Strive (NASDAQ: ASST) lifted its Bitcoin treasury to 32,773 BTC after buying 3,311 BTC last week, and it has now written a $100 minimum issuance price for its SATA preferred stock into its governing documents as a binding rule.

The move hardens a price protection the company had loosened over the summer.

The $100 floor Strive backed away from in June

In March, Strive told investors it would not sell 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 designed to trade near a $100 par value and pay a dividend.

The company softened that stance after the stock hit a closing low of $83.53 on June 25. Around that time, CEO Matt Cole shared an update cautioning investors not to assume the company would automatically issue new shares at $100, citing market conditions he said were not normal.

Short interest climbed, and borrow costs on the stock jumped from 6.10% APR to 68.57% APR in just 18 days, according to figures shared by chief risk officer Jeff Walton.

The $100 minimum is now more than a stated policy: it is written into the governing terms, a step Cole described as formalized protection. The binding version removes the flexibility Strive signaled in June — new SATA can no longer come to market below its $100 design value, the situation that surfaced with the June 25 close at $83.53. Because Strive's weekly Bitcoin purchases have been funded largely by SATA sales, the floor also defines the terms on which one of its two main funding channels can operate. Strive announced the SATA enhancements and the Bitcoin purchase in an official press release, with related details filed with the SEC.

$208 million in warrants exercised with hours left to go

The Bitcoin purchase lands amid a scramble over Strive's warrants. According to a post from Cole on X, $208 million of warrants have been exercised, with about $15.3 million still outstanding and set to expire at 5 p.m. Eastern on Tuesday, October 13.

The warrants carry a $27 strike, adjusted for an earlier reverse stock split, and allow holders to buy Strive common shares. Each exercise delivers the $27-per-share strike price to the company as new capital.

In September, Cole said more than $700 million in outstanding warrants were due to expire in mid-October. If the shares cleared the $27 strike, the conversions, together with matching digital-credit capacity, could give the company as much as $1.4 billion for Bitcoin purchases, according to Cole.

An October 5 filing showed about 23.25 million shares still underlying traditional warrants as of October 2. That balance has since shrunk as holders exercised their positions.

Strive has not disclosed how much of the $208 million went toward last week's Bitcoin purchase. The near-term item to watch is mechanical: any of the remaining roughly $15.3 million not exercised by 5 p.m. Eastern on October 13 expires with the warrants, leaving only hours on the clock for that capital to convert.

Will Strive keep climbing the treasury rankings?

Strive's holdings have grown quickly since it began buying. It has been especially active this year, picking up 5,048 BTC through its January 2026 combination with Semler Scientific, then adding weekly purchases funded largely by SATA sales and warrant proceeds.

The latest purchase pushed Strive past Adam Back's Bitcoin Standard Treasury Company, which now ranks sixth, according to Bitcointreasuries.net.

Cole has floated the possibility of Strive ending 2026 as the second-largest public holder of Bitcoin. That position is currently held by Metaplanet, which has 44,000 BTC in its treasury, followed by Twenty One Capital at 43,514 BTC and MARA Holdings at 35,577 BTC. In raw terms, Strive needs 2,804 more BTC to draw level with MARA and 11,227 to match Metaplanet's current total — and last week's 3,311 BTC purchase exceeded the first gap on its own. Closing the rest comes back to the levers already in play: SATA sales, now bound to the $100 floor, and warrant proceeds, most of which were exercised ahead of the October 13 deadline.