TLDR
- Strive paid off $110 million in debt from Semler Scientific acquisition, representing 92% of inherited liabilities
- Company raised $225 million through preferred stock after seeing $600 million in investor demand
- Purchased 334 Bitcoin at $89,851 average price, pushing total holdings to 13,132 BTC valued at $1.17 billion
- ASST shares dropped 2.23% to $0.80, now down 92.4% from peak despite balance sheet improvements
- Remaining $10 million debt scheduled for elimination within four months
Strive raised $225 million through a preferred stock offering and immediately put the cash to work eliminating debt and buying more Bitcoin.
The company announced Wednesday it retired $110 million of liabilities inherited from its January 13 acquisition of Semler Scientific. This wipes out 92% of the debt from that deal.
The debt payoff included $90 million in convertible notes exchanged for Variable Rate Series A Perpetual Preferred Stock trading as “SATA.” Strive also paid off a $20 million Coinbase credit facility completely.
Massive Demand Drives Upsized Offering
Strive originally planned to raise $150 million. Investor demand hit $600 million, forcing the company to increase the offering to $225 million.
The preferred shares work as long-duration equity financing. This lets Strive fund Bitcoin purchases without piling on more leverage.
After closing the offering, Strive bought 333.9 Bitcoin at an average price of $89,851 per coin. Total holdings now stand at 13,132 BTC.
That Bitcoin stash is worth roughly $1.17 billion at current prices. The holdings place Strive among the top 10 corporate Bitcoin treasury companies worldwide.
With the Coinbase loan paid off, all of Strive’s Bitcoin holdings are now unencumbered. The Vivek Ramaswamy-backed company plans to eliminate the remaining $10 million in debt over the next four months.
Strive reported a Bitcoin yield of 21.2% quarter-to-date. This measures how much Bitcoin exposure per common share has grown during the period.
Shares Drop Despite Progress
The market didn’t reward Strive’s debt reduction efforts. ASST shares fell 2.23% on Wednesday to close at $0.80.
The stock has crashed 92.4% from its $10.46 peak hit after announcing the Bitcoin treasury strategy. This shows the volatility tied to corporate crypto plays.
More than 190 publicly traded companies now hold Bitcoin on their balance sheets. Together they own about 1.134 million BTC, or 5.4% of total supply.
Michael Saylor’s Strategy dominates this space with nearly 63% of all corporate Bitcoin holdings. Strategy keeps buying despite tighter market conditions in recent months.
Corporate Bitcoin Treasury Trend Continues
The corporate Bitcoin treasury model exploded in popularity during 2024 and early 2025. Many companies saw share prices tumble later as investors questioned whether the strategy works long-term.
Strive finalized its Semler Scientific acquisition following a merger agreement reached in September. Semler operated as a Bitcoin treasury company before the transaction closed.
The preferred stock offering gave Strive the capital to clean up its balance sheet while expanding Bitcoin exposure. The company holds 13,132 BTC worth $1.17 billion with just $10 million in remaining debt.