BTCPERSHARE RESEARCH

Bitcoin treasury filing analysis.

SEC filings and treasury activity analyzed through BTC/share, capital structure and the shareholder-level result.

Filing analysis

FILING ANALYSIS · STRATEGY (MSTR / STRC)Strategy Raised $164 Million Selling MSTR. Only 40% Went to Bitcoin.

Strategy bought 811 BTC and repurchased $208.2 million of STRC. Gross bitcoin backing fell 0.165% per assumed diluted MSTR share.

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Strive taps the SATS ATM. A SATS preferred-stock certificate sits beside a bitcoin. Strive added 124 BTC, raised $0 through the ASST ATM and grew BTC per share by 0.29%.

FILING ANALYSIS · STRIVE (ASST / SATA / SATS)Strive Taps the SATS ATM for the First Time as ASST Falls 23%

Strive bought 124 bitcoin, mostly with existing cash. SATS supplied all weekly ATM proceeds as ASST fell 23.4% and gross bitcoin per share rose 0.29%.

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Strategy’s $205M STRC buyback: Bitcoin purchases pause, no common ATM sales, 2.07M STRC shares retired, 848,517 BTC held and a 12% STRC dividend rate. BTCperShare filing analysis, October 26, 2026.

FILING ANALYSIS · STRATEGY (MSTR / STRC)Strategy Spends $205M on STRC Buybacks as Bitcoin Buying Pauses

Strategy repurchased $204.9M of STRC and paused Bitcoin purchases and common ATM sales. The buyback removes $24.8M in annualized dividends at the current 12% rate.

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Strive adds 6,182 BTC: Bitcoin holdings up 16.79%, effective common shares up 2.63%, and gross BTC per share up 13.80% for October 16–23, 2026. New $1B SATS ATM capacity.

FILING ANALYSIS · STRIVE (ASST / SATA / SATS)Strive’s Bitcoin per Share Jumps 13.8% as SATS Capital Arrives

Strive added 6,182 BTC and grew effective Bitcoin per share 13.8%. SATS capital is on the balance sheet, with a new $1B ATM and larger preferred claims.

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Strive adds 4,045 BTC: 36,818 BTC held, warrants expired, and SATS settlement expected October 20. BTCperShare filing analysis, October 19, 2026.

FILING ANALYSIS · STRIVE (ASST / SATA / SATS)Strive Adds 4,045 BTC as Warrant Dilution Leaves BTC per Share Flat

Strive reaches 36,818 BTC as final warrant dilution leaves effective BTC per share nearly flat. SATS brings $608.15M estimated net proceeds and a larger dividend reserve.

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Strategy’s $3B preferred buyback plan: expanded authorization, 267 BTC added, $193.1M in STRC buybacks, and BTC per share flat. October 19, 2026 BTCperShare filing analysis.

FILING ANALYSIS · STRATEGY (MSTR / STRC)Strategy Expands Preferred Buybacks to $3B as BTC per Share Stays Flat

Strategy added 267 BTC and repurchased $193.1 million of STRC. BTC per share stayed flat as preferred buyback authority rose to $3 billion and USD Cash declined.

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Strive Oct 13 2026 filing analysis: 3,311 BTC added, Bitcoin holdings up 11.24%, effective shares up 9.36%, BTC per share up 1.72%, and warrants expire October 13 at 5 PM ET.

FILING ANALYSIS · STRIVE (ASST / SATA)Strive Adds 3,311 BTC as Warrants Reach Their Final Day

The October 9 snapshot: 3,311 BTC added and effective BTC/share up 1.72%. Includes an October 19 update with the final warrant outcome and current balances.

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Strategy October 12, 2026 filing analysis: 250 Bitcoin purchased, $192.4 million in STRC buybacks, and BTC per share flat, in BTCperShare orange and charcoal.

FILING ANALYSIS · STRATEGY (MSTR / STRC)Strategy Bought 250 BTC While BTC per Share Stayed Flat

Strategy added 250 BTC while BTC per share stayed flat. Its $192.4 million STRC buyback reduces annualized dividends by $23.2 million at the current 12% rate.

