Strive bought more Bitcoin last week. It also finished clearing out an old overhang on its stock.
The Bitcoin treasury company disclosed that it purchased 1,223 BTC between October 14 and 16 at an average price of approximately $81,734 per coin, adding to a 2,822 BTC purchase from earlier in the month. Together, the two purchases brought Strive’s total holdings to 36,818 BTC.
In a filing with the US Securities and Exchange Commission (SEC) dated October 19, Strive said the combined 4,045 BTC was acquired between October 12 and October 16 at a blended average price of approximately $82,803 per coin, including fees and expenses.
The Confirmed Purchase
According to the 8-K, Strive’s cash and cash equivalents rose from $310.3 million to $317.5 million over the week, while the fair value of its stake in Strategy’s STRC preferred stock dipped slightly to $49.3 million from $50.3 million, on an unchanged 505,000 shares held.
Class A common shares outstanding rose by roughly 13.7 million to 114,847,610, largely reflecting warrant exercises completed during the period. Strive’s filing did not break down how much of the 4,045 BTC purchase was funded through warrant proceeds, STRC sales, cash on hand, or other capital sources.
The Race for No. 2
Strive’s buying has a specific target attached to it. CEO Matt Cole has said the company could finish 2026 as the second-largest public Bitcoin holder, behind only Strategy’s 848,250 BTC. To get there, Strive would need to pass MARA, Metaplanet, and Twenty One Capital—the latter holding 43,514 BTC as of early October, a gap of roughly 6,700 BTC from Strive’s current 36,818.
Cole has described a scenario of averaging roughly 1,000 BTC in purchases per week over several months, calling it “in the possible set of cards” rather than his base case. The pace so far has been uneven: Strive bought 3,311 BTC the week before this disclosure period, more than 13 times Strategy’s 250 BTC purchase in the same week, before adding the latest 4,045 BTC across the two weeks covered by this filing.
One Funding Channel Closes, Another Opens
The purchase lands just as Strive cleared out a major piece of its capital structure. As of October 16, all of the company’s outstanding Traditional Warrants—assumed in its September 2025 merger with Asset Entities—had either been exercised or expired. Most were exercised: 273,493,909 warrants converted into 13,674,703 shares of Class A common stock between October 12 and 13, generating approximately $369.2 million in gross proceeds. The remainder lapsed unexercised on October 13. No Traditional Warrants remain outstanding.
With that funding source now closed, Strive opened another: on October 15, the company priced an underwritten offering of 7 million shares of a new 15% Series A Perpetual SATS Preferred Stock, a $700 million aggregate stated amount, at $90.00 per share.
The offering is expected to generate roughly $630 million before underwriting discounts, commissions, and expenses and is scheduled to settle October 20. As of the filing, no SATS shares were outstanding and no proceeds had been received—meaning none of the week’s Bitcoin purchases were funded by this offering, and the real test of Strive’s buying pace comes once that capital actually lands.
Matt Cole, Strive’s CEO, confirmed the purchase and the warrant situation directly on X, writing that the company plans to maintain its current 18-month dividend reserve alongside the new capital coming in from the SATS offering. The reserve is separate from the STRC stake and cash balances disclosed in the 8-K and gives a sense of how much of Strive’s balance sheet is set aside to cover preferred-stock dividend obligations rather than future Bitcoin purchases.
The same pattern — a Bitcoin purchase paired with a preferred-share repurchase — showed up elsewhere in the sector the same week. Strategy disclosed it had added 267 Bitcoin and repurchased $193 million of its own STRC shares, underscoring how widely the buy-and-buyback approach to managing preferred-stock obligations has spread across Bitcoin treasury companies.
Also Read: Metaplanet’s 2,100 BTC Superplanet Deal Nears Nasdaq Rebrand
