Strive Buys 1,223 BTC for $100M, Holdings Reach 36,818

Strive (Nasdaq: ASST) bought 1,223 BTC on Oct. 14⁠–⁠16 at an average price of about $81,734 including fees, roughly $100 million, according to an 8-K filing submitted to the SEC on Oct. 19. Its bitcoin holdings stood at 36,818 BTC as of Oct. 16, up from 32,773 BTC on Oct. 9.

Details

The week's buying. Across Oct. 12⁠–⁠16, Strive acquired 4,045 BTC at an average of about $82,803. That includes the 2,822 BTC bought on Oct. 12⁠–⁠13 (covered here) plus the new 1,223 BTC tranche.

Cash and balance sheet. The filing shows cash and equivalents rising from $310.3 million to $317.5 million over the week. Traditional warrants are used up: holders exercised some for $369.2 million, the rest expired on Oct. 13, and none were outstanding as of Oct. 16.

SATS preferred stock. On Oct. 15, Strive priced 7 million shares of its 15.00% Series A Perpetual SATS Preferred at $90 each: $700 million in aggregate stated amount, with expected proceeds of about $630 million before underwriting discounts and expenses. The offering is scheduled to settle on Oct. 20, subject to customary conditions, and no proceeds had been received as of Oct. 16. The company had earlier outlined a plan to raise up to $500 million.

What it means for the market

Strive remains one of the more active corporate bitcoin buyers, but its funding source is changing: the warrants are gone, so further purchases depend on the SATS proceeds. If the offering closes as scheduled, the company will have fresh capital; the 8-K does not say how much of it will go into BTC.

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