Strive Plans $500M ATM Offering for Bitcoin Purchases

Bitwise CIO Says Crypto Could Grow 10–20x | Tempo Rolls Out Public Testnet

Marco Manoppo & Karon Pangestu
December 10, 2025

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Good Morning.

The crypto market is heading into year end with real momentum. Strive is loading up for more Bitcoin buys. Bitwise is calling a decade of 10 to 20x growth. Washington is preparing a friendlier regulatory lane.

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In Today's Email:

What Matters: Strive Plans $500M ATM Offering for Bitcoin Purchases 👀
Case Study: Bitwise CIO Says Crypto Could Grow 10–20x 🔎
Governance & Features: Tempo Rolls Out Public Testnet 🚀

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Narratives: Onchain Expansion Cycle

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WHAT MATTERS

Strive Plans $500M ATM Offering for Bitcoin Purchases

State of play: Strive has launched a $500M at-the-market offering of its Variable Rate Series A Perpetual Preferred Stock, known as SATA.

Strive entered an agreement with Cantor, Barclays and Clear Street to sell shares gradually at market prices rather than a single fixed-price issuance.
Proceeds will be used for general corporate needs and additional BTC acquisitions, extending Strive’s strategy as a publicly traded BTC DATs.
SATA currently carries a 12% annual dividend rate, which Strive may adjust later.
The move follows the firm’s upsized SATA IPO in November, where shares debuted at $80.
Strive held 7,525 BTC as of early November. SATA closed at $91.15 and Strive’s common stock closed at $1.02 on Tuesday.

Why it matters: Strive is tapping public markets to keep growing its Bitcoin stack. The flexible ATM setup lets them raise capital as market conditions improve, not all at once.

Our take: This is a clear bet that Bitcoin will outperform the 12% dividend cost. If BTC keeps climbing, the strategy works. If not, the capital gets expensive fast.

For builders and investors: SATA offers BTC exposure with yield, but the dilution and dividend math should be watched closely.

CASE STUDY

Bitwise CIO Says Crypto Could Grow 10–20x

Matt Hougan / IMG: Blockworks

Bitwise CIO Matt Hougan expects the crypto market to grow 10–20x over the next decade, pointing to SEC Chair Paul Atkins’s prediction that all US equities will move onchain within a few years.

Hougan highlighted the massive gap between today’s $670M in tokenized stocks and the $68T US equity market as a sign of the opportunity ahead.
He argued that BTC, stablecoins, tokenization and emerging use cases like prediction markets, DeFi and digital identity will drive long-term expansion.
Still, Hougan said it is impossible to know which blockchains will dominate, given regulatory uncertainty, execution risks and market complexity.

Because of that, he favors market-cap-weighted index exposure as his core strategy rather than making concentrated bets on individual networks.

Hougan expects crypto index funds to become increasingly important in 2026 as investors look for broad upside with less chain-specific risk.

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INSIGHTS

SEC Chair Preps Fast-Track Crypto Reforms for 2026

Paul Atkins at Blockchain Association Policy Summit

SEC Chair Paul Atkins said the agency is preparing to move quickly on major crypto priorities in the new year, signaling a sharp shift toward a more supportive regulatory stance.

Atkins said the SEC’s earlier groundwork is ready to “sprout,” with several proposals nearing completion.
A key initiative is an “innovation exemption,” a time limited regulatory relief framework aimed at lowering compliance burdens and speeding up approval for new crypto and fintech products.
Atkins said he hopes to release it by late January.
The SEC is also working on a “token taxonomy” to clarify which digital assets should be treated as securities, as well as broader rules under “Project Crypto” to modernize digital asset regulation.

FEATURES & GOVERNANCE UPDATE

Tempo Rolls Out Public Testnet

Tempo, a payments-focused Layer 1 blockchain incubated by Stripe and Paradigm, has launched its public testnet. Stripe and Paradigm helped build the project but did not participate in its Series A round.

Tempo is valued at about $5B after a $500M Series A in October.
It aims to offer instant settlement, predictable low fees and a stablecoin-first design optimised for real world payments.
The testnet brings together the core features Tempo says general purpose chains still struggle with.
Companies like Kalshi, Mastercard and UBS are listed as design partners.
The project is also working with OpenAI, Shopify, Visa, Anthropic and Deutsche Bank.
Klarna recently launched its USD backed stablecoin, KlarnaUSD, on Tempo, with a mainnet rollout planned for 2026.

Other notable feature updates:

MetaMask introduced Transaction Shield.
Maple upgraded its Withdrawal Manager contract.
Jupiter introduced DTF (Decentralized Token Formation).
Kalshi brought its tokenized prediction markets to Solana.
Ethereum activated the Fusaka upgrade at epoch 411392.

QUICK BITES

Tempo launches public testnet.
Bitcoin treasury XXI shares sink 20% in NYSE debut.
HashKey launches Hong Kong IPO, seeking up to $215M.
PNC rolls out direct BTC trading through Coinbase tie-up.
Bitwise CIO sees crypto growing 10–20x in the next decade.
Kalshi secures temporary relief on Connecticut enforcement.
SEC Chair signals quick action on crypto priorities in the new year.
US teachers union urges Senate to withdraw crypto market structure bill.
Silk Road wallets move BTC to unknown address after decade of dormancy.
Strive launches $500M at-the-market offering for further bitcoin acquisitions.

NOTEWORTHY READS & MEME

Antoni.eth’s read on How to Ask for Intros as a Crypto BD.
Maxuel’s read on How to Actually Build a Successful Life in Crypto.
Dogan’s read on Why Private Credit Will Unlock the Next Stablecoin Cycle?

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.