Bitcoin treasury firm Strive (ASST) has bolstered its balance sheet after raising $225 million in a SATA preferred stock offering, using the capital to pay down debt and expand its bitcoin holdings.

Investor demand exceeded expectations, with orders topping $600 million, prompting the company to increase the deal size from an initial $150 million target, according to a press release.

The proceeds and associated exchanges allowed Strive to rapidly reduce leverage following its acquisition of Semler Scientific (SMLR). The company retired $110 million of Semler’s $120 million in outstanding obligations, including $90 million of convertible notes converted into SATA stock and the full repayment of a $20 million Coinbase Credit facility.

With the debt reduction completed, all of Strive’s bitcoin holdings are now unencumbered. The company said it expects to retire the remaining $10 million of debt by April 2026, ahead of its original timeline.

Strive also used part of the funds to acquire 333.89 bitcoin at an average price of $89,851, lifting total holdings to 13,131 BTC. At current prices near $89,100, the stash is valued at more than $1.1 billion, making Strive the tenth-largest public corporate bitcoin holder globally.

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