Bitcoin treasury company Strive (ASST) has pared back leverage and increased its bitcoin exposure after raising $225 million through an offering of its SATA preferred stock.
The deal was upsized from an initial $150 million target after attracting more than $600 million in investor demand, the company said in a press release.
Strive used the proceeds and related exchanges to accelerate deleveraging following its acquisition of Semler Scientific (SMLR). The company retired $110 million of the $120 million in legacy Semler debt, including $90 million of convertible notes exchanged into SATA stock and the full repayment of a $20 million Coinbase Credit loan.
Following the transaction, 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 12-month schedule.
Strive also allocated part of the capital to purchase an additional 333.89 bitcoin at an average price of $89,851, bringing total holdings to 13,131 BTC. At current prices near $89,100, those holdings are valued at more than $1.1 billion, positioning Strive as the tenth-largest public corporate bitcoin holder worldwide.
Shares of ASST were down about 1.5% in early Wednesday trading at $0.81.
