Marcin Frąckiewicz

January 25, 2026, 6:10 PM EST. Strive (ASST) has priced a $202.5 million upsized offering of its Variable Rate Series A Perpetual Preferred Stock (SATA) to retire $90 million of Semler Scientific convertible senior notes due 2030. The preferred shares carry a 12.25% variable dividend, have no maturity or conversion rights, and are treated as equity, improving leverage and flexibility. Approximately 930,000 SATA shares will be exchanged directly for convertible debt, with proceeds used to repay remaining debt and finance bitcoin purchases. This innovative approach of swapping fixed-maturity convertible notes for perpetual preferred equity could offer a blueprint for Strategy (MSTR), which holds $8.3 billion in convertible notes. MSTR's convertible notes largely mature several years out, with notably high conversion prices, making preferred equity an attractive option to mitigate maturity risk according to analysts.