Strive Adds $10M in Bitcoin Following Massive $511M Buying Spree

Strive said it bought $10 million in bitcoin last week, increasing its holdings to 43,124 BTC as its investment chief stressed restraint. The purchase marked the first use of its SATS preferred stock sales program, while existing cash supplied most funding.

Bitcoin Holdings Reach 43,124 BTC After Smaller Purchase

Strive Inc. (Nasdaq: ASST) expanded its bitcoin treasury with a $10 million purchase, Chairman and CEO Matt Cole shared on X on Nov. 2. The transaction increased company holdings by approximately 0.29% from the preceding balance of 43,000 BTC. Existing cash funded most purchases, according to Cole’s update.

Cole stated:

“Strive acquired 124 BTC for $10M at an average cost of $80,526 per bitcoin, bringing total holdings to ₿43,124.”

The update also marked the company’s first use of its at-the-market (ATM) program for SATS, Strive’s preferred stock with a fixed dividend rate. SATS sales represented all proceeds raised through the company’s ATM programs that week.

Previously, a 6,182 BTC purchase disclosed Oct. 26 cost approximately $511.4 million and lifted holdings to 43,000 BTC. That acquisition carried an average price of $82,732 per bitcoin. The new purchase involved fewer coins at a lower average acquisition price than the preceding transaction.

Werkman Balances Continued Buying With Restraint

Commenting on the acquisition, Ben Werkman, Strive’s chief investment officer, emphasized balancing aggressive action with restraint on X. “There are times to be aggressive, and times to show restraint,” he wrote. “But we will always Strive to keep moving forward.”

Addressing the bitcoin treasury update’s implications for shareholders, Werkman noted the company’s long-term approach, adding:

“This is a marathon, and we will continue to do what we believe is best for delivering long-term, sustainable value for our shareholders.”

Preferred Financing Adds Capital and Payment Obligations

ATM programs allow companies to sell newly issued shares into the market over time. Cole’s update listed an Amplification Ratio of 62.7%. The measure divides debt plus the stated amount of preferred stock outstanding by the market value of bitcoin holdings.

During October, Strive combined different capital sources to expand its reserves. A $280 million bitcoin acquisition disclosed Oct. 13 was funded largely through warrant exercises, alongside preferred stock financing. Exercising warrants allowed holders to pay a preset price to acquire company shares; purchases made Oct. 5-9 brought bitcoin holdings to 32,773 BTC.

An Oct. 13 regulatory filing showed effective common shares outstanding, comprising Class A and Class B common shares, increased from approximately 100.94 million to 110.39 million during that period. The filing identified dilution from common or SATA share issuance among the risks facing investors. SATA is Strive’s preferred stock with a variable dividend rate.

Preferred stock financing carries continuing dividend obligations alongside its capacity to fund bitcoin purchases. The SATS initial offering closed Oct. 20, raising $630 million in gross proceeds from 7 million shares priced at $90 each. Strive’s SATA funding model tied issuance activity to the security’s trading price, linking new capital to demand for those shares. The company formalized a restriction on issuing SATA below $100 per share in October.

Strive is currently the fourth-largest publicly traded bitcoin treasury holder, per data from Bitcoin Treasuries, and isn’t far from surpassing Twenty One Capital (43,514 BTC) and Metaplanet (44,000 BTC) to take the second-place spot. Even if it accomplishes the task, Strive will remain well behind Strategy, which holds 849,327 BTC—more than $65 billion worth, as of this writing. Strategy added another 811 bitcoin over the last week, it announced Monday.