A corporate financing milestone was completed as a digital asset-focused firm advanced both its balance sheet and bitcoin treasury strategy. Strive Inc., a publicly traded asset management bitcoin treasury company, on Jan. 28 closed an upsized and oversubscribed follow-on offering while also disclosing additional bitcoin purchases.
The company detailed that it issued 1.32 million shares of Variable Rate Series A Perpetual Preferred Stock at $90 per share, reflecting more than $600 million in investor demand and expanding an initial $150 million target raise to $225 million when combined with privately negotiated exchanges. Chairman and CEO Matt Cole said:
“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 described the move back to a preferred equity–only structure as a deliberate effort to align long-duration bitcoin exposure with long-duration financing. Through the transactions, Strive retired $110 million of $120 million in debt assumed in its acquisition of Semler Scientific and outlined plans to eliminate the remaining $10 million by April 2026. The company also exchanged $90 million of Semler’s 4.25% convertible senior notes for approximately 930,000 shares of preferred stock and used a portion of offering proceeds to repay a $20 million loan from Coinbase Credit, resulting in fully unencumbered bitcoin holdings.
Read more: Strive Locks in Semler Approval, Positioning for a 12,798 Bitcoin Treasury
Alongside the financing, Strive disclosed updated treasury data and performance metrics, noting:
“Strive also announced it has acquired 333.89 bitcoin at an average price of $89,851 and now holds 13,131.82 bitcoin as of January 28, 2026. Strive is now the tenth largest public corporate holder of bitcoin globally.”
“Strive has an amplification ratio of 37.2% with 97.7% coming from our preferred equity. Amplification ratio is calculated by taking the total sum of debt and notional preferred outstanding and dividing it by the total market value of our bitcoin held. As of today, Strive’s quarter-to-date bitcoin yield is 21.17%. Bitcoin yield represents the percentage growth of a company’s bitcoin exposure per common share over a period of time,” the company detailed.
Chief Investment Officer Ben Werkman explained the pace of execution and scale achieved since launching the treasury strategy, stating, “In just over four months, Strive has scaled from zero bitcoin to become a top-10 publicly traded holder of bitcoin.” Management emphasized that institutional demand for digital credit supported the rapid balance sheet repositioning, while the preferred equity-heavy structure reduced reliance on traditional debt and aligned capital strategy with long-term bitcoin accumulation objectives.
- How much capital did Strive raise in its preferred equity offering?
Strive expanded the raise to $225 million after strong investor demand. - How much bitcoin does Strive now hold?
Strive holds 13,131.82 bitcoin as of Jan. 28, 2026. - What debt did Strive eliminate through the financing?
The company retired $110 million of $120 million in Semler legacy debt. - What is Strive’s reported bitcoin yield this quarter?
Strive’s quarter-to-date bitcoin yield stands at 21.17%.
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