Bitcoin treasury companyStrive (NASDAQ: ASST) closed its upsized follow-on offering of its preferred stock SATA on Wednesday, retiring 92% of the debt assumed from its acquisition of Semler Scientific.
Strive upsized its raise from $150 million to $225 million. The total raised includes a $90 million note exchange, where Strive issued 930,000 shares of SATA to extinguish $90 million from a $100 million, 4.25% convertible note due 2030 that it inherited from Semler Scientific.
In addition to this note exchange, Strive sold 1,320,000 shares of SATA during the offering at $90 per share for $118.8 million.
Strive used some of this cash proceeds to pay off a $20 million loan from Coinbase, meaning 100% of the company’s Bitcoin holdings are now unencumbered.
With the Coinbase debt retired and most of the convertible note paid down, Strive has retired $110 million of the $120 million of Semler’s debt, and the company plans to retire the remaining $10 million by April 2026.
With the fundraised proceeds, Strive also acquired 333.89 bitcoin at an average price of $89,851. The purchase brings the company’s total holdings to 13,131.82 Bitcoin as of Wednesday.
At the time of publishing, Strive is down 3.15% after market open.
Header image by By Thomas J. O’Halloran via public domain.
