Strive (ASST), a publicly traded bitcoin BTC$92,010.70 treasury and asset-management company, said it arranged a $500 million at-the-market offering (ATM) for its Variable Rate Series A Perpetual Preferred Stock (SATA) to help fund further purchases of the largest cryptocurrency.

SATA pays a 12% dividend with an effective yield near 13%, and the security is intentionally modeled after Strategy’s (MSTR) STRC money market style perpetual preferred equity. SATA currently trades around $91, below its $100 par value. An at-the-market offering allows a company to raise funds quickly by selling new stock near the current market price.

Proceeds may be used to acquire bitcoin, purchase income-generating assets, support working capital, repurchase common shares or pursue acquisitions, the company said Tuesday. Strive, which holds about 7,525 bitcoin and is in the process of buying Semler Scientific (SMLR), ranks as the 14th-largest publicly traded bitcoin company.

Strive’s common stock, ASST, trades near $1 and is down about 2% in pre market activity.

CORRECT (Dec. 10, 14:25 UTC): Corrects name of program to "at-the-market" in headline. An earlier version of this story called it "at-the-money."