Strive, a Bitcoin treasury company, purchased 4,045 Bitcoin for approximately $335 million last week, bringing its total holdings to 36,818 BTC and cementing its position as the fourth-largest publicly traded corporate BTC holder, ahead of MARA Holdings.
The acquisition, completed between October 12 and 16, was funded through equity financing. Strive exercised warrants on October 12 and 13, generating approximately $369 million in proceeds and issuing 13.7 million common shares. The effective share count increased 12.4%, roughly matching the 12.3% rise in Bitcoin holdings and leaving BTC per share largely unchanged.
At an average purchase price of $82,803 per coin including fees and expenses, Strive’s Bitcoin reserves are now valued at approximately $3 billion, according to BitcoinTreasuries.net. Strive’s share price rose 7.7% and traded at $25.95 in late-morning Monday trading following the announcement.
Preferred Stock Offering Announced
Strive announced the launch of SATS, a new preferred stock issue carrying a fixed 15% annual dividend, payable each business day beginning November 9, subject to board approval. The company priced a $630 million offering of SATS preferred shares, with proceeds potentially funding additional Bitcoin purchases.
The latest acquisition marks Strive’s second major Bitcoin purchase in as many weeks. The company acquired 3,311 BTC the previous week, representing an 11.2% increase in holdings and a 9.4% effective increase in common share count during that period.
MARA Holdings Reduces Exposure
While Strive expands its Bitcoin treasury, MARA Holdings, another publicly traded corporate BTC holder, was reported to be selling some of its cryptocurrency reserves. Arkham, a blockchain analytics firm, tracked wallets linked to the miner depositing approximately $82 million worth of crypto into Binance and Gate in recent days.
Equity Financing Strategy
Strive’s approach to treasury accumulation relies on equity financing rather than debt. The warrant exercises and preferred stock offering represent the company’s primary mechanisms for raising capital to purchase additional Bitcoin. The warrant exercises resulted in minimal dilution to existing shareholders relative to the Bitcoin acquired, as the 12.4% share count increase aligned closely with the 12.3% increase in holdings.
The $630 million SATS offering provides Strive with additional dry powder for further acquisitions, though the company has not disclosed whether those proceeds have been deployed or remain available for future purchases.
