Strive, Inc. announced that it has completed an upsized and oversubscribed follow-on offering of its Variable Rate Series A Perpetual Preferred Stock, known as SATA. The transaction raised $225 million and was supported by strong institutional demand, while also helping the company speed up the retirement of legacy debt assumed through its acquisition of Semler Scientific.
The Dallas-based firm said it sold 1.32 million shares of SATA at $90 per share. Demand reportedly exceeded $600 million, allowing the company to increase the size of the deal from its original $150 million target. The offering was also accompanied by a series of privately negotiated note exchange transactions.
Through these steps, Strive retired $110 million of the $120 million in debt tied to Semler Scientific. That amount included $90 million of Semler’s 4.25% convertible senior notes due 2030, which were exchanged for approximately 930,000 shares of SATA preferred stock. This structure allowed the company to reduce debt rapidly while leaning more heavily on preferred equity financing.
Strive also used proceeds from the offering to fully repay a $20 million loan from Coinbase Credit. With that liability cleared, the company said all of its bitcoin holdings are now unencumbered. In practical terms, this means its BTC treasury is no longer tied to that borrowing arrangement or pledged as collateral.
The company added that the remaining $10 million of Semler-related debt is expected to be retired by April 2026. The speed of this deleveraging is notable because it comes only 11 days after Strive closed the Semler acquisition. That puts the firm well ahead of its earlier goal of eliminating the inherited debt within 12 months.
Chairman and CEO Matt Cole said the quick return to a preferred equity-only amplification structure is designed to better align long-duration bitcoin exposure with long-duration financing. In his view, preferred equity is the optimal mechanism for scaling bitcoin exposure, suggesting that the company sees this capital structure as more suitable than relying primarily on traditional debt.
Strive buys another $29 million worth of bitcoin
Alongside the financing and debt reduction update, Strive disclosed that it purchased an additional 333.89 bitcoin at an average price of $89,851 per BTC. Based on that average acquisition price, the purchase was worth roughly $29 million. As of January 28, the company’s total bitcoin holdings had increased to 13,131.82 BTC.
With that treasury size, Strive said it is now the tenth-largest publicly traded corporate holder of bitcoin in the world. That is a significant milestone for a company that only recently began building a bitcoin balance sheet at scale. The ranking highlights how aggressively the firm has moved to expand its BTC reserves in a relatively short period of time.
According to the company, its current amplification ratio is 37.2%. Strive defines this metric as total debt plus preferred equity divided by the market value of the bitcoin it holds. Importantly, 97.7% of that amplification comes from preferred equity rather than debt, underscoring management’s emphasis on using equity-like instruments to build bitcoin exposure.
Strive also reported a quarter-to-date bitcoin yield of 21.17%. This is not simply a measure of bitcoin’s market price performance. Instead, the metric reflects the growth in bitcoin exposure per common share, which gives investors a sense of how much BTC-backed value the company is adding on a per-share basis through treasury and capital strategy.
Chief Investment Officer Ben Werkman said the successful completion of the oversubscribed SATA follow-on offering demonstrates robust and growing investor demand for digital credit. He added that, in just over four months, Strive has gone from holding zero bitcoin to becoming a top-10 publicly traded bitcoin holder globally. That pace of accumulation is central to the company’s current treasury strategy and market positioning.