- Strive retired about $110 million, or 92% of the debt it inherited from Semler Scientific.
- The company upsized a Variable Rate Series A Perpetual Preferred Stock offering to $225 million after $600 million in demand for SATA.
- Strive bought 333.9 Bitcoin at an average price of $89,851, bringing its total to 13,132 BTC (about $1.17 billion).
- With the Coinbase credit loan repaid, its Bitcoin holdings are now unencumbered; the remaining $10 million of inherited debt will be paid within four months.
- ASST shares fell 2.23% to $0.80 on the announcement, and remain 92.4% below their peak; Google Finance data shows.
Strive said on Wednesday it closed an upsized preferred stock offering and used proceeds to retire most of the debt it inherited when it completed its acquisition of Semler Scientific on Jan. 13. The company also bought an additional 333.9 Bitcoin to add to its corporate treasury.
The offering was a Variable Rate Series A Perpetual Preferred Stock trading under SATA. Strive said demand reached $600 million, prompting an increase in its target from $150 million to $225 million to fund Bitcoin accumulation without adding leverage.
Proceeds were applied to retire $110 million, or 92%, of Semler’s liabilities, including $90 million of convertible notes exchanged for SATA stock and the full repayment of a $20 million Coinbase credit loan. The company said the repayment of the Coinbase loan leaves its Bitcoin holdings fully unencumbered, and it plans to pay the remaining $10 million of inherited debt within four months.
The Bitcoin purchase of 333.9 BTC at an average price of $89,851 raised Strive’s total holdings to 13,132 BTC, valued at about $1.17 billion. The company reported a Bitcoin yield of 21.2% quarter-to-date, measured as the percentage growth of Bitcoin exposure per common share over the period.
Market reaction was negative: ASST shares fell 2.23% to $0.80 despite the balance sheet moves, leaving the stock 92.4% below its $10.46 peak since announcing its Bitcoin strategy, according to Google Finance data. The report noted that more than 190 publicly traded companies now hold Bitcoin, totaling about 1.134 million BTC, roughly 5.4% of supply, and that nearly 63% of corporate-held Bitcoin is held by Michael Saylor’s Strategy.
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