Strive, a Nasdaq-listed company that holds Bitcoin as a treasury asset, bought 4,045 BTC between October 12 and 16, according to a regulatory filing published Monday. The average price was about $82,803 per coin, putting the value of the latest purchase at roughly $335 million.

The purchase lifts Strive's total holdings to 36,818 BTC, up from 32,773 just a week earlier. At current prices, the company's stack is worth a little more than $3 billion.

The cash behind this week's buying came from warrants—contracts that give holders the right to purchase shares at a fixed price. On October 12 and 13, investors exercised 273,493909 of them for 13,674,703 new Class A shares, raising about $369.2 million. The leftover warrants expired unexercised on October 13, and the filing states that no traditional warrants remain outstanding.

As a result, Class A shares outstanding rose from 101.2 million to 114.8 million in a single week, an increase of about 13.5%. That shrinks each existing shareholder's slice of the company unless the fresh capital earns it back. Strive ended the week with $317.5 million in cash, up $7.2 million.

The arrangement reflects a financing model that has become a steady source of Bitcoin buying: public companies sell shares to investors, then put the proceeds into Bitcoin. The stock, in turn, gives investors exposure to Bitcoin's price through an ordinary brokerage account.

From anti-ESG fund to Bitcoin treasury

Strive began in 2022 as an anti-ESG asset manager co-founded by former presidential candidate Vivek Ramaswamy. It adopted Bitcoin as a treasury reserve in May 2025 as it moved to merge with a listed company called Asset Entities, then agreed that September to buy Semler Scientific, a medical device maker holding about 5,000 BTC, in an all-stock deal valued at about $1.3 billion.

When Semler shareholders approved the deal in January, the combined company held roughly 12,800 BTC, meaning holdings have climbed almost 3X since then. Strive's previous purchase, one week before this one, totaled 3,311 BTC, about $280 million at roughly $84,500 per coin. The last 1,223 coins in this week's batch, bought October 14 to 16, averaged about $81,734.

Strategy buys more as MSCI rule is finalized

Strategy, the largest corporate holder of Bitcoin, also bought last week: 267 BTC for about $22.1 million at roughly $82,900 each, bringing its total to 848,517 BTC. The company also spent $193.1 million repurchasing its own STRC preferred stock—a security of which Strive holds 505,000 shares—and increased its preferred-stock buyback program from $2 billion to $3 billion.

MSCI, the index provider whose benchmarks many funds are built to track, finalized a rule on October 15 targeting "non-operating companies." Companies that fail a screen for substantial operating assets and a follow-up financial test would be dropped from its indexes as of the close of November 30. Index inclusion is a practical concern for these companies because funds built to track a benchmark generally hold its constituents, so a company dropped from the index also drops out of the funds that track it. Strategy's Michael Saylor had called the proposal discriminatory in a September letter, and MSCI will publish the final list of affected companies on November 11.

Bitmine edges toward 5% of Ethereum supply

Across the broader digital asset treasury space, Tom Lee's Bitmine added 12,535 ETH, worth about $30 million, and now holds 6,041,481 ETH, or 4.9% of Ethereum's roughly 122.1 million tokens. Lee has said buying will stop once the firm hits 5%. He cited a broad risk-off shift, with investors pulling back from risky assets, alongside AI funding worries, U.S.-Iran tensions, midterm election jitters, and rising bond yields.

$630 million SATS preferred offering

Strive, meanwhile, priced an upsized offering on October 15 of 7 million shares of a new 15% Series A Perpetual preferred stock, called SATS, at $90 each, for expected gross proceeds of about $630 million.

Preferred stock pays a set dividend when the board declares it, similar to a bond's interest but not guaranteed, and "perpetual" means the security has no maturity date. The dividend here is 15% of the $100 stated amount, or $15 a year—equivalent to about a 16.7% yield for buyers paying $90. The dividends are cumulative, meaning any that go unpaid keep accruing. Unlike the week's warrant exercises, this raise creates no new Class A common shares; preferred stock is a separate class of security, so the capital comes in without changing the common share count.

Strive plans to set aside $22.50 per share in a reserve covering the first 18 months of dividends. The offering is scheduled to settle on October 20, and regular dividend dates begin November 9.