Strive surged its Bitcoin treasury this week, buying another 4,045 BTC between Oct. 12–16, according to a regulatory filing published Monday. The company paid an average of about $82,803 per coin — roughly $335 million — bringing its total holdings to 36,818 BTC, up from 32,773 the prior week. At current prices that stash is worth just over $3 billion.
How the purchase was funded
- The cash came largely from a round of warrant exercises: on Oct. 12–13, investors exercised 273,493,909 warrants to purchase 13,674,703 new Class A shares, raising about $369.2 million. Remaining warrants expired unexercised on Oct. 13, and the filing says no traditional warrants remain.
- That share issuance increased Class A shares outstanding from 101.2 million to 114.8 million in one week — a roughly 13.5% rise that dilutes existing holders unless the new capital earns back the value.
- Strive finished the week with $317.5 million in cash, up $7.2 million.
Corporate background and acquisition trail
- 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 during a move to merge with Asset Entities.
- In September it announced an all-stock deal to buy Semler Scientific — a medical-device company that held roughly 5,000 BTC — in a transaction valued at about $1.3 billion. After Semler shareholders approved the deal in January, the combined company held about 12,800 BTC. Since then Strive’s holdings have climbed to almost three times that amount.
- Strive’s previous BTC buy was one week earlier: 3,311 BTC (about $280 million) at roughly $84,500 per coin. Of this week’s 4,045-coin purchase, the last 1,223 BTC (acquired Oct. 14–16) averaged about $81,734.
Other corporate moves and market context
- The filing shows Strive repurchased $193.1 million of its own STRC preferred stock and holds 505,000 shares of that security. It also increased its preferred-stock buyback program from $2 billion to $3 billion.
- Asset-index provider MSCI finalized a rule on Oct. 15 targeting “non-operating companies.” Firms that fail a test for substantial operating assets, and a follow-up financial screen, will be dropped from MSCI indexes as of the close of Nov. 30. Michael Saylor had criticized the proposal as discriminatory; MSCI will publish the final list of affected companies on Nov. 11.
What else corporate treasuries are doing
- Strategy, described in filings as the largest corporate Bitcoin holder, also bought last week — 267 BTC for about $22.1 million at roughly $82,900 per coin — and spent on preferred-stock buybacks.
- In the broader digital-asset treasury space, Tom Lee’s Bitmine bought 12,535 ETH (about $30 million), bringing its holdings to 6,041,481 ETH — roughly 4.9% of Ethereum’s ~122.1 million-token supply. Lee said the firm will stop buying once it reaches 5%, citing a recent risk-off shift, concerns about AI funding, geopolitical tensions, midterm-election uncertainty, and rising bond yields.
Strive’s new preferred stock offering
- On Oct. 15 Strive priced an upsized offering of 7 million shares of a new 15% Series A perpetual preferred stock called SATS at $90 per share, expected to raise about $630 million gross.
- The preferred carries a stated dividend of 15% on the $100 par amount ($15/year), which is about a 16.7% yield for purchasers paying $90. Dividends are cumulative (accruing if unpaid). Strive will place $22.50 per share into a reserve to cover the first 18 months of dividends; the offering is set to settle Oct. 20 and regular dividend payments begin Nov. 9.
Bottom line
Strive is continuing an aggressive strategy of financing BTC purchases via equity capital markets and preferred-stock instruments, rapidly expanding its treasury while increasing the company’s share count. That dynamic — more corporate buyers but also more dilution — will be a focus for investors and index providers as the regulatory and market landscape evolves.
How the purchase was funded
- The cash came largely from a round of warrant exercises: on Oct. 12–13, investors exercised 273,493,909 warrants to purchase 13,674,703 new Class A shares, raising about $369.2 million. Remaining warrants expired unexercised on Oct. 13, and the filing says no traditional warrants remain.
- That share issuance increased Class A shares outstanding from 101.2 million to 114.8 million in one week — a roughly 13.5% rise that dilutes existing holders unless the new capital earns back the value.
- Strive finished the week with $317.5 million in cash, up $7.2 million.
Corporate background and acquisition trail
- 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 during a move to merge with Asset Entities.
- In September it announced an all-stock deal to buy Semler Scientific — a medical-device company that held roughly 5,000 BTC — in a transaction valued at about $1.3 billion. After Semler shareholders approved the deal in January, the combined company held about 12,800 BTC. Since then Strive’s holdings have climbed to almost three times that amount.
- Strive’s previous BTC buy was one week earlier: 3,311 BTC (about $280 million) at roughly $84,500 per coin. Of this week’s 4,045-coin purchase, the last 1,223 BTC (acquired Oct. 14–16) averaged about $81,734.
Other corporate moves and market context
- The filing shows Strive repurchased $193.1 million of its own STRC preferred stock and holds 505,000 shares of that security. It also increased its preferred-stock buyback program from $2 billion to $3 billion.
- Asset-index provider MSCI finalized a rule on Oct. 15 targeting “non-operating companies.” Firms that fail a test for substantial operating assets, and a follow-up financial screen, will be dropped from MSCI indexes as of the close of Nov. 30. Michael Saylor had criticized the proposal as discriminatory; MSCI will publish the final list of affected companies on Nov. 11.
What else corporate treasuries are doing
- Strategy, described in filings as the largest corporate Bitcoin holder, also bought last week — 267 BTC for about $22.1 million at roughly $82,900 per coin — and spent on preferred-stock buybacks.
- In the broader digital-asset treasury space, Tom Lee’s Bitmine bought 12,535 ETH (about $30 million), bringing its holdings to 6,041,481 ETH — roughly 4.9% of Ethereum’s ~122.1 million-token supply. Lee said the firm will stop buying once it reaches 5%, citing a recent risk-off shift, concerns about AI funding, geopolitical tensions, midterm-election uncertainty, and rising bond yields.
Strive’s new preferred stock offering
- On Oct. 15 Strive priced an upsized offering of 7 million shares of a new 15% Series A perpetual preferred stock called SATS at $90 per share, expected to raise about $630 million gross.
- The preferred carries a stated dividend of 15% on the $100 par amount ($15/year), which is about a 16.7% yield for purchasers paying $90. Dividends are cumulative (accruing if unpaid). Strive will place $22.50 per share into a reserve to cover the first 18 months of dividends; the offering is set to settle Oct. 20 and regular dividend payments begin Nov. 9.
Bottom line
Strive is continuing an aggressive strategy of financing BTC purchases via equity capital markets and preferred-stock instruments, rapidly expanding its treasury while increasing the company’s share count. That dynamic — more corporate buyers but also more dilution — will be a focus for investors and index providers as the regulatory and market landscape evolves.