Strive Asset Management has entered the top 10 publicly traded Bitcoin holders after boosting its holdings to nearly 13,132 BTC, worth about $1.1 billion.
The firm said it acquired 333.89 Bitcoin at an average price of $89,851 and paid off around 92% of the debt linked to its recent acquisition of BTC treasury firm Semler Scientific.
“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,”
Said Strive chairman and chief executive Matt Cole.
The Semler acquisition, approved by shareholders earlier this month, combined the medical technology firm’s 5,048 BTC with Strive’s existing Bitcoin holdings.
Strive also announced the closing of an oversubscribed follow-on offering of 1.3 million shares of its preferred stock SATA at $90 per share, with demand exceeding $600 million.
Founded by Vivek Ramaswamy, Strive raised $750 million to buy Bitcoin last May and has promoted corporate BTC treasury strategies, including encouraging GameStop to adopt Bitcoin.
Shares in Strive were down about 1.5% on Wednesday and have fallen nearly 10% over the past week amid broader volatility in the stock.
At the time of reporting, Bitcoin price was $89,155.77.