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Strive Oct 5 2026 filing analysis: 2,000 BTC added, Bitcoin holdings up 7.28%, effective common shares up 3.37%, and effective BTC per share up 3.79%.

FILING ANALYSIS · STRIVE (ASST / SATA)Strive adds 2,000 BTC and authorizes $500M in SATA buybacks

Strive's October 5 filing shows 3.79% effective BTC per share growth, a smaller warrant balance and a new $500 million SATA repurchase facility.

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Strategy October 5 filing analysis: 334 Bitcoin purchased, holdings up 0.04%, assumed diluted shares up 0.02%, and BTC per share up 0.02%, alongside $176.3 million of STRC buybacks.

FILING ANALYSIS · STRATEGY (MSTR / STRC)Strategy Bought 334 BTC. BTC/Share Rose 0.02% as STRC Buybacks Continued.

Strategy added 334 BTC as ADSO BTC/share rose 0.02%. Its $176.3 million STRC buyback lowers annualized dividends by $21.3 million at the current 12% rate.

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Strategy September 28 filing analysis: 1,665 BTC purchased, Bitcoin holdings up 0.20%, ADSO shares up 0.33%, and BTC per share down 0.13%.

FILING ANALYSIS · STRATEGY (MSTR / STRC)Strategy Bought 1,665 BTC. BTC/Share Fell 0.13% as MSTR Sales Funded STRC Buybacks.

Strategy bought more Bitcoin, but ADSO BTC/share fell 0.13%. Some 42% of MSTR proceeds funded STRC buybacks, reducing annualized dividends by $18.4 million at 12%.

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Strive September 28 filing analysis: 1,107 BTC added, Bitcoin holdings up 4.2%, effective common shares up 0.67%, and BTC per share up 3.5%.

FILING ANALYSIS · STRIVE (ASST / SATA)Strive Added 1,107 BTC. BTC/Share Grew Faster Than Last Week.

Strive bought fewer Bitcoin, yet effective BTC/share growth improved to 3.51%. Warrant exercises slowed, and $684.4 million of potential exercise proceeds remain.

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Strategy September 21 filing analysis: 950 BTC purchased while STRC repurchases continued.

FILING ANALYSIS · STRATEGY (MSTR)Strategy Bought 950 BTC. BTC/Share Rose 0.11% While STRC Buybacks Continued.

Strategy bought 950 BTC with USD Cash, sold no ATM shares, and still spent $174 million repurchasing STRC. ADSO BTC/share increased approximately 0.11%.

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Strive September 21 filing analysis: 1,355 BTC acquired and BTC per share increased 3.2%.

FILING ANALYSIS · STRIVE (ASST)Strive Added 1,355 BTC. BTC/Share Increased 3.2% as Warrants Began Exercising.

Strive added 1,355 BTC while effective common shares rose 2.1%. BTC/share still increased 3.2% as warrant exercises joined SATA in the financing mix.

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Strategy repurchased $139 million of STRC

FILING ANALYSIS · STRATEGY (MSTR)Strategy Spent Another $139 Million Buying Back STRC. BTC/Share Stayed Essentially Flat.

Strategy repurchased 1.42 million STRC shares for $139.3 million while holding 845,050 BTC. The buybacks reduced preferred claims and annualized dividends without directly increasing BTC/share.

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Strive added 469 BTC; Bitcoin per share increased 1.9%.

FILING ANALYSIS · STRIVE (ASST)Strive Added 469 BTC. BTC/Share Increased 1.9%.

Strive reached 25,000 BTC as SATA crossed $1 billion in notional outstanding. Bitcoin grew approximately 1.9%, while effective common shares rose just 0.04%.

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Strategy filing analysis: $176 million of STRC repurchases

FILING ANALYSIS · STRATEGY (MSTR)Strategy Bought No Bitcoin. It Spent $176M Buying Back STRC Instead.

Why Strategy chose to retire STRC rather than add Bitcoin—and what the capital allocation decision means for BTC/share.

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FILING ANALYSIS · STRIVE (ASST)Strive Added 1,375 BTC. BTC/Share Increased 4.1%.

Strive increased its Bitcoin holdings to 24,531 BTC while its effective common share count also increased. Bitcoin grew faster than the denominator.

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