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Strive now holds 36,818 BTC. The company got there fast — buying 4,045 bitcoin between October 12 and 16 for roughly $335 million, according to a regulatory filing published Monday.
Why It Matters
This matters because it shows how quickly Strive is converting capital access into direct bitcoin exposure, reinforcing how corporate treasury strategies can add incremental demand to the market. It also highlights the role of warrant exercises as a funding mechanism, which can rapidly expand a company’s balance sheet while signaling investor appetite for the stock and its bitcoin strategy.
The money came from warrants. Investors exercised 273,493,909 warrants on October 12 and 13, handing Strive about $369.2 million in exchange for 13,674,703 new Class A shares. The company turned around and bought bitcoin at an average price of roughly $82,803 per coin. The warrant exercise window closed October 13, and the filing said no traditional warrants remain — whatever wasn’t exercised by then expired unexercised.
That’s a lot of shares hitting the float at once.
Strive’s Class A share count jumped from 101.2 million to 114.8 million in a single week, a rise of about 13.5%. Dilution like that matters to existing shareholders. Each share now represents a smaller slice of the company, and that math only works out if the new cash — deployed into bitcoin — generates enough value to cover the difference. Whether it does depends entirely on where bitcoin goes from here.
The filing put Strive’s cash balance at $317.5 million at the end of the week, up $7.2 million from where it started. That figure came after the warrant proceeds arrived and the $335 million bitcoin purchase went out the door. The filing didn’t break down the cash movement any further.
From 32,773 BTC to 36,818 in One Week
A week earlier, Strive held 32,773 BTC. The company’s previous purchase had been 3,311 BTC for about $280 million, at an average price of roughly $84,500 per coin — slightly more expensive than the latest batch. The final 1,223 coins in the current purchase were bought from October 14 to 16 at an average of about $81,734, pulling the overall average down a bit.
Strive’s bitcoin treasury strategy is pretty young. The company adopted bitcoin as a reserve asset in May 2025, around the same time it moved to merge with publicly listed Asset Entities. Before that, Strive had started in 2022 as an anti-ESG asset manager co-founded by former presidential candidate Vivek Ramaswamy.
The company’s growth in BTC holdings has been fast. In September, Strive agreed to buy Semler Scientific, a medical device maker that held about 5,000 BTC at the time. The all-stock deal was valued at about $1.3 billion. When Semler shareholders approved the deal, the combined company held roughly 12,800 BTC. Strive’s holdings have since climbed to nearly three times that amount.
Not bad for a company that didn’t hold a single coin two years ago.
SATS Preferred Stock Adds Another $630 Million
Separate from the warrant exercise, Strive priced a new financing on October 15. The company set an offering of 7 million shares of a new preferred stock — Series A Perpetual, called SATS — at $90 each. The upsized offering is expected to generate about $630 million in gross proceeds.
SATS carries a stated value of $100 per share and a 15% annual dividend, or $15 per year if declared by the board. For buyers paying $90, that works out to roughly 16.7% of the purchase price. But the dividend isn’t guaranteed, and the preferred stock has no maturity date. Unpaid dividends are cumulative — they keep accruing. Strive also plans to set aside $22.50 per share in a reserve to cover the first 18 months of dividends. The SATS offering is scheduled to settle October 20, with regular dividend dates beginning November 9.
So between the warrant exercise and the preferred-stock offering, Strive is pulling in close to $1 billion in fresh capital across two separate mechanisms.
Strive’s 36,818 BTC position was worth just over $3 billion at bitcoin prices cited in the filing.
Meanwhile, Strategy bought 267 BTC last week for about $22.1 million, paying roughly $82,900 per coin, bringing its holdings to 848,517 BTC. Strategy also repurchased $193.1 million of its STRC preferred stock — and Strive itself holds 505,000 shares of that security. Strategy expanded its preferred-stock repurchase authorization from $2 billion to $3 billion.
MSCI finalized a rule October 15 targeting what it calls non-operating companies. Firms that fail a screen for substantial operating assets and a follow-up financial test would be removed from MSCI indexes at the close of November 30. MSCI said it would publish the final list of affected companies November 11. Michael Saylor had called MSCI’s proposed treatment of non-operating companies discriminatory in a September letter.
Bitmine added 12,535 ETH worth about $30 million, bringing its holdings to 6,041,481 ETH — roughly 4.9% of Ethereum’s approximately 122.1 million tokens. Tom Lee said Bitmine will stop buying when it reaches 5% of the supply, and he cited a risk-off shift, concerns about AI funding, U.S.-Iran tensions, midterm election jitters and rising bond yields as factors in the current market environment.
Strive’s next move probably depends on where bitcoin trades after the SATS offering settles.
Frequently Asked Questions
How much bitcoin did Strive buy and at what price?
Strive bought 4,045 BTC from October 12 to 16 for roughly $335 million, at an average price of about $82,803 per coin.
What is the SATS preferred stock offering?
SATS is Strive’s Series A Perpetual preferred stock, priced at $90 per share with a 15% annual dividend and expected gross proceeds of about $630 million, with settlement scheduled for October 20.
