Strive Buys $335M in Bitcoin, Lifts Holdings to 36,818 BTC

Strive bought 4,045 Bitcoin for roughly $335 million last week, lifting its total holdings to 36,818 BTC and pushing it past MARA Holdings into fourth place among publicly traded corporate Bitcoin holders.

The firm acquired the coins between Oct. 12 and Oct. 16 at an average price of $82,803 per BTC, including fees and expenses, according to a Monday filing with the US Securities and Exchange Commission. BitcoinTreasuries.net data puts Strive's reserves at roughly $3 billion in value.

The purchase is the latest in a string of large buys funded through equity financing. The week before, Strive added 3,311 BTC, growing its holdings 11.2% against a 9.4% rise in its effective share count — a rare stretch where Bitcoin per share actually expanded rather than diluting.

What does this change for shareholders?

Not much, structurally. Strive also reported roughly $369 million in proceeds from warrant exercises on Oct. 12 and 13, which required issuing 13.7 million common shares. The effective share count climbed 12.4%, nearly matching the 12.3% increase in Bitcoin holdings. Net result: BTC per share stayed essentially flat.

That balance is the core mechanic of the treasury-company model. Investors aren't gaining more Bitcoin per share from these purchases. They are watching management swap equity for BTC at scale, betting the market revalues the stack over time.

The competitive picture shifted too. Strive now sits ahead of MARA Holdings in the corporate holding rankings, and MARA appears to be moving the other way. Arkham has tracked wallets linked to the miner depositing about $82 million worth of crypto into Binance and Gate in recent days, suggesting partial sales from its reserves.

A new funding instrument enters the picture

Strive announced the launch of SATS last week, a new preferred stock issue carrying 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 preferred shares last week, with proceeds potentially funding additional Bitcoin purchases.

The structure is aggressive by treasury-company standards. A 15% fixed dividend paid daily commits the firm to a substantial recurring cash obligation, and it raises the operational stakes if Bitcoin markets turn weak for an extended period.

Investors appeared to welcome the moves. Strive (ASST) shares traded up around 7.7% at $25.95 in late-morning trading Monday, according to Yahoo Finance data.

What comes next

With $630 million in preferred-share proceeds potentially available and the daily SATS dividend window opening Nov. 9 pending board approval, Strive has both the capital and the incentive to keep buying. The question for holders is whether future purchases can finally outpace share issuance — the last round, at 12.3% BTC growth against 12.4% share growth, did not.