Key Takeaways
- Strive bought 3,311 BTC for $280 million, its largest weekly purchase since January, bringing total holdings to 32,773 BTC.
- The purchase was funded largely by warrant exercises, generating approximately $208 million, alongside expanded preferred stock financing.
- Strive bought over 13 times more bitcoin than Strategy during the latest reporting period, though Strategy remains the far larger holder with 848,250 BTC.
Strive Stacks Even More Bitcoin
The Nasdaq-listed company purchased the bitcoin between Oct. 5 and Oct. 9 at an average price of approximately $84,500 per coin, including fees and expenses, according to a filing with the Securities and Exchange Commission (SEC) on Tuesday.
The acquisition increased Strive’s holdings from 29,462 BTC to 32,773 BTC, an 11.2% increase in a single week. It follows a 2,000 BTC purchase worth approximately $169 million the previous week, bringing its two-week accumulation to 5,311 BTC at a cost of nearly $449 million.
Strive’s latest purchase was fueled substantially by warrant exercises. Chairman and CEO Matt Cole said approximately $208 million worth of warrants had been exercised, while about 15.3 million shares underlying outstanding warrants remained eligible for exercise ahead of their expiration at 5 p.m. ET on Tuesday.
The company’s filing showed that shares underlying outstanding traditional warrants declined by nearly 8 million during the week, while its Class A common shares outstanding increased by approximately 9.46 million.
Strive also expanded its preferred stock financing. Shares outstanding of its Variable Rate Series A Perpetual Preferred Stock, known as SATA, increased by 532,094 to approximately 14.03 million. The filing did not specify an exact dollar breakdown of all financing sources used for the bitcoin purchase.
SATA Issuance Gets a Binding Restriction
In a separate regulatory filing, Strive formalized its commitment not to issue SATA shares below $100 apiece, turning a previously announced policy into a binding restriction under the security’s governing documents. The company also maintained SATA’s 13% annual dividend rate for November, declaring daily dividends totaling approximately $1.08 per share for the month.
Despite its substantial bitcoin purchases, Strive’s cash and cash equivalents increased by $25.6 million during the week to $310.3 million.
The latest buying spree also highlights a widening contrast with Michael Saylor’s Strategy, which announced Monday that it had purchased just 250 BTC for $21.5 million during its latest reporting period.
Strive acquired more than 13 times as much bitcoin as Strategy during their respective buying windows. However, Strategy remains overwhelmingly larger, holding 848,250 BTC—valued near $71 billion as of this writing—compared with Strive’s 32,773 BTC, worth about $2.73 billion.
Strategy also spent approximately $192.4 million repurchasing nearly 1.93 million shares of its STRC preferred stock, substantially more than it allocated toward bitcoin acquisitions during the period.
Strive, meanwhile, continues to hold 505,000 shares of Strategy’s STRC, valued at approximately $50.3 million as of Oct. 9.
The aggressive accumulation brings Strive closer to its ambition of becoming the world’s second-largest publicly traded bitcoin holder. The company currently ranks fifth, behind Strategy, Metaplanet, Twenty One, and MARA Holdings, according to Bitcoin Treasuries data.
