Strive Buys 4,045 BTC for $335 Million After Warrant Cash Flows In

Strive bought 4,045 BTC for roughly $335 million between October 12 and 16, lifting its Bitcoin holdings to 36,818 coins, according to a regulatory filing published Monday. The Nasdaq-listed company paid an average of about $82,803 per coin, and its treasury now sits just north of $3 billion at current prices.

The cash engine behind the purchase is now running on fumes. Investors exercised 273,493,909 warrants on October 12 and 13, generating about $369.2 million and 13,674,703 new Class A shares. The remaining warrants expired unexercised on October 13, and the filing states that no traditional warrants remain outstanding.

Class A shares outstanding climbed from 101.2 million to 114.8 million in a week, an increase of about 13.5%. That dilution shrinks each existing shareholder's claim on the treasury unless the newly bought Bitcoin earns it back. Strive ended the week with $317.5 million in cash, up $7.2 million.

How did Strive get here?

The company began in 2022 as an anti-ESG asset manager co-founded by former presidential candidate Vivek Ramaswamy. It adopted Bitcoin as a treasury reserve in May 2025, ahead of a merger with the listed company Asset Entities. That September it agreed to acquire Semler Scientific, a medical device maker holding about 5,000 BTC, in an all-stock deal valued at roughly $1.3 billion.

When Semler shareholders approved the transaction in January, the combined company held roughly 12,800 BTC. Holdings have nearly tripled since. Strive's prior purchase came a week earlier: 3,311 BTC, about $280 million, at roughly $84,500 per coin. The final 1,223 coins in the latest batch, bought October 14 to 16, averaged about $81,734.

What does this change for shareholders?

Strive priced an upsized offering on October 15 of 7 million shares of a new 15% Series A Perpetual preferred stock, called SATS, at $90 each, for expected gross proceeds of about $630 million. The offering settles October 20, and regular dividend dates begin November 9.

The security carries a dividend of 15% on its $100 stated amount, or $15 a year. For buyers paying $90, that works out to about a 16.7% yield. The dividends are cumulative, so any unpaid amounts keep accruing, and Strive plans to park $22.50 per share in a reserve covering the first 18 months of payouts.

Preferred stock pays a set dividend when the board declares it — similar to bond interest, but not guaranteed — and "perpetual" means there is no maturity date. The structure trades equity dilution for balance-sheet durability, at the cost of a standing obligation that compounds if missed.

The wider treasury-company field

Strategy, the largest corporate Bitcoin holder, also bought last week. It acquired 267 BTC for about $22.1 million at roughly $82,900 each, bringing its total to 848,517 BTC. It also spent $193.1 million repurchasing its own STRC preferred stock — a security of which Strive holds 505,000 shares — and raised its preferred buyback program from $2 billion to $3 billion.

On the Ethereum side, Tom Lee's Bitmine added 12,535 ETH, about $30 million, and now holds 6,041,481 ETH — 4.9% of Ethereum's roughly 122.1 million tokens. Lee has said buying will stop once the firm reaches 5%.

A deadline from MSCI

Index provider MSCI finalized a rule on October 15 targeting "non-operating companies." Firms that fail a screen for substantial operating assets and a follow-up financial test will be dropped from MSCI indexes as of the close of November 30. Strategy's Michael Saylor had called the proposal discriminatory in a September letter. MSCI publishes its final list of affected companies on November 11 — a date that will shape which treasury stocks passive funds can still hold.