Strive buys $335 million in Bitcoin, lifting its holdings to 36,818 BTC
In brief
- Strive bought 4,045 BTC for about $335 million, lifting total holdings to 36,818 BTC.
- Purchases from Oct. 12 to Oct. 16 averaged $82,803 per coin, fees included.
- Strive ranks fourth among public companies, ahead of MARA Holdings, per BitcoinTreasuries.net data.
- Warrant exercises raised about $369 million; BTC per share stayed largely unchanged.
- Strive priced a $630 million offering of SATS, a preferred stock paying 15% annually.
Past MARA on the treasury leaderboard
Strive is now the fourth-largest publicly traded corporate BTC holder, ahead of MARA Holdings, according to BitcoinTreasuries.net data cited by Cointelegraph. Its reserves are valued at about $3 billion.
MARA, separately, was reported to be selling some of its holdings; Cointelegraph said Arkham tracked wallets linked to MARA depositing about $82 million worth of crypto into Binance and Gate in recent days.
Equity financing keeps the buying going
Strive has been expanding its crypto reserves through equity financing, and last week's numbers show how closely the two track each other. The company reported approximately $369 million in proceeds from warrant exercises on Oct. 12 and 13, which resulted in the issuance of 13.7 million common shares.
Its effective share count rose 12.4%. Bitcoin holdings rose 12.3%.
That left BTC per share largely unchanged.
The week before looked a little different. Strive made a 3,311 BTC purchase then, and its holdings grew 11.2%, outpacing a 9.4% increase in its effective common share count (so per-share exposure did tick up in that round, while this one roughly held steady).
SATS preferred stock and the share price
Strive also launched SATS last week, a new preferred stock with a fixed 15% annual dividend payable each business day beginning Nov. 9, subject to board approval. The company priced a $630 million offering of the new preferred shares, with proceeds potentially funding additional Bitcoin purchases.
It's worth reading that last part carefully. "Potentially" is the word Cointelegraph's report uses, and it isn't the same thing as a commitment to buy more BTC.
Strive (ASST) shares were up around 7.7% at $25.95 in late-morning trading Monday, according to Yahoo Finance data cited by Cointelegraph.
Frequently asked questions
How is Strive funding its Bitcoin purchases?
Strive has been expanding its crypto reserves through equity financing. It reported about $369 million in proceeds from warrant exercises on Oct. 12 and 13, and it priced a $630 million offering of its new SATS preferred shares, with proceeds potentially funding more Bitcoin purchases.
Why did Strive's BTC per share stay flat after the 4,045 BTC buy?
Strive's effective share count rose 12.4% after the warrant exercises, roughly matching a 12.3% increase in its Bitcoin holdings. Because the two grew at nearly the same rate, BTC per share stayed largely unchanged.
