Strive, Inc., a Dallas-based firm, announced today the closing of an upsized and oversubscribed follow-on offering of its Variable Rate Series A Perpetual Preferred Stock, known as SATA. The offering raised $225 million, driven by strong institutional demand that exceeded $600 million, initially targeted at $150 million. The company sold 1.32 million SATA shares at $90 per share.
The proceeds were primarily used to accelerate the retirement of legacy debt from the Semler Scientific acquisition. Strive retired $110 million of the $120 million in debt assumed from Semler, including $90 million of Semler’s 4.25% convertible senior notes due 2030, which were exchanged for approximately 930,000 SATA shares. Additionally, the company fully repaid a $20 million loan from Coinbase Credit, leaving all of Strive’s bitcoin holdings unencumbered. The remaining $10 million of Semler-related debt is expected to be retired by April 2026.
This rapid deleveraging occurred just 11 days after Strive closed the Semler acquisition, far ahead of the company’s stated goal of retiring the debt within 12 months. Chairman and CEO Matt Cole commented: “By quickly returning to a preferred equity–only amplification structure, we match the long-duration nature of bitcoin with long-duration financing. We view preferred equity as the optimal mechanism for scaling bitcoin exposure.”
Strive Purchases $29 Million in Bitcoin
Alongside the debt reduction, Strive disclosed the purchase of an additional 333.89 bitcoin at an average price of $89,851, bringing its total holdings to 13,131.82 BTC as of January 28. This makes Strive the tenth-largest publicly traded corporate holder of bitcoin globally.
According to the company, its amplification ratio—calculated as total debt and preferred equity divided by the market value of bitcoin held—stands at 37.2%, with 97.7% derived from preferred equity. Strive also reported a quarter-to-date bitcoin yield of 21.17%, reflecting the growth in bitcoin exposure per common share.
Chief Investment Officer Ben Werkman stated: “The successful completion of this oversubscribed SATA follow-on offering reflects robust and growing investor demand for digital credit. In just over four months, Strive has scaled from zero bitcoin to become a top-10 publicly traded holder.”