Bitcoin treasury firm Strive says it has wiped out most of the debt it picked up in its recent acquisition of Semler Scientific—and used fresh capital to buy even more Bitcoin.
In an update on Wednesday, the company said it has retired 92% of the inherited debt and added 334 BTC to its balance sheet following the close of its Variable Rate Series A Perpetual Preferred Stock offering, which trades under the ticker SATA.
Strong investor demand pushed the preferred stock raise well beyond expectations. Strive reported about $600 million in interest, prompting it to increase the offering from an initial $150 million target to $225 million. The structure of the preferred shares allowed the company to fund Bitcoin purchases without taking on additional leverage.
Strive, which is backed by Vivek Ramaswamy, finalized its acquisition of Semler Scientific on January 13, after first announcing the merger last September. Semler had previously operated as a Bitcoin treasury company before the deal.
Earlier this month, Strive said it planned to use proceeds from the offering—along with existing cash and potential gains from unwinding hedge positions—to both reduce liabilities and increase its Bitcoin exposure. The company has now confirmed that $110 million of the inherited debt has been eliminated, including $90 million in convertible notes swapped for SATA stock and the full repayment of a $20 million Coinbase credit facility.
With the Coinbase loan paid off, Strive said its Bitcoin is now fully unencumbered. The company added that it expects to clear the remaining $10 million in debt within the next four months.
Strive’s latest Bitcoin purchase totaled 333.9 BTC, bought at an average price of $89,851. That brings its total holdings to 13,132 BTC, worth roughly $1.17 billion at current market prices—enough to place Strive among the top 10 corporate Bitcoin holders.
The company also reported a Bitcoin yield of 21.2% quarter-to-date, a metric it uses to track how much Bitcoin exposure is growing per common share.
Despite the balance sheet cleanup and fresh Bitcoin buy, the stock reaction was subdued. Strive shares fell 2.23% on Wednesday to $0.80, according to Google Finance. The stock is now down more than 92% from its $10.46 peak, reached shortly after the company announced its Bitcoin-focused strategy.
Corporate Bitcoin treasuries surged in popularity through 2024 and early 2025, but many of those stocks later struggled as investors questioned how sustainable the model really is.
Today, more than 190 publicly traded companies hold Bitcoin on their balance sheets, collectively owning about 1.134 million BTC, or roughly 5.4% of total supply. Nearly two-thirds of that total is held by Michael Saylor’s Strategy, which has continued to add Bitcoin even as market conditions have tightened.
