Core Viewpoint - Strive, Inc. successfully closed a follow-on offering of 1,320,000 shares of its Variable Rate Series A Perpetual Preferred Stock at a price of $90 per share, reflecting strong investor demand and a strategic move to manage its debt effectively [1][2]. Group 1: Offering Details - The follow-on offering generated over $600 million in demand, leading to an increase in the target raise from $150 million to $225 million [2]. - The company retired $110 million of the $120 million debt from the Semler Scientific acquisition, with plans to retire the remaining $10 million by April 2026 [2]. Group 2: Debt Management - Strive retired $90 million of the $100 million outstanding 4.25% Convertible Senior Notes due 2030 through an exchange for approximately 930,000 shares of SATA Stock [3]. - A portion of the proceeds from the SATA Stock offering was used to retire a $20 million loan with Coinbase Credit Inc., resulting in 100% of Strive's Bitcoin holdings being unencumbered [3]. Group 3: Bitcoin Holdings and Performance - As of January 28, 2026, Strive acquired 333.89 Bitcoin at an average price of $89,851, bringing its total Bitcoin holdings to 13,131.82, making it the tenth largest public corporate holder of Bitcoin globally [4]. - Strive's amplification ratio is 37.2%, with 97.7% derived from preferred equity, and the quarter-to-date Bitcoin yield stands at 21.17% [4]. Group 4: Company Growth and Strategy - The successful completion of the oversubscribed SATA follow-on offering indicates robust investor demand for digital credit and highlights the effective execution of Strive's corporate strategy [5]. - Since launching its first ETF in August 2022, Strive Asset Management has grown to manage over $2.3 billion in assets [6].

Core Viewpoint - Strive is utilizing perpetual preferred equity to retire convertible debt and restructure its balance sheet, which may serve as a model for Strategy in the future [1]. Group 1: Financial Transactions - Strive priced a follow-on offering of its Variable Rate Series A Perpetual Preferred Stock SATA at $90 per share, increasing the transaction size from the initially announced $150 million to allow for the issuance of up to 2.25 million SATA shares [2]. - The net proceeds from this offering will be used to pay down Semler Scientific's 4.25% Convertible Senior Notes due 2030, with plans to enter exchange agreements with noteholders representing $90 million in aggregate principal [3]. - Approximately 930,000 newly issued SATA shares will be exchanged directly for the convertible notes, with remaining proceeds expected to redeem or repurchase any outstanding Semler convertibles and repay borrowings under Semler Scientific's Coinbase Credit facility [4]. Group 2: Debt Restructuring Strategy - Strive is converting fixed-maturity obligations into perpetual preferreds instead of refinancing or rolling over dated debt, with SATA offering a variable dividend currently set at 12.25% and no maturity or conversion feature [5]. - This strategy improves reported leverage metrics and flexibility, as preferred shares are treated as equity rather than debt, providing bondholders with a higher-yielding, perpetual, and fully liquid instrument [5]. - Strategy has approximately $8.3 billion of outstanding convertible notes, with the largest portion being a $3 billion tranche due June 2, 2028, at a conversion price significantly above the current share price [6]. Group 3: Future Implications - The use of preferred equity to retire or exchange debt could provide executive chairman Michael Saylor with an additional method to mitigate future maturity risk [7].

Core Viewpoint - Strive, Inc. has announced a follow-on offering of 1,320,000 shares of its Variable Rate Series A Perpetual Preferred Stock at an offering price of $90 per share, which is an increase from the previously announced $150 million transaction size [1][2]. Group 1: Offering Details - The total issuance represents up to 2.25 million shares of SATA [1]. - The offering proceeds will be used to finance the redemption and repayment of Semler Convertible Notes, acquire bitcoin and bitcoin-related products, and for working capital [2][3]. - Strive plans to enter into exchange agreements with holders of Semler Convertible Notes, exchanging $90 million principal amount for approximately 930,000 new shares of SATA Stock [3]. Group 2: Dividend Structure - The SATA Stock accumulates cumulative dividends at a variable rate of 12.25% per annum on a stated amount of $100 per share, payable monthly in arrears starting February 15, 2026 [4][5]. - Strive has the discretion to adjust the monthly regular dividend rate, subject to certain restrictions, and intends to maintain the stock price within a long-term range of $95 to $105 per share [4][6]. Group 3: Redemption Rights - Strive has the right to redeem all or any number of shares of SATA Stock at a cash redemption price of $110 per share, plus any accumulated and unpaid dividends [7]. - Redemption can occur if the total number of outstanding shares falls below 25% of the total shares issued or if certain tax events occur [7][8]. Group 4: Company Background - Strive is the first publicly traded asset management Bitcoin treasury company, holding approximately 12,797.6 bitcoin as of January 16, 2026, and managing over $2.3 billion in assets since launching its first ETF in August 2022 [13].