Strive Buys $335M Bitcoin Amid $369M Investor Influx

Strive, a Nasdaq-listed company that holds Bitcoin as a treasury asset, acquired 4,045 BTC between October 12 and 16, according to a regulatory filing released Monday. The average purchase price was approximately $82,803 per coin, valuing the acquisition at about $335 million. This transaction increases Strive’s total holdings to 36,818 BTC, up from 32,773 a week prior. At current prices, this represents a Bitcoin reserve exceeding $3 billion.

Corporate Bitcoin Acquisition Strategy

The influx of capital for these Bitcoin purchases originates from a common strategy employed by public companies: selling shares to investors and then allocating the proceeds to Bitcoin. This approach offers investors exposure to Bitcoin’s price movements through traditional brokerage accounts.

This week’s funding was generated through warrants, which are contracts allowing holders to purchase new shares at a predetermined price. On October 12 and 13, investors exercised 273,493,909 warrants, acquiring 13,674,703 new Class A shares and raising approximately $369.2 million. The remaining warrants expired unexercised on October 13, with no traditional warrants left outstanding, according to the filing.

The number of outstanding Class A shares increased from 101.2 million to 114.8 million within a week, a rise of about 13.5%. This dilution reduces the ownership stake for existing shareholders unless the new capital generates commensurate returns. Strive concluded the week with $317.5 million in cash, a net increase of $7.2 million.

Strive’s Evolution and Bitcoin Integration

Strive was established in 2022 as an anti-ESG asset manager, co-founded by former presidential candidate Vivek Ramaswamy. The company integrated Bitcoin as a treasury reserve in May 2025, coinciding with its planned merger with Asset Entities, a publicly traded company. Subsequently, in September of the same year, Strive agreed to acquire Semler Scientific, a medical device manufacturer holding approximately 5,000 BTC, in an all-stock transaction valued at around $1.3 billion.

Following the approval of the deal by Semler shareholders in January, the combined entity held roughly 12,800 BTC, meaning its holdings have nearly tripled since then. Strive’s previous Bitcoin purchase involved 3,311 BTC, valued at approximately $280 million, at an average price of $84,500 per coin, occurring the week before the latest acquisition. The final 1,223 coins in this week’s purchase, acquired between October 14 and 16, were bought at an average price of about $81,734.

Broader Market Activity and Index Provider Changes

MicroStrategy, the largest corporate holder of Bitcoin, also made a purchase last week, acquiring 267 BTC for approximately $22.1 million at an average price of $82,900 each, bringing its total holdings to 848,517 BTC. The company also allocated $193.1 million to repurchase its own STRC preferred stock, of which Strive holds 505,000 shares. Furthermore, MicroStrategy expanded its preferred stock buyback program from $2 billion to $3 billion.

Separately, MSCI, the index provider whose benchmarks are widely used by investment funds, finalized a rule on October 15 targeting “non-operating companies.” Companies failing to meet criteria for substantial operating assets and a subsequent financial test will be removed from MSCI indexes effective November 30. Michael Saylor, CEO of MicroStrategy, had previously characterized the proposal as discriminatory in a September letter. MSCI is scheduled to publish the definitive list of affected companies on November 11.

Other Digital Asset Treasury Movements

In the broader digital asset treasury landscape, Tom Lee’s Bitmine added 12,535 ETH, valued at approximately $30 million, bringing its total Ethereum holdings to 6,041,481 ETH, representing 4.9% of Ethereum’s estimated 122.1 million tokens. Lee has indicated that purchases will cease once the firm reaches a 5% threshold, citing a general risk-off sentiment among investors, concerns over AI funding, geopolitical tensions involving the U.S. and Iran, anxieties surrounding midterm elections, and rising bond yields.

Meanwhile, Strive priced an upsized offering on October 15 of 7 million shares of a new 15% Series A Perpetual preferred stock, designated SATS, at $90 per share. This offering is expected to generate gross proceeds of approximately $630 million.

Preferred stock typically pays a fixed dividend when declared by the board, akin to bond interest but without a guarantee. The term “perpetual” signifies that the stock has no maturity date. The dividend for this offering is set at 15% of the $100 stated value, equating to $15 annually, which represents an approximate 16.7% yield for investors purchasing at $90.

These dividends are cumulative, meaning any unpaid amounts will accrue. Strive intends to allocate $22.50 per share to a reserve for the first 18 months of dividend payments. The offering is slated to settle on October 20, with regular dividend payments commencing on November 9.