Strive (ASST) on Thursday upsized its inaugural preferred stock offering by 38%, aiming to raise more than $160 million through the sale of two million shares priced at $80 each.

The company is following the Bitcoin treasury playbook initiated by Strategy (MSTR), as smaller competitors attempt to replicate Michael Saylor's digital credit formula. Strive issued Variable Rate Series A Perpetual Preferred Stock (SATA) with an initial 12% annual dividend paid monthly. Like Strategy's suite of preferred instruments, Strive structured the offering to raise capital for Bitcoin (BTC) purchases without diluting common shareholders.

The 38% upsize from the initially announced 1.25 million shares to 2 million signals institutional appetite despite Strive's diminutive scale compared to MSTR. The company currently holds around 6,000 Bitcoin, a fraction of Strategy's hoard of more than 640,000 BTC, but aims to reach 11,000 through a pending merger with Semler Scientific (SMLR).

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