Strive retires 92% of Semler debt, buys 334 Bitcoin

Bitcoin treasury company Strive said on Wednesday it has retired 92% of the debt it inherited after finalizing its acquisition of Semler Scientific on Jan. 13, and bought another 334 Bitcoin (333.9 BTC). Strive reported $600 million in demand for its Variable Rate Series A Perpetual Preferred Stock, trading under the ticker “SATA,” and said it upsized the offering from a $150 million target to $225 million.

The company described the stock as long-duration equity financing intended to fund Bitcoin accumulation without increasing leverage. The company confirmed it will use proceeds from the offering, existing cash and potential unwinding of hedges to pay down liabilities and buy Bitcoin and related products.

Strive said it will use the proceeds to retire $110 million, or 92%, of Semler debt, including $90 million of convertible notes exchanged for SATA stock and full repayment of a $20 million Coinbase credit loan. With the Coinbase loan retired, Strive said its Bitcoin holdings are now fully unencumbered and that it plans to pay off the remaining $10 million of Semler debt within the next four months.

The 333.9 BTC purchase at an average price of $89,851 raised Strive’s total to 13,132 BTC, worth $1.17 billion, making it a top 10 corporate Bitcoin treasury company. Strive also noted a Bitcoin yield of 21.2% quarter-to-date.

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