Strive adds 6,182 Bitcoin, lifting treasury to 43,000 BTC, Crypto Briefing reports
In brief
- Strive added 6,182 BTC and now holds 43,000 BTC in total, according to Crypto Briefing.
- Warrant exercises raised about $369 million, per October 8-K filings cited by Crypto Briefing.
- SATS preferred stock issuance raised about $630 million, the same filings show.
- BTC price below cost basis would leave the treasury underwater on paper, Crypto Briefing says.
How the stack got to 43,000
Strive's Bitcoin treasury started with a merger. Crypto Briefing reported that the company merged with Semler Scientific in January 2026, a deal that brought in roughly 12,800 BTC. It's been buying fast since then.
Strive reportedly owned 36,818 BTC as of mid-October 2026 (a stack Crypto Briefing put at more than $3 billion in market value). The outlet also said the company reportedly made several purchases totaling more than 4,000 BTC within a single week that month, and that its October buying cost roughly $335 million at average prices between $82,000 and $84,500 per coin. The research behind those numbers also flags discrepancies between some reported purchase amounts and the totals Strive formally disclosed, according to the same report.
That caveat matters.
Crypto Briefing ranks Strive as the fourth-largest public corporate holder of Bitcoin, trailing names including Strategy and Metaplanet. The outlet says the company aims to compete with the top corporate Bitcoin holders by year-end.
Funded by capital markets, not cash flow
Strive hasn't paid for this out of operating cash flow, Crypto Briefing reported. It has leaned on capital markets instead. According to Strive's Form 8-K filings with the SEC in October, as reported by Crypto Briefing, warrant exercises brought in approximately $369 million and a SATS preferred stock issuance raised about $630 million.
Crypto Briefing said the same filings point to a projected average cost basis somewhere in the high $80,000s to low $90,000s per BTC. The October coins were bought below that projected average, which the outlet said suggests earlier purchases happened at higher prices.
The risk Crypto Briefing flags
Preferred stock isn't free money. It typically carries dividends that a company has to service regardless of what Bitcoin's price does, Crypto Briefing noted.
In the outlet's analysis, if Bitcoin trades below Strive's projected cost basis, the treasury would sit underwater on paper while those preferred obligations keep running. Put plainly, the structure Crypto Briefing describes pairs a growing BTC stack with fixed payments that don't flex with the market.
Frequently asked questions
How is Strive funding its Bitcoin purchases?
Strive has relied on capital markets rather than operating cash flow, according to Crypto Briefing. Crypto Briefing reported that Strive's October Form 8-K filings with the SEC show warrant exercises brought in approximately $369 million and a SATS preferred stock issuance raised about $630 million.
What's the risk in Strive's Bitcoin treasury strategy?
Crypto Briefing notes that preferred stock typically carries dividends that must be paid regardless of Bitcoin's price. In its analysis, if Bitcoin trades below Strive's projected cost basis (high $80,000s to low $90,000s per BTC), the treasury would be underwater on paper while those obligations continue.
