Strive (NASDAQ: ASST) now has 32,773 BTC in its treasury after it bought 3,311 BTC last week. It has now made a $100 minimum issuance price for its SATA preferred stock a binding rule in its governing documents.
The move hardens a price protection that the company had loosened over the summer.
The $100 floor Strive backed away from in June
In March, Strive informed investors that it would not be selling SATA through its at-the-market program or follow-on offerings below $100.
SATA is Strive’s Variable Rate Series A Perpetual Preferred Stock, a security built to trade near a $100 par and pay a dividend.
However, it softened that stance after it hit a closing low of $83.53 on June 25. CEO Matt Cole then shared an update around this period, informing investors not to assume that the company would automatically issue new shares at $100, citing market conditions he said were not normal.
Short interest went up, and borrow costs on the stock rose from 6.10% APR to 68.57% APR in just 18 days, according to figures shared by chief risk officer Jeff Walton.
Now the $100 minimum is no longer a stated policy, as it is now written into the governing terms that Cole called formalized protection.
$208 million in warrants with hours left to exercise
The latest Bitcoin purchase comes about the same time that there is a scramble over Strive’s warrants.
According to Cole, $208 million of warrants have been exercised. About 15.3 million is still outstanding and set to expire at 5 p.m. Eastern on Tuesday, October 13.
The warrants come with a $27 strike, adjusted for an earlier reverse stock split, and let holders buy Strive common shares.
In September, Cole said that more than $700 million in outstanding warrants were due to expire in mid-October. According to him, if the shares cleared the $27 strike, the conversions in addition to matching digital-credit capacity could give the company as much as $1.4 billion for Bitcoin purchases.
An October 5 filing showed about 23.25 million shares still underlying traditional warrants as of October 2. That balance that has since shrunk as holders exercised.
Strive has not said how much of the $208 million went toward last week’s Bitcoin.
Will Strive continue to rise in treasury rankings?
Strive’s stack has grown fast since it began buying. It has been particularly busy this year, as it got 5,048 BTC through its January 2026 combination with Semler Scientific.
It then layered on weekly purchases funded largely by SATA sales and warrant proceeds.
The latest purchase has helped it to move past Adam Back’s Bitcoin Standard Treasury Company, which is now ranked number 6, as seen on Bitcointreasuries.net.
Cole has floated the possibility of Strive ending 2026 as the second-largest public holder of Bitcoin. That spot is currently occupied by Metaplanet, which has 44,000 BTC in its treasury. It is followed by Twenty One Capital at 43,514 BTC and MARA Holdings at 35,577 BTC.
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