Strive adds 3,311 bitcoin for $280 million as warrants near expiry

Strive bought 3,311 bitcoin between Oct. 5 and Oct. 9 for roughly $280 million, its largest purchase since January, lifting its treasury to 32,773 BTC. The Nasdaq-listed company disclosed the buy in a filing on Monday, saying it paid an average of about $84,500 per coin including fees. The purchase took its stack from 29,462 BTC on Oct. 2 to 32,773 BTC a week later, worth roughly $2.73 billion at current prices.

The buy caps a stretch of heavy accumulation. Strive added $169 million in bitcoin earlier this month in what was then its largest buy in four months, after pushing holdings past 27,000 BTC with a $94.5 million purchase in late September, Decrypt reported. The company, which trades as ASST, went public through a merger with Asset Entities and recently completed a tie-up with Semler Scientific to bulk up its balance sheet. Beyond bitcoin it holds about 505,000 shares of Strategy's STRC preferred stock, valued near $50 million, and roughly $310 million in cash.

The timing stands out. Strive bought as bitcoin slid through a rough week, picking up coins at an average price well below recent highs near $87,000. At last look on Tuesday bitcoin traded at roughly $83,300 while ASST shares sat near $27.52, Cointelegraph reported. The latest purchases raised bitcoin per share even as the company issued more equity: reserves grew 11.2% over the reporting period against a 9.4% rise in the effective common share count.

Warrant exercises funded part of the expansion. Holders had exercised $208 million worth of traditional warrants ahead of their 5 p.m. ET expiry on Tuesday, CEO Matt Cole wrote on X, with about 15.3 million shares underlying the remaining warrants. The Oct. 13 filing shows the shares underlying the warrants falling by just under 8 million in the week to Oct. 9, to 15,255,900, while Class A shares outstanding grew by about 9.46 million, Unchained reported. On Sept. 2 Cole had said more than $700 million of warrants were set to expire in mid-October, with the proceeds available for more bitcoin if holders exercised them.

Strive also tightened the terms of its Variable Rate Series A Perpetual Preferred Stock, known as SATA. In a second filing the company said it amended the stock's terms with the Nevada Secretary of State so it cannot sell new SATA shares below $100 each before discounts and fees, making a previously announced policy binding, Unchained reported. The same amendment redefined a business day to include weekends, so SATA could pay daily dividends on Saturdays and Sundays where clearing allows, though Strive said it does not expect its near-term dividend cadence to change. The board held SATA's annual dividend rate at 13.00% for periods starting Nov. 1 and declared a daily cash dividend of $0.0571 a share for each of November's 19 business days.

The purchase makes Strive the fifth-largest publicly traded corporate bitcoin holder, according to industry data cited by Cointelegraph. Michael Saylor praised the strategy on X, writing that Strive is turning demand for its equity and preferred shares into demand for bitcoin. Strategy itself added a comparatively modest 250 BTC last week, bringing its total to 848,250 BTC and keeping its place as the largest public corporate holder, Cointelegraph noted. The filing leaves some gaps. Neither it nor Cole's post says over what period the $208 million in exercises arrived, and no final tally had been published as of Tuesday, Unchained noted. SATA shares traded at $99.40 at last look, just under the new $100 floor. The wider treasury sector stayed busy alongside Strive: Strategy added $21.5 million in bitcoin while buying back preferred stock, and Bitmine kept stacking ether even as its chairman said purchases will stop once it holds 5% of the supply, Decrypt reported. SATA shares outstanding rose by 532,094 to 14,030,176 in the week to Oct. 9.