Strive secures $225 million to repay loans and expand its bitcoin treasury.

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.