Strive, Inc. closed a $225 million Variable Rate Series A Perpetual Preferred Stock offering at $90 per share, a transaction that was oversubscribed with demand exceeding $600 million. The company used the entire proceeds to retire $110 million of the $120 million principal of debt assumed from the Semler Scientific acquisition and to pay off a $20 million loan from Coinbase Credit Inc. The remaining $10 million of Semler debt will be retired by April 2026, leaving Strive debt‑free and bolstering its liquidity position.
The debt retired includes $90 million of Semler’s 4.25% Convertible Senior Notes due 2030, which were exchanged for SATA stock. By converting these notes, Strive eliminates a fixed‑rate interest obligation and replaces it with a variable‑rate preferred equity that aligns with the company’s long‑duration Bitcoin strategy. The $20 million Coinbase loan was also fully paid, further reducing short‑term leverage and freeing cash that can be deployed to the Bitcoin treasury or to support the asset‑management arm.
Strive’s Bitcoin holdings grew to 13,131.82 BTC after the acquisition of an additional 333.89 BTC at an average price of $89,851. The company’s amplification ratio—defined as the ratio of Bitcoin holdings to equity—reached 37.2%, positioning Strive as the tenth‑largest public corporate holder of Bitcoin. The preferred‑equity financing allows the firm to continue accumulating Bitcoin without increasing debt, supporting its goal of increasing Bitcoin per share over time.
Management views the preferred‑equity structure as optimal for financing a Bitcoin‑powered treasury. By issuing long‑duration preferred stock, Strive matches the maturity profile of its Bitcoin holdings, which are held for long‑term appreciation. The company also operates an asset‑management subsidiary that manages more than $2.3 billion in assets, providing a diversified revenue stream that can support the treasury strategy while maintaining a preferred‑equity heavy capital structure.
Matt Cole, Chairman and CEO, said the transaction “demonstrates the company’s disciplined execution in managing a world‑class, Bitcoin‑powered treasury.” He added that the rapid debt retirement “strengthens our balance sheet and gives us the flexibility to continue building Bitcoin per share while maintaining a robust asset‑management business.”
The transaction signals Strive’s intent to consolidate its debt load while preserving a preferred‑equity heavy structure. By reducing leverage, the company improves its debt‑to‑cash ratio and enhances its ability to weather market volatility. The move also underscores management’s confidence in the long‑term upside of Bitcoin and the strategic fit of preferred equity financing for a company that blends asset management with a crypto‑centric treasury model.
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