“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,” said Strive Chairman and CEO Matt Cole, in a statement.
“By quickly returning to a preferred equity-only amplification structure, we are putting our money where our mouth is in our belief that the optimal way to finance the amplification of Bitcoin is by appropriately matching the long-duration nature of Bitcoin with long-duration financing,” he added.
In addition to its Bitcoin acquisition, the firm announced the closing of a 1.3 million share follow-on offering of its preferred stock SATA, which it sold at $90 per share. Strive said its follow-on offering had more than $600 million in demand.
“The successful completion of this oversubscribed SATA follow-on offering reflects robust and growing investor demand for digital credit, and highlights the Strive team’s disciplined, fast-paced execution of our corporate strategy,” said Chief Investment Officer Ben Werkman, in a statement.
Shares in Strive (ASST) are down around 1.5% since the opening bell on Wednesday and have dropped nearly 10% on the week to recently change hands at $0.80. Shares have dropped more than 78% in the last six months.
