Strive Adds 29 Bitcoin for $2.2M as Weekly Buys Slow

A Monday 8-K filing shows Strive spent about $2.2 million buying 29 bitcoin between October 31 and November 6. The filing puts the average purchase cost at $75,721 per coin, including fees and expenses. Strive's holdings reached 43,153 BTC, compared with 43,124 BTC on October 30. Chairman and CEO Matthew Cole repeated the purchase figures on X, and Strive's corporate account republished Cole's announcement minutes later.

Strive substantially reduced weekly purchases from October 24 through October 30, when Strive acquired 124 bitcoin at about $80,526 each. Strive purchased 15,124 bitcoin between October 1 and October 30, taking the Dallas company's holdings beyond 40,000 coins. Strive held 28,000 bitcoin on September 30. Earlier purchases this fall included 6,182 bitcoin financed through preferred stock proceeds. The purchases kept Strive among the largest publicly traded corporate bitcoin holders behind Strategy.

Strive's third-quarter results, released Friday, reported a year-to-date bitcoin yield of 63.2% through September 30. Strive defines bitcoin yield as the percentage change in bitcoin per share. Strive reported an 18.5% bitcoin yield for the third quarter.

Strive's cash and cash equivalents declined by $2.8 million to $487.6 million as of November 6, from $490.4 million a week earlier. The decline roughly covered the approximately $2.2 million bitcoin purchase plus fees. The 8-K did not separately identify how Strive financed the latest purchase.

Outstanding shares of Strive's 15% Series A perpetual preferred stock, SATS, increased by 33,141 to 7,036,559. The count includes shares sold through 4:00 p.m. Eastern that settle on the following business day. Outstanding SATA preferred shares remained at 14,030,176. Effective common shares outstanding stayed at 127,331,109 because a 15,382-share increase in Class A shares matched a decline in Class B shares.

Strive continued to hold 505,000 shares of Strategy's variable-rate STRC preferred stock. The STRC holding's fair value increased to $50.4 million as of November 6, from $50.1 million a week earlier. Strive completed a registered offering of 7 million SATS shares on October 20, generating about $609 million in net proceeds. Strive subsequently arranged a $1 billion SATS at-the-market program. Preferred stock financing has supported Strive's larger bitcoin purchases, and the at-the-market program leaves capacity for further purchases if buyers participate.

Bitcoin Magazine Pro data showed bitcoin trading near $74,650 at the time of writing. At that price, Strive's 43,153 bitcoin had a market value of roughly $3.22 billion. Bitcoin's price was about 1.4% below Strive's average purchase price of $75,721 for the latest week. Strive did not provide a companywide bitcoin cost basis in Monday's filing, unlike Strategy's weekly disclosures.

Strategy disclosed a purchase of 1,036 bitcoin for $81.9 million on the same Monday. Strategy paid an average of $79,012 per bitcoin. Strategy's holdings increased to 850,364 BTC, acquired for $64.16 billion at an average cost of $75,456 per coin. Strategy remains substantially larger than every other publicly traded corporate bitcoin holder. Strive has advanced in the holdings rankings through preferred stock issuance while claiming faster growth in bitcoin per share.

ASST finished Friday at $21.45, compared with Thursday's closing price of $20.59. ASST remained substantially below the October 21 local high near $30.75. ASST's 52-week trading range was $7.02 to $34.40. Whether Strive's slower weekly purchases represent a temporary pause after October or a new pace as the preferred at-the-market program becomes the main financing source remains an open question.