." Similar to Strategy's approach, Strive plans to use the shelf to register and issue perpetual preferred stock securities to purchase more Bitcoin in a value-added manner, and amplify the exposure of common shareholders' Bitcoin exposure. In addition, Matt Cole will serve as CEO and chairman of the board. Three Strive executives will join him on the board. The board members include Shirish Jajodia, head of finance at Strategy, Pierre Rochard, CEO of The Bitcoin Bond Company.