Strive Buys Another 2,822 BTC for $235M, Holdings Reach 35,595

Strive (Nasdaq: ASST) bought 2,822 BTC on Oct. 12⁠–⁠13 at an average price of about $83,266 including fees, or roughly $235 million, according to an 8-K filing submitted to the SEC at 7:59 AM ET on Oct. 14. The purchase lifts the company's holdings to 35,595 BTC.

Details

Second buy in a week. Just a day earlier, on Oct. 13, Strive reported buying 3,311 BTC for $280 million, which brought its stack to 32,773 BTC (8-K). The new tranche takes it to 35,595 BTC, a figure also cited by CoinDesk. Across the two back-to-back filings, the company added 6,133 BTC.

Where the money came from. The buy was funded by warrants issued in Strive's PIPE deal. On Oct. 12⁠–⁠13, holders exercised 273.5 million warrants for 13.67 million Class A shares, for expected gross proceeds of $369.2 million. As of the close of business on Oct. 13, no traditional PIPE warrants remain outstanding, so that funding source is now used up.

What's next. Strive is also preparing a second class of preferred stock carrying a 15% dividend, aiming to raise up to $500 million for further bitcoin purchases.

What it means for the market

Strive is currently buying bitcoin faster than Strategy, whose latest purchase was just 250 BTC as Michael Saylor's company put most of its cash toward buying back its own STRC preferred shares. Corporate demand for bitcoin hasn't disappeared, but it increasingly rests on a handful of buyers and their access to capital.

With its warrants exhausted, the pace of Strive's next purchases will depend on how well the preferred offering sells. Track price and flows on the market dashboard and the bitcoin page.