Strive, Inc. (NASDAQ: ASST) disclosed on October 14, 2026, that it acquired an additional 2,822 Bitcoin between October 12 and October 13, bringing its total holdings to 35,595 BTC.
The purchase occurred at an average price of approximately $83,266 per Bitcoin, inclusive of fees and expenses, according to the company’s Form 8-K filed with the U.S. Securities and Exchange Commission (SEC). Chairman and CEO Matt Cole also posted the update on X, noting the acquisition for $235 million and highlighting related capital activity.
The disclosure coincided with significant warrant exercises that generated expected gross proceeds of $369.2 million. Over the same two-day period, holders exercised 273,493,909 traditional warrants to purchase 13,674,703 shares of Class A common stock.
As of the close of business on October 13, no traditional warrants issued in connection with the company’s prior PIPE transaction remained outstanding. Cole stated that 13.7 million of 15.3 million remaining warrants had been exercised, representing 94% of traditional warrants in aggregate, and referenced a 47% amplification ratio.
Details of the Latest Acquisition and Capital Raise
The October 14 filing confirms the two-day Bitcoin purchase without providing a precise total dollar amount beyond the average price and quantity, though the company has consistently reported such figures in prior regulatory updates.
This latest addition follows a series of disclosed purchases earlier in October and September, as covered in reporting on the company’s 3,311 Bitcoin acquisition the previous week that lifted holdings to 32,773 BTC, and an earlier 2,000 Bitcoin purchase that brought the total to 29,462 BTC.
The warrant exercises represent a substantial capital inflow tied to instruments issued in connection with a previous PIPE transaction. With those traditional warrants now fully exercised, the capital structure simplifies on that front. Proceeds from such exercises have previously supported bitcoin acquisitions alongside sales of the company’s Variable Rate Series A Perpetual Preferred Stock (SATA).
Cole has previously discussed metrics including bitcoin per share and amplification ratios in company updates, framing them as measures of how capital raised translates into additional Bitcoin exposure for common shareholders.
Separately, on October 13, Strive announced a proposed initial public offering of 5 million shares of its 15.00% Series A Perpetual SATS Preferred Stock with a stated amount of $100 per share.
The company intends to use net proceeds for general corporate purposes, including the acquisition of bitcoin and bitcoin-related products, working capital, purchases of income-generating assets, capital expenditures, and/or repurchases of Class A common stock or SATA.
The SATS stock would rank junior to the existing SATA preferred and senior to common stock, with cumulative dividends payable on each business day. At closing, the company plans to establish a dividend reserve covering the first 18 months of payments.
Shares Decline Amid Capital Market Activity
On October 14, ASST common shares closed at $24.68, down 10.5% from the prior close of $27.59, on volume of approximately 18.2 million shares. The decline occurred on the same day as the Bitcoin purchase and warrant exercise disclosures. Bitcoin itself traded lower during the period, with daily closes around the low-to-mid $81,000 range on October 14 after opening higher, according to market data from CoinGecko.
The exercise of millions of warrants increases the number of Class A common shares outstanding, an effect that can pressure the per-share price in the short term even when the capital raised is deployed into bitcoin. Prior weekly updates from the company have shown cases in which Bitcoin holdings growth outpaced the increase in effective common shares, as well as periods of more pronounced dilution. High short interest in ASST has also been reported in market data around this time.
The proposed SATS offering adds another layer of preferred equity that would sit above the common stock in the capital structure. While the company has stated objectives around maintaining or increasing an amplification ratio—defined in company materials as preferred equity plus debt divided by the value of bitcoin held—when Bitcoin trades below $100,000, the timing of the announcement alongside large warrant exercises and a soft bitcoin price coincided with the common share decline.
Context of Ongoing Treasury Expansion
Strive has pursued a Bitcoin treasury strategy since completing its merger with Semler Scientific earlier in the year, which added a significant quantity of bitcoin to the balance sheet at the time.
Subsequent purchases have been funded primarily through preferred stock sales, warrant exercises, and other capital markets activity rather than traditional debt. CEO Matt Cole has publicly stated a goal of ending 2026 as the world’s second-largest public bitcoin holder, though company materials have described that outcome as uncertain.
The company maintains a treasury dashboard and has regularly disclosed holdings, cash positions, and key performance indicators in SEC filings. As of the latest update, holdings of 35,595 BTC place Strive among the larger public corporate bitcoin treasuries, just ahead of MARA Holdings based on figures reported around the same period. Michael Saylor replied to Cole’s October 14 X post with the phrase “Strive for Bitcoin.”
Earlier in September, Cole highlighted holdings of 23,156 BTC valued at approximately $1.85 billion at the time, as noted in coverage of the company’s treasury dashboard update. The pace of accumulation has accelerated in recent months through a combination of preferred equity and warrant-related capital.
The October 14 disclosures illustrate the mechanics of a Bitcoin treasury company raising capital via equity-linked instruments and deploying it into the underlying asset. While the absolute increase in Bitcoin holdings is material, the concurrent rise in shares outstanding and the introduction of additional preferred securities are factors that investors evaluate when assessing per-share exposure.
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