Bitcoin treasury company Strive launches a new capital plan of $950 million and announces board members

ChainCatcher news, according to The Block, Strive, which recently completed a merger with Nasdaq-listed Asset Entities, announced its board member list and details of its Bitcoin accumulation strategy on Monday.

The company raised $750 million in funding, and within the first 12 months, it can secure up to an additional $750 million in financing through warrants. The company will raise its initial Bitcoin holdings of 69 coins, valued at approximately $7.9 million, under Section 351 of the Internal Revenue Code. As part of its shelf registration, Strive announced a $450 million private placement plan and a $500 million stock buyback plan, aimed at maintaining balance sheet flexibility and increasing the "per share Bitcoin" quantity.

The company qualifies as a Well-Known Seasoned Issuer (WKSI), allowing it to omit certain details in regulatory filings while maintaining a "pure equity capital structure." Similar to Strategy's approach, Strive plans to issue perpetual preferred stock securities through its shelf registration to acquire more Bitcoin in a value-enhancing manner, amplifying the Bitcoin risk exposure for common stock shareholders. Additionally, Matt Cole will serve as the CEO and Chairman of the Board. Three executives from Strive will join him on the board. Board members include Strategy's CFO Shirish Jajodia, The Bitcoin Bond Company's CEO Pierre Rochard, among others.