Strive Bitcoin holdings top 36,800 BTC after another $100M purchase

Strive has purchased another 1,223 Bitcoin for approximately $100 million, raising its total holdings to 36,818 BTC as the Nasdaq-listed company continues expanding its cryptocurrency treasury through a series of acquisitions.

According to Strive CEO Matt Cole’s October 19 announcement, the company bought the latest batch at an average price of $81,734 per Bitcoin. The acquisition brought its reported holdings above 36,000 BTC for the first time, following two substantial purchases announced earlier in the month.

At a Bitcoin market price of approximately $82,000, Strive’s 36,818 BTC holdings would be worth around $3.02 billion. Their market value changes with Bitcoin’s price and should not be confused with the company’s total assets or the amount spent acquiring the coins.

The company has reported three Bitcoin purchase batches within eight days, totaling 7,356 BTC. Its accumulation has coincided with new financing activity, including the planned settlement of a preferred stock offering and the completion of its traditional warrant exercise period.

Strive Bitcoin holdings rise after three major purchases

Strive’s recent buying began with an acquisition of 3,311 BTC during the week ending October 9. The purchase lifted its holdings from 29,462 BTC to 32,773 BTC, according to the company’s October 13 disclosure.

The acquisition was Strive’s second-largest single Bitcoin purchase at that point, with the company paying approximately $84,500 per coin, including fees and expenses. Its purchase followed several weeks of fundraising through preferred stock and common equity-related transactions.

In its earlier coverage, crypto.news reported Strive’s 3,311 Bitcoin purchase and the warrant exercises announced alongside it. Cole said investors had exercised approximately $208 million in warrants, while another 15.3 million remained outstanding ahead of the October 13 deadline.

A further acquisition followed on October 14, when Strive reported buying 2,822 BTC for approximately $235 million. The company paid around $83,266 per Bitcoin, including fees and expenses, during transactions completed on October 12 and 13.

That purchase brought total holdings to 35,595 BTC, according to the company’s Form 8-K filing. It coincided with an announcement that investors had exercised approximately 94% of the traditional warrants issued under the relevant program.

The latest 1,223 BTC acquisition added another $99.96 million in Bitcoin, calculated using Cole’s reported average purchase price. The resulting balance of 36,818 BTC represents an increase of approximately 25% from the 29,462 BTC held before the three transactions.

The total number of coins purchased during the latest sequence is equivalent to approximately 0.035% of Bitcoin’s maximum supply of 21 million coins. Strive’s entire reported treasury represents roughly 0.175% of that supply limit.

Latest Strive Bitcoin purchases cost more than $600 million

The company’s recent accumulation can be measured against the purchase prices disclosed for each transaction.

Its first batch consisted of 3,311 BTC purchased at approximately $84,500 per coin, implying spending of nearly $280 million. The second transaction added 2,822 BTC for approximately $235 million, while the third involved another $99.96 million.

Using those published figures, the three acquisitions represent approximately $615 million in combined Bitcoin purchases. The calculation uses rounded transaction prices and reported costs, so it should not be treated as a substitute for the company’s audited acquisition expenses.

For the October 12–16 period, the company’s filing-based reporting identified a combined acquisition of 4,045 BTC at an average price of approximately $82,803 per Bitcoin. That amount reconciles with the separately announced batches of 2,822 BTC and 1,223 BTC.

The latest tranche’s reported acquisition price of $81,734 was lower than the $83,266 paid during the preceding transaction. It was approximately 3.3% below the $84,500 price associated with the earlier 3,311 BTC purchase.

Strive’s recent purchase prices reflect the market conditions when individual transactions were executed. They do not establish the average cost of all 36,818 BTC currently held by the company.

An earlier September Bitcoin treasury update described how Strive had been using proceeds from its SATA preferred stock program to support additional purchases. The company has continued financing its treasury through several instruments rather than relying on a single source of capital.

Traditional warrants expire as Strive expands financing

The Bitcoin acquisitions followed a period of significant activity involving Strive’s traditional warrants.

