Recent Bitcoin Acquisitions

Strive, the Nasdaq-listed company trading under the ticker ASST, continued its accumulation of Bitcoin through two separate purchase windows in early and mid-October. Between October 5 and 9 the firm acquired 3,311 BTC at an average price of approximately $84,500 per coin, including fees and expenses. That transaction, valued near $280 million, lifted its reported treasury from 29,462 BTC on October 2 to 32,773 BTC as of October 9.

A second round of buying followed on October 12 and 13. Strive purchased an additional 2,822 BTC at an average cost of about $83,266 per coin, inclusive of fees and expenses, for a total outlay near $235 million. The combined additions brought the company’s Bitcoin holdings to 35,595 BTC. Strive reported a total cost basis of $3.17 billion against a fair value of roughly $2.9 billion for its treasury at the time of the later disclosure.

The October purchases marked Strive’s largest market-driven increase in Bitcoin holdings since its January acquisition of Semler Scientific, which transferred approximately 5,048 BTC onto the balance sheet through a corporate combination rather than open-market buying. As of October 9 the company also held $310.3 million in cash and cash equivalents, an increase of $25.6 million from the figure reported on October 2.

PIPE Warrant Exercises Generate $369.2 Million

During the same October 12-13 period, holders exercised all remaining traditional PIPE warrants. A total of 273,493,909 warrants converted into 13,674,703 shares of Class A common stock at a ratio of 20 warrants per share. The exercises were expected to produce $369.2 million in gross proceeds and left Strive with zero traditional PIPE warrants outstanding as of the close of business on October 13.

The simultaneous timing of the Bitcoin purchases and the full exercise of the warrants illustrates the close link between capital inflows and treasury expansion at the company. The 8-K filing that disclosed both events did not explicitly allocate the warrant proceeds to the Bitcoin buys.

Upsized SATS Preferred Stock Offering

Strive has moved forward with a new preferred equity raise designed to support further Bitcoin accumulation and other corporate needs. The company initially proposed an offering of 5 million shares of its 15 percent Series A Perpetual SATS Preferred Stock at a stated value of $100 per share, targeting $500 million in stated value before fees.

The offering was later upsized. Strive priced 7 million shares of the SATS preferred stock at $90 per share, for expected gross proceeds of approximately $630 million before underwriting discounts, commissions and other expenses. The notional size of the deal has been described as $700 million. Closing is anticipated on or about October 20 under customary terms. Barclays and Cantor are acting as joint book-running managers, with Clear Street serving as lead manager.

SATS carries a fixed cumulative annual dividend rate of 15 percent on its $100 stated amount, equal to $15 per share each year. Dividends are scheduled to accrue and be paid on each business day beginning November 9, 2026, subject to board declaration and legal availability of funds. Strive intends to establish a dividend reserve covering the first 18 months of payments at $22.50 per share, funded from existing cash and securities.

In the capital structure, SATS ranks junior to the company’s existing SATA preferred stock, which carries a variable dividend rate previously reported near 13 percent. Proceeds from the SATS offering may be used for general corporate purposes, including additional Bitcoin and Bitcoin-related purchases, working capital, income-generating assets, capital expenditures, share or preferred-stock repurchases, and complementary acquisitions.

The combination of open-market Bitcoin purchases, the clearance of remaining PIPE warrants, and the enlarged preferred-stock financing positions Strive among the larger public corporate Bitcoin holders while expanding its available capital base for future treasury activity.