TLDR
- Strive eliminated $110 million in debt from Semler acquisition, clearing 92% of inherited liabilities including $20 million Coinbase loan
- Preferred stock offering raised $225 million after investor demand reached $600 million, triple the initial $150 million target
- Company bought 334 Bitcoin at average $89,851 price, increasing total to 13,132 BTC worth $1.17 billion
- Bitcoin holdings now fully unencumbered with remaining $10 million debt set for payoff within four months
- ASST stock declined 2.23% to $0.80 despite improvements, down 92.4% from $10.46 peak
Strive completed a major balance sheet cleanup Wednesday, retiring nearly all debt from its Semler Scientific acquisition while expanding its Bitcoin position.
The Bitcoin treasury firm raised $225 million through its Variable Rate Series A Perpetual Preferred Stock offering. Trading under ticker “SATA,” the preferred shares function as long-duration equity financing.
Strive used proceeds to pay off $110 million in liabilities. This represents 92% of the debt inherited when it acquired Semler Scientific on January 13.
The debt retirement included $90 million in convertible notes swapped for SATA preferred stock. Strive also repaid a $20 million credit facility from Coinbase in full.
Investor Appetite Triples Original Target
Demand for the preferred stock offering hit $600 million. The surge forced Strive to upsize its raise from an initial $150 million target.
The Vivek Ramaswamy-backed company structured the offering to fund Bitcoin accumulation without adding leverage. This approach lets Strive grow its crypto holdings while maintaining balance sheet flexibility.
Following the offering’s close, Strive purchased 333.9 Bitcoin. The average acquisition price came to $89,851 per coin.
Total holdings now stand at 13,132 BTC valued at approximately $1.17 billion. This places Strive in the top 10 corporate Bitcoin holders globally.
With the Coinbase loan eliminated, Strive’s entire Bitcoin position is now unencumbered. The company stated it will pay off the remaining $10 million in debt over the next four months.
Bitcoin Yield Hits 21% Quarter-to-Date
Strive reported a Bitcoin yield of 21.2% for the quarter so far. This metric tracks the growth of Bitcoin exposure per common share over time.
The company finalized its Semler Scientific merger after reaching an agreement in September. Semler had operated as a Bitcoin treasury company before the transaction.
More than 190 publicly traded companies hold Bitcoin on their balance sheets today. Combined, these firms own about 1.134 million BTC or roughly 5.4% of total supply.
Michael Saylor’s Strategy controls nearly 63% of corporate Bitcoin holdings. The company continues making purchases despite tighter funding conditions in recent months.
Market Ignores Balance Sheet Progress
ASST shares fell 2.23% Wednesday, closing at $0.80. The drop came even as Strive strengthened its financial position.
The stock has plunged 92.4% from its $10.46 peak reached after announcing the Bitcoin strategy. This highlights the volatility around corporate crypto treasury plays.
Corporate Bitcoin treasuries gained traction throughout 2024 and early 2025. Many saw share prices fall later as questions emerged about the model’s sustainability.
Strive now holds 13,132 Bitcoin worth $1.17 billion with fully unencumbered assets and minimal remaining debt scheduled for elimination by May 2026.
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