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1. Strive's Bitcoin Treasury Strategy: Latest Purchase and Holdings
Strive (Nasdaq: ASST), the Dallas-based bitcoin treasury company, disclosed on Monday, October 19, that it now holds 36,818 bitcoin (BTC) after buying another 1,223 BTC between October 14 and October 16. The filing put the average price at about $81,734 per coin, including fees and expenses, and capped a 4,045 BTC week ahead of the Tuesday settlement of its new 15% preferred stock, known as SATS.
The purchase was reported in a Form 8-K filed with the US Securities and Exchange Commission. An 8-K is the document public companies use to announce material events between quarterly reports, and bitcoin treasury firms have made it the standard vehicle for revealing each new batch of coins they acquire. Strive's disclosure puts a precise date range, quantity and average cost on the latest tranche, which lets investors track how the company's per-coin cost basis is evolving.
Strive is one of a group of listed companies that hold bitcoin on their balance sheets as a core strategic asset. The model is simple in outline: raise capital through equity or preferred securities, then convert part of the proceeds into bitcoin, so that shareholders gain exposure to the asset through the company's stock. The latest filing shows that approach in motion, with fresh coins arriving in the same week that a large new capital raise heads toward closing.
2. How Did Strive Build Up 4,045 BTC in One Week?
Across the week, Strive added 4,045 BTC at an average price of roughly $82,803 per coin. The purchases came in two stages. The first 2,822 BTC were bought on October 12 and 13 and were announced on October 14. The remaining 1,223 BTC were acquired from October 14 through October 16 and revealed in Monday's filing.
The earlier holdings figure gives a sense of the pace. As of October 9, Strive held 32,773 BTC. Adding the week's 4,045 BTC lifts that to the 36,818 BTC now reported, an increase of roughly 12% in a matter of days. The second tranche was bought at a slightly lower average price, about $81,734, than the first stage and the week as a whole, which implies that the company bought at somewhat lower prices later in the week.
Weekly buying on this scale is notable because it was made in a single stretch rather than spread across many months. For a treasury company, the speed at which it can deploy fresh capital is a central feature of the strategy, and the week's totals show Strive moving quickly once funds were available. The source of that capital is the subject of the next section.
3. Warrants Exercised and Expired
Part of the funding came from the exercise of Strive's remaining warrants. Holders exercised 273,493,909 warrants on October 12 and 13 and received 13,674,703 Class A shares in return. Strive had previously disclosed that the exercises brought in gross proceeds of about $369.2 million.
A warrant is a contract that gives its holder the right to buy a company's shares at a fixed price within a set period. When holders choose to exercise, the company receives cash and issues new shares. Warrants that are not exercised by their deadline simply lapse, and the company receives nothing for them.
That second outcome applied to the last of Strive's traditional warrants. The remaining warrants, which were inherited from the September 2025 merger with Asset Entities, expired unexercised on October 13. With the exercises and the expiry together, Strive says it no longer has any traditional warrants outstanding. The cleanup removes a source of potential future dilution from the company's capital structure.
The share count rose as a result of the exercises. Class A shares outstanding increased to 114,847,610 from 101,169,907. Readers comparing the numbers may notice that the increase is slightly larger than the 13,674,703 shares issued on exercise alone, which suggests either rounding in the reporting or a small issuance not itemized in the summary of the filing.
4. Cash Position and Strategy Preferred Holdings
Alongside its bitcoin, Strive reported that its cash and cash equivalents rose to $317.5 million from $310.3 million over the same period. The modest increase shows that the company kept a sizeable liquidity buffer even while buying thousands of coins during the week.
The company also disclosed a position in another bitcoin treasury company's securities. Strive holds 505,000 shares of Strategy's STRC preferred stock, which were valued at $49.3 million as of October 16. STRC is a preferred security issued by Strategy, the largest corporate holder of bitcoin, and holding it gives Strive an income-oriented instrument tied to the same industry in which it operates.
Taken together, the figures describe a balance sheet with three layers: a growing bitcoin stack, a large pool of cash and a smaller position in a peer's preferred stock. Each plays a different role. Bitcoin offers exposure to the asset's price, cash supports operations and future purchases, and the preferred shares provide a yield-bearing holding.
5. What Is SATS, Strive's New Preferred Stock?
SATS is a perpetual Series A preferred stock that pays a 15% dividend. On October 15, Strive priced 7 million shares of the new security at $90 per share. The offering has a stated amount of $700 million, and the company expects net proceeds of about $630 million before underwriting costs and expenses. Settlement is scheduled for Tuesday, October 20, subject to customary closing conditions.
Preferred stock sits between debt and common equity. Holders typically receive fixed dividends ahead of common shareholders, but they do not usually have voting rights or a claim on upside in the way that common holders do. A perpetual preferred has no maturity date, so the company is not obliged to return the principal on a fixed schedule. For the issuer, that structure provides long-dated capital without a repayment deadline, in exchange for a commitment to keep paying the dividend.
A 15% dividend is a high rate by the standards of traditional preferred stocks, and it shows the price Strive is willing to pay for a large block of capital. As of October 16, no SATS shares were outstanding, since the offering had been priced but had not yet closed. Once settlement occurs on Tuesday, the securities will begin to exist as a class and the dividend obligations will take effect.
6. The 18-Month Dividend Reserve
One of the most closely watched features of the offering is a dividend reserve. In its pricing release, Strive said that at closing it would increase its reserve to cover the first 18 months of SATS dividends. That works out to $22.50 per SATS share, set aside in cash and securities.
The reserve is meant to reassure investors that the first year and a half of dividend payments does not depend on the company selling bitcoin or raising new money. For an instrument paying 15% annually, 18 months of payments equal 22.5% of the $90 price, which matches the $22.50 per share figure.
Monday's 8-K did not mention the reserve, which left a gap between the filing and the earlier pricing release. Strive's chief executive, Matthew Cole, addressed the point the same morning in a post on X, saying the company plans to keep its current 18-month reserve. His statement indicates that the reserve commitment remains in place, even though the specific filing did not repeat it.
7. How Will Strive Use the SATS Proceeds?
The pricing release lists several planned uses for the net proceeds, and bitcoin is among them. Strive named the purchase of bitcoin and bitcoin-related products as one intended use, alongside working capital and general corporate purposes. The wording is permissive rather than binding, so it does not set a fixed amount for coins versus other needs.
Even so, the pattern of the past week points to what could follow. Strive has been buying coins at a rapid clip, and a raise of roughly $630 million in net proceeds would, if directed largely to bitcoin, represent a considerable addition. At prices near the recent averages of about $82,000, the full amount would purchase several thousand coins, though the company has not committed to any such allocation.
The dividend reserve also affects how much of the money is available for purchases. Setting aside cash and securities to cover 18 months of dividends reduces the portion that can go directly into new bitcoin, a trade-off that investors in the preferred will likely weigh against the headline size of the offering.
8. What Happens Next
The immediate milestone is Tuesday, October 20, when the SATS offering is scheduled to settle. Closing will convert the priced 7 million shares into outstanding securities, deliver the net proceeds to Strive and trigger the increase in the dividend reserve described in the pricing release.
After settlement, attention will turn to how quickly the company deploys the funds. Strive's next 8-K filings should show whether new bitcoin purchases follow, at what average price and in what quantity. They will also show whether the reserve is funded as Cole indicated. Observers tracking bitcoin treasury companies will be watching those disclosures to see how a 15% preferred feeds into the company's holdings.
For now, the numbers are clear: 36,818 BTC held, 4,045 BTC added in a single week, no traditional warrants left, $317.5 million in cash and a $700 million preferred offering a day from closing.