Bitcoin funding company Strive (ASST) has raised $225 million through the issuance of SATA preferred shares and now has less debt and more Bitcoin on its books.
Orders for the offering exceeded $600 million, with an initial target of $150 million, according to a press release.
These gains and transactions allowed Strive to quickly reduce leverage following its acquisition of Semler Scientific (SMLR). The company repaid $110 million of the $120 million in Semler legacy debt, including a $90 million convertible note that was converted 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 and plans to repay the remaining $10 million in debt by April 2026, ahead of the original 12-month timetable.
Strive also used some of the funds to purchase an additional 333.89 Bitcoins at an average price of $89,851, bringing its total holdings to 13,131 Bitcoins, making it the tenth largest holder of publicly traded companies in the world. At Bitcoin’s current price of $89,100, these assets are worth more than $1.1 billion.
ASST shares remain under pressure, falling 1.5% to $0.81 in early trading on Wednesday.
