Bitcoin treasury company Strive (ASST) has reduced its debt burden and expanded its bitcoin holdings after raising $225 million through an offering of its SATA preferred stock.
The raise was upsized from an initial target of $150 million after attracting more than $600 million in orders, the company said in a press release.
Proceeds from the offering, along with related exchanges, allowed Strive to rapidly deleverage following its acquisition of Semler Scientific (SMLR). The company retired $110 million of Semler’s $120 million in legacy debt, including $90 million of convertible notes exchanged into SATA stock and the full repayment of a $20 million Coinbase Credit loan.
As a result, all of Strive’s bitcoin holdings are now unencumbered. The firm plans to eliminate the remaining $10 million of debt by April 2026, ahead of its original 12-month schedule.
Strive also deployed a portion of the proceeds to purchase an additional 333.89 bitcoin at an average price of $89,851, lifting total holdings to 13,131 BTC. The stash, valued at more than $1.1 billion at bitcoin’s current price of around $89,100, makes Strive the world’s tenth-largest public corporate bitcoin holder.
Shares of ASST remained under pressure, slipping 1.5% early Wednesday to $0.81.
