Strive, Inc. added 1,223 bitcoin between Oct. 14 and Oct. 16, bringing its reported treasury to 36,818 BTC and placing the company fourth among publicly traded corporate bitcoin holders, according to a Monday filing with the U.S. Securities and Exchange Commission. The purchases cost about $100 million, or roughly $81,734 per bitcoin on average, the company said in its Form 8-K.
The latest acquisition followed Strive’s purchase of 2,822 BTC for $235 million on the previous Monday and Tuesday. Across the two disclosed transactions, the company acquired 4,045 BTC in roughly one week, committing about $335 million to bitcoin purchases.
Bitcoin Treasuries data ranks Strive behind Strategy, which reports holding 848,517 BTC; Metaplanet, with 44,000 BTC; and Twenty One, with 43,514 BTC. Strive moved ahead of MARA Holdings, which the data platform lists with 35,577 BTC.
The rapid expansion shows how quickly a company can move up the corporate bitcoin rankings when it combines equity-linked financing with a stated treasury acquisition program. Strive’s additional 4,045 BTC amounts to more than 12% of its bitcoin position before last week’s buying activity.
Cash balance rose despite the additional bitcoin purchase
Strive reported $317.5 million in cash and cash equivalents as of Oct. 16, compared with $310.3 million one week earlier. The cash increase came even as the company spent approximately $100 million on its latest bitcoin acquisition, reflecting the impact of capital raised through warrant exercises and other financing activity disclosed in the filing.
The company said all of its traditional warrants had either been exercised or expired. Warrant exercises earlier in the week generated approximately $369.2 million in proceeds, while remaining warrants expired on Oct. 13.
Class A shares outstanding rose by approximately 13.7 million during the week, reaching 114.8 million as of Oct. 16. The larger share count gives Strive more equity capital to deploy, while also spreading ownership across a wider number of common shares.
That trade-off is central to the bitcoin-treasury model used by Strive and several other public companies. Raising funds through common stock, preferred shares, warrants, or debt can finance bitcoin purchases without requiring the company to sell operating assets. It can also dilute existing common shareholders if the number of shares rises faster than the company’s assets and earnings capacity.
Strive’s filing provides a clear example of that balance: the company ended the period with more cash, a much larger bitcoin treasury, and more Class A shares outstanding than it had a week earlier.
Preferred offering could provide another large funding source
On Oct. 15, Strive priced an offering of 7 million SATS preferred shares. The company said it expects the offering to raise approximately $630 million before expenses, subject to customary closing conditions. Settlement is scheduled for Oct. 20.
The offering implies proceeds of about $90 per preferred share before expenses. Strive did not state in the supplied disclosure how it would allocate the proceeds after the transaction closes, though the company’s recent buying pattern places bitcoin treasury expansion among the most closely watched potential uses of new capital.
Preferred shares typically sit above common shares in a company’s capital structure for dividend and liquidation claims, though their precise terms can vary widely. For a bitcoin-focused treasury company, issuing preferred stock can provide another source of capital without immediately increasing the number of common shares outstanding. The obligations attached to preferred securities, including any dividends or redemption features, may also add fixed financial commitments that depend on the terms of the offering.
Strive’s filing also showed that its SATA preferred shares outstanding remained unchanged at approximately 14 million. Separately, the company held 505,000 shares of Strategy’s STRC preferred stock, valued at $49.3 million as of Oct. 16.
Corporate bitcoin holdings become more concentrated
Strive’s move into fourth place comes as the largest public corporate holders remain heavily concentrated. Strategy’s 848,517 BTC reported holding is more than 23 times Strive’s 36,818 BTC, based on Bitcoin Treasuries data. That gap illustrates Strategy’s continued dominance of the corporate bitcoin accumulation sector even as smaller treasury companies add coins at a faster percentage rate.
Strategy also disclosed a purchase of 267 BTC for roughly $22 million during the same period, taking its reported total to 848,517 BTC. The addition is small relative to its existing balance but continues the company’s established practice of using capital-market activity to expand its bitcoin holdings.
For Strive, the more immediate question is whether the expected SATS offering proceeds will translate into further bitcoin purchases, larger cash reserves, acquisitions, or a mix of those uses. Its Oct. 16 balance sheet already showed substantial liquidity alongside 36,818 BTC, giving management flexibility after a week in which warrant proceeds, new share issuance, and bitcoin purchases all materially reshaped the company’s capital structure.
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