Bitcoin financial 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 increased from an originally targeted $150 million.
The proceeds and exchanges allowed Strive to quickly reduce leverage following the acquisition of Semler Scientific ( SMLR ). The company retired $110 million of the $120 million inherited from Semler debt, including $90 million in convertible notes exchanged for SATA stock and the full repayment of a $20 million Coinbase line of credit.
As a result, 100% of Strive’s bitcoin holdings are now unencumbered, with plans to repay 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 its total holdings to 13,131 BTC and making it the tenth largest public company owner globally. Those holdings are worth more than $1.1 billion at bitcoin’s current price of $89,100.
ASST shares remain under pressure, falling 1.5% early Wednesday to $0.81.
