Strive ($ASST) Uses SATA Shares to Pay Off Bulk of Semler Debt, Adds Bitcoin to Balance Sheet
Strive raised $225 million through a preferred stock offering to pay off most of its Semler debt and subsequently purchased more Bitcoin.Summary
Strive, Inc. successfully closed an oversubscribed follow-on offering of its Variable Rate Series A Perpetual Preferred Stock (SATA), raising $225 million. This capital was used to retire $110 million of the $120 million debt assumed from the Semler Scientific acquisition, including exchanging $90 million of Semler's convertible senior notes for SATA shares. The company also fully repaid a $20 million loan with Coinbase Credit, leaving its Bitcoin holdings unencumbered. This rapid deleveraging occurred just 11 days after the acquisition. Following the transaction, Strive purchased an additional 333.89 Bitcoin, bringing its total holdings to 13,131.82 BTC, making it the tenth-largest publicly traded corporate holder globally. Chairman and CEO Matt Cole stated that the preferred equity structure matches the long-duration nature of Bitcoin.
(Source：Bitcoin Magazine)