Strive, the Nasdaq-listed Bitcoin treasury company, just turned a warrant payday into a Bitcoin shopping spree. The firm acquired 4,045 BTC for approximately $335 million between October 12 and 16.
It isn’t stopping there. Strive has also priced a $630 million preferred stock offering, which means the next round of purchases already has funding lined up.
The details: warrants in, Bitcoin out
Warrants covering 13.7 million shares were exercised, generating approximately $369.2 million in expected gross proceeds. The participation rate came in at 94%.
Strive put most of that money straight to work. The 4,045 BTC were bought at an average price of around $82,803 per coin, including fees.
The purchase lifts Strive’s total holdings to 36,818 BTC. At current prices, that stash is valued at roughly $3 billion.
Strive has priced an upsized offering of 7 million shares of its 15% Series A Perpetual SATS preferred stock, targeting gross proceeds of $630 million. The deal is set to settle on October 20. The company has earmarked the proceeds for general corporate purposes, with expanded Bitcoin purchases explicitly on the list.
Background: from 7,525 to 36,818 in one year
Strive, Inc. trades on Nasdaq under the ticker ASST. It was co-founded by Vivek Ramaswamy and has repositioned itself as a dedicated Bitcoin treasury vehicle.
Strive started 2026 holding about 7,525 BTC, and its holdings have since climbed by more than 380%. That run has pushed Strive into fourth place among publicly traded corporate Bitcoin holders. Only Strategy, Metaplanet and Twenty One Capital hold more.
The company has kept its balance sheet debt-free. Preferred stock carries obligations of its own, but it doesn’t come with the hard maturity dates that make a leveraged Bitcoin bet nerve-wracking during a drawdown.
CEO Matt Cole has pointed to a potential path for Strive to become the second-largest public holder of Bitcoin by the end of the year, though he does not consider this outcome guaranteed.
What this means for investors and the treasury race
For ASST shareholders, every warrant exercise and equity offering adds new shares, which dilutes existing owners. The bet is that the Bitcoin acquired per share grows faster than the share count.
The preferred stock adds another layer. A 15% dividend is a meaningful recurring cost, and it sits ahead of common shareholders in the capital stack.
The 94% warrant participation rate and the upsized preferred offering suggest demand is there for now. Key items to watch include whether the $630 million offering settles as planned on October 20, and how quickly those proceeds show up as new Bitcoin on the balance sheet.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.