Strive (ASST), a bitcoin-focused treasury and asset management company, announced a $150 million follow-on offering of its Variable Rate Series A Perpetual Preferred Stock, SATA (SATA).

The funds raised will be used to repay or repurchase debt issued by Semler Scientific, which Strive acquired earlier this month in an all-stock deal. Additional proceeds will go toward paying down Semler’s borrowings from Coinbase Credit and purchasing more bitcoin.

Strive, which holds the 11th-largest bitcoin reserve among publicly traded companies, is also negotiating private exchanges with certain noteholders to swap some or all of their convertible notes for SATA shares. These exchanges would be exempt from registration, generate no cash proceeds, and could reduce the size of the public offering.

SATA carries cumulative monthly dividends and is valued at $100 for dividend calculations, with an initial annual payout of 12.25%. The rate can adjust downward within set limits, while management targets a long-term share price range of $95 to $105. Unpaid dividends compound monthly, with rates potentially rising to 20% annually.

On Wednesday, SATA closed at $99.50, and Strive’s common shares rose 0.8% to $0.89.