Strive, Inc. closed a follow-on offering of its Variable Rate Series A Perpetual Preferred Stock, known as SATA, on Jan. 28, raising fresh capital as part of its Bitcoin treasury strategy. The company sold 1.32 million shares at a public offering price of $90 per share, according to a statement distributed via GlobeNewswire.
Institutional demand for the offering exceeded $600 million, prompting Strive to increase its original $150 million fundraising target to $225 million when combined with privately negotiated note exchanges. The capital raise marked a key step in the company’s plan to reduce debt inherited from its recent acquisition of Semler Scientific.
Strive Announces Closing of Upsized & Oversubscribed Follow-On Offering of SATA Stock and Concurrent Exchange of Semler Notes
— Strive (@strive) January 28, 2026
- The Company used a portion of the cash proceeds from the offering of SATA Stock to retire the legacy Semler Scientific $20 million loan with Coinbase… pic.twitter.com/HO55uXOIeq
Debt reduction accelerates weeks after Semler acquisition
Strive confirmed that it has now retired $110 million of the $120 million in debt assumed through the Semler Scientific deal. The company plans to retire the remaining $10 million by April 2026.
A significant portion of the reduction came through the exchange of $90 million in 4.25% Convertible Senior Notes due 2030. These notes, originally issued by Semler Scientific, were exchanged for roughly 930,000 shares of SATA preferred stock. The transaction followed amendments to the original indenture between Semler Scientific and U.S. Bank Trust Company, National Association, which acts as trustee.
Strive also used proceeds from the SATA offering to fully repay a $20 million loan from Coinbase Credit Inc. With the repayment complete, the company said that all of its Bitcoin holdings are now unencumbered.
The pace of the debt reduction stood out even within a volatile market environment. Roughly 92% of the inherited liabilities were retired within 11 days of the Semler acquisition closing, well ahead of the company’s previously stated 12-month target.
Preferred equity replaces leverage in treasury structure
Chairman and CEO Matt Cole framed the strategy as a deliberate shift away from debt-backed exposure.
“Strive continues to demonstrate leading execution in managing a world-class, Bitcoin-powered treasury, retiring over 90% of the Semler legacy debt just 11 days after closing the Semler acquisition, with intentions to retire the remaining debt by April,” Cole said.
“By quickly returning to a preferred equity-only amplification structure, we are putting our money where our mouth is in our belief that the optimal way to finance the amplification of Bitcoin is by appropriately matching the long-duration nature of Bitcoin with long-duration financing,” he added.
Strive reports an amplification ratio of 37.2%, with 97.7% derived from preferred equity rather than traditional debt. The company calculates this ratio by dividing total debt and notional preferred outstanding by the total market value of its Bitcoin holdings.
Bitcoin holdings exceed $1.1 billion
Alongside the financing update, Strive disclosed a new Bitcoin purchase of 333.89 BTC at an average price of $89,851. The acquisition brought the company’s total holdings to 13,131.82 Bitcoin as of Jan. 28.
Based on current market prices, the treasury carries a value of roughly $1.17 billion. Strive now ranks as the tenth-largest public corporate holder of Bitcoin worldwide, according to company disclosures.
Strive also reported a quarter-to-date Bitcoin yield of approximately 21.2%. The firm defines Bitcoin yield as the percentage growth in Bitcoin exposure per common share over a given period.
Chief Investment Officer Ben Werkman attributed the result to strong institutional appetite for digital credit exposure.
“The successful completion of this oversubscribed SATA follow-on offering reflects robust and growing investor demand for digital credit and highlights the Strive team’s disciplined, fast-paced execution of our corporate strategy,” Werkman said. “In just over four months, Strive has scaled from zero Bitcoin to become a top-10 publicly traded holder of Bitcoin.”
Market reaction remains cautious
Despite the balance sheet improvements, Strive shares fell more than 2% on Wednesday, according to market data. ASST stock has remained under pressure amid a broader pullback in Bitcoin-related equities.
Bitcoin itself trades roughly 30% below its October all-time high of $126,080, as macroeconomic pressure continues to weigh on risk assets. Many publicly traded companies that added Bitcoin to their balance sheets during 2024 and early 2025 have seen similar stock declines into 2026.
Data from Bitcoin Treasuries shows that more than 190 public companies now collectively hold around 1.134 million Bitcoin, or about 5.4% of the circulating supply. A majority of those holdings remain concentrated with Michael Saylor’s Strategy, which controls nearly 63% of corporate-owned Bitcoin.
Semler deal reshapes Strive’s balance sheet
Strive finalized its all-stock acquisition of Semler Scientific on Jan. 13 after shareholders approved the transaction. The deal added 5,048.1 Bitcoin to Strive’s balance sheet and marked the firm’s transition into a pure-play Bitcoin treasury company.
The company has stated that it plans to monetize Semler’s healthcare operations over time, while relying primarily on preferred equity rather than debt to fund future Bitcoin exposure.
Gunel Ismayilova
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