Bitcoin treasury company Strive said it has retired 92% of the debt it inherited after acquiring Semler Scientific earlier this month, and bought another 334 Bitcoin, following the closure of a preferred stock offering.
Strive said on Wednesday that it saw $600 million in demand for its Variable Rate Series A Perpetual Preferred Stock, trading under “SATA,” and had upsized its target raise from $150 million to $225 million in response.
The stock offering is a form of long-duration equity financing designed to fund Bitcoin (BTC) accumulation without increasing leverage.
The Vivek Ramaswamy-backed Strive finalized its acquisition of former Bitcoin treasury company Semler Scientific on Jan. 13 after agreeing to a merger in September.
Earlier this month, Strive said it would use the capital raised from the stock offering, along with existing cash and potential proceeds from unwinding hedging transactions, to pay down liabilities, with the remainder of the funds used to acquire Bitcoin and Bitcoin-related products.
The company confirmed on Wednesday that it will use the proceeds to retire $110 million, or 92%, of the Semler debt it inherited, including $90 million of convertible notes exchanged for SATA stock and the full repayment of a $20 million Coinbase credit loan.
Strive added that with the retirement of the Coinbase loan, its Bitcoin holdings are now fully unencumbered, and the company plans to pay off the remaining $10 million debt within the next four months.
Strive is now a top 10 corporate Bitcoin treasury company after its 333.9 Bitcoin purchase at an average price of $89,851 boosted its total tally to 13,132 BTC, worth $1.17 billion.
Strive noted that its Bitcoin yield is 21.2% quarter-to-date, representing the percentage growth of its Bitcoin exposure per common share over a period of time.
Strive shares still fell on Wednesday
The balance sheet improvements weren’t enough to keep Strive out of the red on Wednesday, with ASST shares falling 2.23% to $0.80, Google Finance data shows.
ASST is now 92.4% off its $10.46 peak since announcing its Bitcoin strategy, highlighting the volatility and execution risks tied to corporate Bitcoin treasury strategies.
Related: Coinbase launches prediction markets in all 50 US states via Kalshi
Establishing Bitcoin treasuries became a popular institutional trend across 2024 and early 2025, though many saw their shares tumble in the back half of last year as the sustainability of such strategies was called into question.
More than 190 publicly traded companies hold Bitcoin on their balance sheets, collectively owning about 1.134 million Bitcoin — roughly 5.4% of the cryptocurrency’s total supply.
Nearly 63% of corporate-held Bitcoin is owned by Michael Saylor’s Strategy, which continues to make new Bitcoin purchases despite funding drying up in recent months amid a broader crypto market pullback.
Magazine: How Neal Stephenson ‘invented’ Bitcoin in the ‘90s: Author interview
