Strive Bolsters Bitcoin Holdings with $335 Million Purchase, Launches New Preferred Shares
Strive, a company holding a significant Bitcoin treasury, acquired 4,045 BTC last week for about $335 million, raising its total Bitcoin assets to 36,818. This move is part of the company's ongoing strategy to grow its cryptocurrency reserves through equity offerings.
According to a filing submitted to the US Securities and Exchange Commission on Monday, Strive completed the Bitcoin purchase between October 12 and 16, paying an average price of $82,803 per coin, including fees and related expenses.
With this increase, Strive ranks as the fourth-largest publicly traded company holding Bitcoin, surpassing MARA Holdings. Strive's Bitcoin reserves are worth approximately $3 billion based on data from BitcoinTreasuries.net. Meanwhile, MARA has reportedly begun selling some of its Bitcoin holdings; researchers at Arkham noted wallet transfers amounting to around $82 million to Binance and Gate exchanges from MARA's mining-linked addresses.
Strive’s Bitcoin holdings now total 36,818 BTC, as confirmed by BitcoinTreasuries.NET.
In addition to the Bitcoin acquisition, Strive reported around $369 million in revenue from warrant exercises on October 12 and 13, leading to the issuance of 13.7 million common shares. This increased the number of outstanding shares by about 12.4%, closely mirroring the 12.3% growth in Bitcoin reserves, which helped maintain a stable Bitcoin-per-share ratio.
The recent purchase follows a pattern of large Bitcoin acquisitions by Strive; the previous week, the company bought 3,311 BTC, growing its holdings by 11.2%, outpacing a 9.4% increase in its effective common share count.
Last week, Strive also announced the launch of SATS, a new preferred stock offering with a fixed 15% annual dividend, payable daily starting November 9, subject to board approval. The company set the offering price at $630 million, intending to use the proceeds to finance further Bitcoin acquisitions.
Strive’s shares (ASST) rose around 7.7% to $25.95 during late-morning trading on Monday, according to data from Yahoo Finance.
This significant expansion of Strive's Bitcoin holdings through equity-financed purchases and the launch of new preferred stock demonstrates the company's commitment to scaling its cryptocurrency reserves while maintaining a balanced share structure.
Why it matters
Strive's continued accumulation of Bitcoin via equity funding and its introduction of preferred shares signify a strategic effort to solidify its position as a leading Bitcoin treasury company, potentially influencing corporate adoption of cryptocurrencies.
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