Strive’s Bitcoin Holdings Hit 20,000 BTC, But Per-Share Value Fell

Strive, a Bitcoin treasury company, purchased 79 BTC between July 20 and July 24, bringing total holdings to 20,000 BTC. The acquisition, completed at an average price of $65,723 per coin including fees, occurred alongside a 430,000-share increase in Effective Common Shares Outstanding, reducing the amount of Bitcoin held per shareholder.

On July 17, Strive held approximately 23,809 satoshis of Bitcoin per effective common share across 83,669,973 shares outstanding. By July 24, after the 79-BTC purchase and share issuance, that ratio declined to 23,781 satoshis per share, a 0.12% decrease, despite the absolute growth in Bitcoin holdings from 19,921 BTC to 20,000 BTC.

The share increase consisted of 437,477 Class A shares offset by a 7,477 Class B share decline, for a net addition of 430,000 effective common shares. Strive’s Effective Common Shares Outstanding rose to 84,099,973 by July 24. Under Strive’s Assumed Fully Diluted Shares Outstanding measure, which includes options and unvested restricted stock units while excluding traditional warrant shares, the per-share Bitcoin ratio fell 0.10% over the same period.

Funding Source Unclear

The 79-BTC purchase carried an implied cost of approximately $5.192 million based on the stated average price. However, Strive’s cash and cash equivalents decreased by only $3.4 million during the week, leaving the funding mechanism for the $1.8 million difference unexplained in the filing.

Strive did not disclose what prompted the 430,000-share increase or whether proceeds from the new share issuance directly financed the Bitcoin purchase. The company filed the transaction details with the SEC on July 27.

Calculation Inconsistencies

Strive’s Assumed Fully Diluted Shares Outstanding calculation contains an arithmetic discrepancy. The July 17 fully diluted total is 16,163 shares below the sum of its listed components for that date, which the company did not explain. The filing also excludes 26,596,510 shares underlying traditional warrants from the fully diluted calculation.

The per-share decline illustrates a structural tension in Bitcoin treasury strategies: absolute holdings growth does not guarantee improved per-share ratios when share count expands simultaneously. Strive’s 0.12% per-share decline occurred despite acquiring Bitcoin at a time when the company’s total treasury expanded.