Strive added 2,822 Bitcoin worth about $235 million after holders exercised the company’s remaining traditional warrants, lifting its treasury to 35,595 BTC and narrowly moving it ahead of Bitcoin miner MARA in disclosed corporate holdings.
The purchases were made between Oct. 12 and Oct. 13 at an average cost of roughly $83,266 per Bitcoin, including fees and expenses, according to Strive’s Form 8-K filing with the U.S. Securities and Exchange Commission. The filing said aggregate participation in the company’s warrant program reached 94%.
With 35,595 BTC, Strive now exceeds MARA’s reported 35,577 BTC by 18 Bitcoin, based on rankings maintained by Bitcoin Treasuries. The narrow margin illustrates how closely clustered several of the largest publicly disclosed corporate Bitcoin treasuries have become below the market’s leading holder.
Warrant proceeds funded the latest purchase
Traditional warrants give holders the right to buy a company’s shares at a preset price before a specified deadline. When those rights are exercised, the company receives cash and issues new shares, creating a source of financing without taking on conventional debt.
Strive said the warrant exercises covered 13,674,703 shares of Class A common stock and are expected to generate about $369.2 million in gross proceeds. The $235 million Bitcoin purchase used a substantial share of that newly raised capital, while leaving the company with additional proceeds that could support its balance sheet, future acquisitions, or operating needs.
The timing offers a clear example of Strive’s treasury model: raise equity-linked capital and rapidly convert part of it into Bitcoin. That approach can increase Bitcoin held per company over time if the financing terms and purchase price are favorable, but it also increases the company’s exposure to Bitcoin price movements and shareholder dilution.
At the reported acquisition price, the newly purchased 2,822 BTC represented about 7.9% of Strive’s total Bitcoin position. The company’s full reserve would have carried a value near $3 billion at approximately $83,266 per Bitcoin, though that figure changes with the underlying asset’s market price.
Strive enters a tightly packed treasury tier
Bitcoin Treasuries places Strategy far ahead of other disclosed corporate holders, with 848,250 BTC. Metaplanet ranks second with 44,000 BTC, followed by Tether-backed Twenty One with 43,514 BTC, according to the platform’s data.
Strive’s latest purchase places it behind that top three but ahead of MARA, a company whose Bitcoin balance has historically been shaped by mining output as well as market purchases. Strive, by contrast, is using capital-markets transactions to build its reserve directly.
The distinction affects how each company can add Bitcoin. Miners generally accumulate coins through block rewards and may sell part of their production to cover electricity, equipment, and other operating costs. A treasury company relying on equity, warrants, or preferred stock can purchase Bitcoin more quickly when it has access to capital, though its pace depends on shareholder demand and financing conditions.
Strive’s 94% warrant participation rate indicates that most holders elected to exercise their remaining rights. The company has not presented the transaction as a fixed commitment to buy a particular amount of Bitcoin from every dollar raised, leaving it discretion over the remaining funds.
Preferred stock plan could provide another financing channel
In a separate move, Strive proposed an initial public offering of 5 million shares of 15% Series A Perpetual SATS preferred stock, each with a stated amount of $100. The proposed offering remains subject to market and other conditions, the company said.
Preferred stock typically sits between common equity and debt in a company’s capital structure. It can offer holders a stated dividend or distribution preference, while generally avoiding the mandatory repayment date attached to many bonds. The “perpetual” designation means the security does not have a set maturity date.
If completed at the stated amount, the proposed sale would represent $500 million before underwriting discounts, commissions, and offering expenses. Strive said it may use proceeds for Bitcoin and Bitcoin-related purchases, income-generating assets, working capital, and other corporate purposes.
A 15% stated rate would make the proposed preferred shares an expensive form of capital compared with low-cost debt available to large conventional companies. For Strive, the structure would create a recurring financing obligation that must be weighed against returns from its Bitcoin holdings and any income-producing assets purchased with the proceeds.
The offering also suggests Strive is seeking to build several funding routes rather than depending solely on common-share issuance or warrant exercises. That can give a Bitcoin treasury company more flexibility during periods when one source of capital becomes less attractive, while making its capital structure more complex for shareholders to assess.
Strive’s move past MARA therefore reflects more than a single $235 million purchase. It shows how warrant proceeds and proposed preferred-stock financing are being used to compete for a higher position among public companies holding Bitcoin on their balance sheets.
Want to track institutional Bitcoin moves like Strive’s? Dive into our outlook in BTC’s road to $100K next.
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