Strive Inc. purchased an additional 2,822 bitcoins for approximately $235 million across Oct. 12 and 13, bringing its total holdings to 35,595 BTC, according to an 8-K filing dated Oct. 14. The transaction was announced one day after the company stated it had acquired 3,311 BTC for nearly $280 million in the preceding week.
The two purchases push Strive past MARA’s most recently reported bitcoin holdings, placing it fourth among public companies holding the asset. The accumulation coincided with additional share issuances from warrants and plans for a preferred stock offering featuring a 15% dividend.
Strive adds $515 million of bitcoin across two purchases
Strive announced on Oct. 13 that it had bought 3,311 BTC at an average price of approximately $84,500 per coin between Oct. 5 and Oct. 9. The transaction, valued at roughly $279.8 million, remains Strive’s largest single bitcoin purchase since January.
One day later, the company disclosed an additional 2,822 BTC purchased across Oct. 12 and 13 at an average price of $83,266. The second transaction, worth approximately $235 million, raised total holdings to 35,595 BTC.
The two purchases added a total of 6,133 BTC at a cost of about $514.8 million. The weighted average price fell to about $83,932 per BTC, below the $89,353 average cost basis Strive reported for its portfolio as of Oct. 9.
The previous largest increase occurred in January, when approximately 5,048 BTC from Semler Scientific were added to Strive’s balance sheet through an all-stock merger. That was not a direct bitcoin purchase.
Strive held 28,000 BTC at the end of September and 35,595 BTC on Oct. 13. The amount of bitcoin on its balance sheet grew by 7,595 BTC, or 27.1%, in less than two weeks.
Warrant exercises expand Strive’s share count
In the week ending Oct. 9, the 3,311 BTC purchase was accompanied by a significant increase in common shares. Effective common shares, which include total Class A and Class B shares, grew from 100,938,986 to 110,387,204 shares, or 9.36%.
Bitcoin holdings, cash balance and outstanding shares of Strive. Source: Strive/SEC.
As of Oct. 9, each effective common share corresponded to approximately 29,689 satoshis, up from 29,188 satoshis a week prior. The 1.72% gain was significantly lower than the 11.24% increase in total bitcoin holdings.
On Oct. 12 and 13, investors continued exercising warrants to purchase 13,674,703 Class A shares. Strive expects proceeds of $369.2 million and stated that no traditional warrants from the PIPE transaction remained outstanding as of the end of Oct. 13.
The 2,822 BTC purchase disclosed in the same filing was valued at approximately $235 million. Strive did not provide effective common share count or bitcoin per share figures following the latest transactions.
Strive files for new 15% preferred stock offering
On Oct. 13, Strive also filed a preliminary prospectus offering to sell 5 million shares of SATS perpetual preferred stock. Each share has a liquidation preference (stated value) of $100 and accumulates a fixed 15% annual dividend.
If all 5 million shares are issued, SATS will have a nominal size of $500 million and accrue approximately $75 million in dividends annually. Strive also expects to allocate $22.50 per share into an 18-month dividend reserve fund. The reserve could reach $112.5 million and be funded with cash and corporate securities held by the company.
Strive lists purchasing bitcoin, supplementing working capital, acquiring income-generating assets, executing M&A, and repurchasing ASST or SATA stock among its uses of funds. However, the offering price and net proceeds were left blank in the preliminary filing. The $500 million figure thus reflects total liquidation preference, not capital already raised.
SATS ranks senior to common stock but junior to SATA and any future debt Strive may issue. As of Oct. 9, the company had no consolidated debt and over 14.03 million SATA shares outstanding. If completed at the proposed scale, SATS would add $75 million in cumulative annual dividends to Strive’s capital structure.
Strive closes in on larger corporate bitcoin holders
With 35,595 BTC following its two latest transactions, Strive surpassed the 35,577 BTC reported by MARA in its most recent quarterly report. The gap is just 18 BTC.
Based on the latest figures reported by each entity, Strive ranks fourth among public companies holding bitcoin, behind Strategy, Metaplanet, and Twenty One.
CEO Matt Cole previously set a goal for Strive to become the world’s second-largest public company holding bitcoin. With its current holdings, Strive trails Twenty One by 7,919 BTC and Metaplanet by 8,405 BTC. The company will need to add about 24% to catch up with Metaplanet’s latest figure.
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