"Strive, Inc. announced today that it has closed an upsized and oversubscribed follow-on offering of its Variable Rate Series A Perpetual Preferred Stock, raising $225 million amid strong institutional demand and accelerating the retirement of legacy debt from its Semler Scientific acquisition. The Dallas-based firm said it sold 1.32 million shares of the preferred stock - known as SATA - at $90 per share, after demand exceeded $600 million."
"As part of the transaction, Strive retired $110 million of the $120 million in debt assumed from Semler Scientific, including $90 million of Semler's 4.25% convertible senior notes due 2030, which were exchanged for approximately 930,000 shares of SATA stock. The company also used proceeds from the offering to fully repay a $20 million loan with Coinbase Credit, leaving all of Strive's bitcoin holdings unencumbered."
"This quick deleveraging comes just 11 days after Strive closed the Semler acquisition, placing the firm well ahead of its previously stated goal to retire the debt within 12 months. By quickly returning to a preferred equity-only amplification structure, we are matching the long-duration nature of bitcoin with long-duration financing, said Chairman and CEO Matt Cole, adding that the company views preferred equity as the optimal mechanism for scaling bitcoin exposure."
Strive closed an upsized, oversubscribed follow-on offering of Variable Rate Series A Perpetual Preferred Stock (SATA), raising $225 million. The firm sold 1.32 million SATA shares at $90 after demand exceeded $600 million, up from an initial $150 million target. Proceeds enabled privately negotiated note exchanges and retirement of $110 million of Semler-related debt, including exchanging $90 million of convertible notes for roughly 930,000 SATA shares. The offering fully repaid a $20 million Coinbase Credit loan, leaving bitcoin holdings unencumbered. Strive purchased 333.89 BTC at an average $89,851, bringing total holdings to 13,131.82 BTC and ranking as the tenth-largest public corporate holder. The remaining $10 million of Semler debt is expected retired by April 2026.
Read at Bitcoin Magazine
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