In its October 13 announcement, the company said approximately $208 million in warrant exercises had been completed. A subsequent update placed cumulative exercise proceeds at approximately $369.2 million, with roughly 94% of the applicable warrants exercised.

Traditional warrants give holders the right to purchase company shares under specified terms before an expiration deadline. Exercising them provides Strive with capital but can increase the number of common shares outstanding.

The company reported that all remaining traditional warrants had either been exercised or expired by October 16. Its latest filing-based update placed outstanding Class A common shares at 114,847,610 and effective common shares at 124,064,126.

Those share figures provide a separate measure of the company’s capital structure as Bitcoin holdings grow. An increase in total BTC holdings does not necessarily translate into an equivalent increase in Bitcoin exposure per common share when the company issues additional equity.

Strive has previously discussed Bitcoin per share as a measure of treasury performance. A September Bitcoin treasury comparison examined changes in Strive’s holdings alongside its increasing effective common share count.

The company’s filings have identified warrant exercises, common stock sales and preferred stock issuance as sources of capital used to support its Bitcoin-focused strategy. Each financing method carries different consequences for shareholders and the company’s obligations.

Strive prepares to settle $630 million SATS offering

Strive is preparing to settle its new SATS preferred stock offering after increasing its size from the amount initially proposed.

On October 13, the company announced plans to offer 5 million shares of its 15% Series A Perpetual SATS Preferred Stock. The proposed security would pay fixed cash dividends and rank below the company’s existing SATA preferred shares.

Two days later, Strive confirmed that the offering had been increased to 7 million shares priced at $90 each. The revised terms imply gross proceeds of approximately $630 million before underwriting discounts and other offering expenses.

Settlement is scheduled for October 20, subject to customary closing conditions. The proceeds had therefore not yet been established as settled funds at the time of the October 19 Bitcoin purchase announcement.

Strive said it could use the net proceeds for general corporate purposes, including Bitcoin acquisitions, working capital, income-producing assets and possible repurchases of common or SATA preferred shares. The offering documents do not allocate the entire $630 million to Bitcoin purchases.

SATS carries a stated annual dividend rate of 15%, with cash distributions designed to be paid on business days. The company’s existing SATA shares have a variable dividend rate, creating different obligations for the two classes of preferred investors.

The offering’s proposed capital structure places SATS below SATA but above common equity. Investors in Strive common stock remain exposed to the company’s Bitcoin holdings, preferred dividend requirements and changes in the number of shares outstanding.

Dividend reserve remains central to Strive’s treasury strategy

Strive has said it intends to maintain a reserve covering approximately 18 months of preferred dividend obligations.

The reserve is designed to hold cash and marketable securities that can be used to support preferred stock distributions. Its purpose is separate from the company’s Bitcoin holdings, whose market value can fluctuate substantially.

In an October investor presentation filed with the SEC, Strive described a reserve containing approximately $386 million in cash and marketable securities. The company said its projected combined annual dividend obligation for SATA and SATS would be approximately $257 million following the offering.

Those figures imply coverage of approximately 18 months at the stated annual dividend amount, before considering changes in dividend rates, preferred shares outstanding or reserve assets.

The company has emphasized its preference for a balance sheet without conventional debt secured against its Bitcoin holdings. Management has argued that avoiding margin requirements and pledged Bitcoin helps reduce the risk of forced asset sales during periods of market volatility.

Its October presentation described SATA as the more senior preferred security, while SATS would rank below it and carry a fixed 15% dividend rate. The capital structure is designed to support additional Bitcoin exposure while creating contractual dividend obligations to preferred investors.

Strategy executive chairman Michael Saylor congratulated Cole on the latest acquisition, writing that Strive was continuing to raise the standard for corporate Bitcoin ownership. Strategy separately reported holding 848,517 BTC following its own October 19 purchase of 267 coins.

Strive’s October 15 SATS offering announcement scheduled settlement for October 20, with proceeds available for the purposes outlined in its prospectus. The company said the securities would be issued subject to the closing conditions set out in the offering documents.