Strive raises $225 million as bitcoin treasury firm looks to cut debt and buy more BTC.

Bitcoin treasury company Strive (ASST) cut leverage and added to its bitcoin position after raising $225 million through a SATA preferred stock offering.

The raise was increased from an initial $150 million target after attracting more than $600 million in investor orders, the company said.

Strive used the proceeds and related exchanges to quickly deleverage following its acquisition of Semler Scientific (SMLR). The company retired $110 million of Semler’s $120 million in legacy debt, including $90 million of convertible notes exchanged into SATA stock and the full repayment of a $20 million Coinbase Credit loan.

As a result, Strive’s bitcoin holdings are now fully unencumbered. The company plans to eliminate the remaining $10 million of debt by April 2026, ahead of schedule.

Strive also deployed part of the capital to purchase an additional 333.89 bitcoin at an average price of $89,851, bringing total holdings to 13,131 BTC. Valued at more than $1.1 billion at current prices near $89,100, the holdings rank Strive as the world’s tenth-largest public corporate bitcoin holder.

Shares of ASST were down 1.5% in early Wednesday trading at $0.81.