Strive Adds 3,311 BTC as Warrants Reach Their Final Day

Strive bought 3,311 BTC during October 5–9, bringing its treasury to 32,773 BTC, according to its October 13 treasury filing. The average purchase price was approximately $84,500, including fees and expenses, implying about $279.8 million spent.

The purchase was larger than last week’s 2,000 BTC addition, but the gain for each common share was smaller. BTC per effective common share rose 1.72%, compared with 3.79% in the previous update. Common shares grew much faster this time.

BTC per share rose as the share count expanded

Bitcoin holdings increased 11.24%, while effective common shares increased 9.36%, from 100.94 million to 110.39 million. Bitcoin growth exceeded share growth, leaving common holders with more BTC per share after dilution.

On Strive’s assumed fully diluted basis, BTC per share increased 1.99%. That denominator adds options and unvested employee awards to common shares but excludes traditional warrants. Remaining warrants therefore still represent potential dilution beyond the displayed diluted count.

Both measures track gross Bitcoin holdings per share. They do not deduct preferred claims or measure an investor’s stock return. The ASST page tracks both share bases.

The warrants expire today

Strive’s $27 warrants expire today, October 13, at 5 p.m. Eastern, as discussed in our warrant analysis.

Shares underlying traditional warrants fell by 7,993,806 during the reported week, leaving 15,255,900 as of October 9. That is Friday’s balance; the final exercise window remains open until this afternoon.

If that entire remaining balance were exercised for cash at $27, it would bring in approximately $411.9 million and add approximately 15.26 million common shares. That is potential gross cash from the October 9 balance, not proceeds already received or a forecast of today’s outcome.

Exercises bring cash into Strive while expanding the common share count. Expirations remove unexercised warrants without raising cash. The final result therefore needs both figures: shares issued and cash received. A disappearing warrant balance alone will not tell us how much buying power Strive gained.

The weekly filing does not separately break out warrant exercise proceeds or common ATM proceeds, so it cannot establish the exact funding mix behind the Bitcoin purchase.

SATA has a binding minimum issuance price

In a separate filing today, Strive formalized its $100 minimum sale price for future company sales of SATA in the preferred stock’s governing documents.

The restriction applies before underwriting or sales discounts, commissions, fees and expenses. It prevents company sales below $100 under the governing terms, while net proceeds can still be lower after costs. SATA can also trade below $100 in the secondary market; the amendment does not guarantee its market price.

Strive maintained the 13% annual dividend rate for periods beginning November 1 and declared 19 business-day payments of $0.0571 per share, totaling $1.0849 for November. An amended Business Day definition allows for weekend payments if the required banking, trading and settlement infrastructure permits them. Strive expects no near-term change to its payment cadence.

More cash and a larger dividend bill

SATA outstanding increased by 532,094 shares to 14,030,176. At $100 per share, that represents about $1.403 billion of preferred stated amount. At an unchanged 13% rate, the balance implies approximately $182.4 million in annual dividends, up $6.9 million from the prior week.

Cash and cash equivalents also increased by $25.6 million to $310.3 million, alongside $50.3 million in STRC holdings. Strive finished the week with more Bitcoin and more cash, while adding to its recurring preferred dividend obligation.

After today’s deadline, the next useful comparison will be how much warrant cash arrives, how many common shares are issued, and how Strive deploys that capital. Additional BTC purchases must outpace the accompanying share growth to lift BTC per share again.