Strive's Bitcoin Treasury Reaches 32,773 BTC After $208 Million Warrant Exercise
Key Takeaways
- •Strive bought 3,311 BTC in the week ending Oct. 9 at an average price of roughly $84,500 per coin, bringing total holdings to 32,773 BTC and making it the fifth-largest publicly traded corporate Bitcoin holder.
- •Investors exercised $208 million in warrants, with approximately 15.3 million remaining outstanding ahead of their expiration on Tuesday.
- •During the reporting period, Strive's Bitcoin reserves expanded 11.2%, outpacing a 9.4% increase in its effective common share count and raising existing shareholders' per-share Bitcoin exposure.
- •Strive amended its governing documents to impose a binding $100 minimum issuance price on its SATA preferred shares, just above their last traded price of $99.40.
- •Michael Saylor praised Strive's model of converting demand for its ASST common stock and SATA preferred shares into Bitcoin purchases, while his company Strategy added 250 BTC to reach 848,250 BTC, remaining the largest corporate holder.
Strive, a publicly traded Bitcoin treasury company, expanded its reserves by more than 11% in a single week after investors exercised $208 million in warrants, with Bitcoin purchases outpacing share issuance and increasing existing shareholders' per-share exposure to the cryptocurrency.
In a Tuesday filing with the United States Securities and Exchange Commission (SEC), Strive disclosed that it purchased 3,311 Bitcoin (BTC) during the week ending Oct. 9 at an average price of approximately $84,500 per coin. The acquisitions lifted the company's total holdings to 32,773 BTC, positioning Strive as the fifth-largest publicly traded corporate Bitcoin holder, according to industry data.
At last look on Tuesday, Bitcoin was changing hands at roughly $83,300, according to Yahoo Finance data. Shares of Str, which trades under the ticker ASST, were little changed at $27.52.
Warrants give holders the right to buy shares at a preset price, and each exercise delivers fresh capital to the issuing company. Strive Chairman and CEO Matt Cole said on X that investors had exercised $208 million in warrants, with approximately 15.3 million remaining outstanding ahead of their expiration on Tuesday — a deadline for any final exercises.
The company also amended its governing documents to establish a binding $100 minimum issuance price for its SATA preferred shares, restricting its ability to issue them below that threshold. The floor now sits just above where those shares last traded, at $99.40.
The latest purchases increased Strive's Bitcoin holdings per share even as the company issued additional equity. During the reporting period, its Bitcoin reserves grew 11.2%, outpacing a 9.4% increase in its effective common share count.
Michael Saylor weighs in on Strive's Bitcoin strategy
Strive's latest acquisition drew praise from Michael Saylor, whose company, Strategy, pioneered the corporate Bitcoin treasury model.
"Strive is turning demand for digital equity (ASST) and digital credit (SATA) into demand for Bitcoin," Saylor wrote on X. "Its hypergrowth shows how the capital markets are accelerating Bitcoin adoption."
Saylor was referring to Strive's practice of issuing common and preferred shares to raise capital for Bitcoin purchases, an approach similar to Strategy's own model through its MSTR common stock and STRC preferred shares.
Strategy added a comparatively modest 250 BTC to its treasury last week, bringing its total holdings to 848,250 BTC and maintaining its position as the largest publicly traded corporate Bitcoin holder.
Source: Cointelegraph
