Strive Inc., a publicly traded digital asset management company, completed an upsized and oversubscribed follow-on offering on January 28, 2026, raising $225 million in preferred equity—up from an initial target of $150 million. The company issued 1.32 million shares of Variable Rate Series A Perpetual Preferred Stock at $90 per share, driven by over $600 million in investor demand. Chairman and CEO Matt Cole stated: “Strive continues to demonstrate leading execution in managing a world-class, bitcoin-powered treasury, retiring over 90% of the Semler legacy debt just 11 days after closing the Semler acquisition.”
Debt Restructuring and Capital Strategy
Through the transactions, Strive retired $110 million of the $120 million in debt assumed from its acquisition of Semler Scientific, with plans to eliminate the remaining $10 million by April 2026. The company also exchanged $90 million of Semler’s 4.25% convertible senior notes for approximately 930,000 shares of preferred stock and used a portion of the offering proceeds to repay a $20 million loan from Coinbase Credit, resulting in fully unencumbered bitcoin holdings.
Cole emphasized that returning to a preferred equity-only structure aligns long-duration bitcoin exposure with long-duration financing. Chief Investment Officer Ben Werkman noted: “In just over four months, Strive has scaled from zero bitcoin to become a top-10 publicly traded holder of bitcoin.”
Bitcoin Holdings and Key Metrics
Alongside the financing, Strive disclosed updated treasury data: it acquired 333.89 bitcoin at an average price of $89,851 and now holds 13,131.82 bitcoin as of January 28, 2026, making it the 10th largest public corporate holder of bitcoin globally. The company reported an amplification ratio of 37.2%, with 97.7% coming from preferred equity. Its quarter-to-date bitcoin yield stood at 21.17% (bitcoin yield measures the percentage growth of bitcoin exposure per common share over a period).
Management attributed the rapid balance sheet repositioning to strong institutional demand for digital credit. The preferred equity-heavy structure reduces reliance on traditional debt and aligns capital strategy with long-term bitcoin accumulation objectives.