Strive holds 36,818 bitcoin ahead of $700 million SATS settlement

Strive bought 1,223 bitcoin between Oct. 14 and Oct. 16 for roughly $100 million, lifting its treasury to 36,818 BTC as a $700 million preferred stock offering approaches settlement. The company disclosed the purchase in a Form 8-K filed Monday, saying it paid about $81,734 per coin, fees and expenses included.

The purchase completed a week in which Strive added 4,045 BTC at an average of about $82,803. The first 2,822 BTC, bought Oct. 12 and Oct. 13, had already been announced Oct. 14. Strive held 32,773 BTC as of Oct. 9, Unchained reported.

Cash and cash equivalents rose to $317.5 million from $310.3 million over the same stretch. The Dallas-based company also holds 505,000 shares of Strategy's STRC preferred stock, valued at $49.3 million as of Oct. 16.

The SATS offering

On Oct. 15, Strive priced 7 million shares of its new SATS preferred stock at $90 each. The security pays a 15% dividend and has a $700 million stated amount. The offering is expected to raise about $630 million before underwriting costs and expenses and to settle Tuesday, Oct. 20, subject to customary closing conditions. No SATS shares were outstanding as of Oct. 16.

Strive said it intends to set aside $22.50 per SATS share at closing to cover the first 18 months of dividend payments. Chief Executive Matthew Cole wrote in an X post Monday that Strive "plans to maintain current 18-month dividend reserve." The pricing release listed bitcoin and bitcoin-related products among planned uses of the net proceeds, alongside working capital and general corporate purposes, per Unchained.

The dividend rate is high relative to the offering price. CryptoSlate estimated the implied cash yield at 16.7% for a buyer paying $90 for the $100 stated amount. The site noted that the $100 liquidation preference does not give holders the right to demand $100 whenever they sell, and that SATS is perpetual with no maturity date.

Dividends are scheduled to begin Nov. 9 and to be paid every business day. At 7 million shares, the $15 annual dividend implies $105 million in yearly payments, against a planned $157.5 million reserve equal to 18 months of dividends, CryptoSlate reported. The reserve covers the first stretch of payments but does not establish that Strive can fund the same rate indefinitely, the analysis said.

SATS ranks ahead of Strive's common shares for dividends and liquidation distributions, but behind the company's existing SATA preferred stock. Debt and some subsidiary obligations also take priority, and Strive can issue additional securities with equal or higher ranking, CryptoSlate reported.

Warrants cleared

The filing also shows Strive no longer has traditional warrants outstanding. Holders exercised 273,493,909 warrants on Oct. 12 and Oct. 13 for 13,674,703 Class A shares, bringing in about $369.2 million in gross proceeds. The remainder, which Strive took on in its September 2025 merger with Asset Entities, expired unexercised on Oct. 13, Unchained reported. The exercises raised the Class A share count to 114,847,610 from 101,169,907.

Crypto Briefing reported that Strive's treasury is valued at more than $3 billion and has grown by more than 380% since the start of 2026, when the company held about 7,525 bitcoin. The site put Strive 6,696 BTC behind Twenty One Capital, whose holdings have not been updated since late July.

Cole has said the company could potentially become the second-largest public corporate bitcoin holder by the end of the year, though he does not consider that the most likely outcome, according to Crypto Briefing. Strive has funded its treasury mainly through preferred stock and other capital markets transactions, including at-the-market stock sales, PIPE deals and warrant exercises, the site reported. The company reported a 63.2% bitcoin yield year-to-date in early October, compared with 23.9% in the second quarter.

No SATS shares were outstanding as of Oct. 16, and Strive's 8-K does not say how much of the offering proceeds the company will put into bitcoin.