Strive clears Semler debt off books, buys more bitcoin after $225 million preferred stock sale
Bitcoin treasury firm Strive raises $225 million to pay off loans, buy more bitcoin
The offering of SATA shares was oversubscribed and upsized from the initial $150 million target.
What to know:
- Strive (ASST) raised $225 million through an upsized and oversubscribed SATA preferred offering.
- The company retired $110 million of the $120 million of legacy debt from recently acquired Semler Scientific (SMLR)
- Strive also increased its bitcoin treasury by 333.89 coins, bringing the total to roughly 13,132 BTC worth more than $1.1 billion.
In this article
BTC$77,296.23◢4.86%
SOL$104.89◢9.21%Bitcoin treasury company Strive (ASST) now has less debt and more bitcoin on its books after raising $225 million via an offering of its SATA preferred stock.
With more than $600 million in orders, according to a press release, the offering was upsized from an initially targeted $150 million.
The proceeds and exchanges enabled Strive to rapidly reduce leverage following its acquisition of Semler Scientific (SMLR). The company retired $110 million of the $120 million of legacy Semler 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, 100% of Strive’s bitcoin holdings are now unencumbered, with plans to retire the remaining $10 million of debt by April 2026, ahead of its original 12 month timeline.
Strive also used some of the funds to acquire an additional 333.89 bitcoin at an average price of $89,851, bringing total holdings to 13,131 BTC and making it the tenth largest public corporate holder globally. Those holdings are worth more than $1.1 billion at bitcoin’s current price of $89,100.
ASST shares remain under pressure, down 1.5% early Wednesday to $0.81.
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