The Bitcoin treasury management company Strive (ASST) successfully raised $225 million through an expanded issuance of SATA preferred shares that exceeded the registration threshold.
According to the press release, the offering received over $600 million in orders, significantly higher than the initial target of $150 million.
The capital raised, along with swap transactions, helped Strive quickly reduce its financial leverage after acquiring Semler Scientific (SMLR). The company paid off $110 million of Semler’s total $120 million old debt, including $90 million in convertible bonds swapped for SATA shares and full repayment of a $20 million loan from Coinbase Credit.
Following these actions, 100% of the Bitcoin held by Strive is no longer collateralized. The company also plans to pay off the remaining $10 million debt before April 2026, 12 months earlier than the original deadline.
Strive also used part of the new capital to purchase an additional 333.89 BTC at an average price of $89,851 per coin, increasing its total holdings to approximately 13,131 BTC. With Bitcoin’s current price around $89,100, this asset is valued at over $1.1 billion, making Strive the 10th largest publicly traded Bitcoin holder worldwide.
ASST shares remain under pressure, declining 1.5% in Wednesday morning trading to $0.81.
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