Bitcoin treasury firm Strive (ASST) strengthened its balance sheet and increased its bitcoin exposure after raising $225 million through an offering of SATA preferred stock.
The offering was expanded from an initial $150 million target after drawing more than $600 million in investor demand, according to a company statement.
Strive used the proceeds and related exchanges to swiftly reduce leverage following its acquisition of Semler Scientific (SMLR). The company retired $110 million of Semler’s $120 million in outstanding debt, including $90 million of convertible notes converted into SATA stock and the full repayment of a $20 million loan from Coinbase Credit.
Following the debt reduction, all of Strive’s bitcoin holdings are now unencumbered. The firm plans to retire the remaining $10 million of debt by April 2026, ahead of its original timeline.
Strive also allocated part of the raise to purchase an additional 333.89 bitcoin at an average price of $89,851, lifting total holdings to 13,131 BTC. At current prices near $89,100, those holdings are valued at more than $1.1 billion, ranking Strive as the tenth-largest public corporate bitcoin holder globally.
Shares of ASST were down 1.5% in early Wednesday trading at $0.81.
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