Dallas-based Streo Incorporated has completed a substantial and highly successful offering of its variable rate Series A perpetual preferred stock, raising $225 million in funding. The offering attracted strong institutional investor interest, enabling Streo to rapidly repay its outstanding debt acquired from Similer Scientific. The company sold 1.32 million SATA shares at $90 per share, exceeding its initial $150 million target due to increased investor demand. Through this financing, Streo repaid $110 million of Similer Scientific’s $120 million loan, including $90 million in 4.25% convertible senior notes converted into approximately 930,000 SATA shares. Additionally, Streo fully repaid a $20 million loan from its Coinbase credit facility, thereby freeing all of its current Bitcoin investments. The remaining $10 million Similer loan is expected to be fully retired by April 2026. These financial adjustments occurred just eleven days after Streo’s acquisition of Similer, well ahead of its original one-year timeline. Chairman and CEO Matt Cole stated that this move aligns long-term Bitcoin investment with sustainable financial support, viewing preferred equity as an optimal vehicle for Bitcoin investment. Furthermore, Streo purchased an additional 333.89 Bitcoins at an average price of approximately $89,851, bringing its total holdings to 13,131.82 Bitcoins. Streo is now among the top ten publicly traded companies globally holding Bitcoin. Chief Investment Officer Ben Workman noted that the successful offering reflects growing investor interest in digital credit, highlighting Streo’s rapid ascent from zero to a top ten Bitcoin holder in under four months.
Source: bitcoinmagazine
