Strive Adds 4,045 BTC as Warrant Dilution Leaves BTC per Share Flat

Strive bought approximately $334.9 million of bitcoin last week and finished with 36,818 BTC. The treasury grew 12.34%. Effective common shares grew 12.39%. Those nearly matching increases left BTC per common share essentially unchanged.

That is the central result of the October 19 8-K. Strive has largely absorbed the final traditional warrant dilution through additional purchases. Its next financing step, the SATS preferred offering, is scheduled to settle October 20.

The week’s 4,045 BTC purchase includes the 2,822 BTC already disclosed in the October 14 update. The newly disclosed portion is 1,223 BTC bought October 14–16 at $81,734 per coin, approximately $100 million. The average across the full week was $82,803, including fees.

Sources: October 13 8-K and October 19 8-K. Per-share figures calculated by BTCperShare.

Using unrounded ratios, effective BTC per share fell 0.04%, while the assumed fully diluted measure rose 0.23%. Effective common shares include Class A and Class B. Assumed fully diluted shares also include options and unvested awards.

The later purchases repaired most of the drop implied by the October 13 post-exercise estimate. Measuring only that rebound produces a much stronger result than comparing October 9 with October 16. The full-week comparison captures both the warrant dilution and the bitcoin bought afterward.

The final warrant exercises

The final exercises issued 13,674,703 Class A shares for approximately $369.2 million gross. All traditional warrants had either been exercised or expired by October 16. That closes a specific source of future common-share issuance. Options, employee awards and future capital raises still matter. Unexercised traditional warrants were already excluded from Strive’s assumed fully diluted count, so their expiration does not itself create an increase in that BTC-per-share measure.

Cash finished at $317.5 million, alongside $49.349 million of STRC, for $366.849 million combined. These actual balances replace the need to infer retained cash from warrant proceeds less announced purchases. The filing does not provide a complete cash-flow reconciliation.

SATA shares were unchanged at 14,030,176. At the maintained 13% annual dividend rate, that represents approximately $182.4 million of annual dividends.

SATS comes next

SATS changes the financing math again. The offering priced seven million preferred shares at $90, producing $630 million gross. Subtracting $21 million of underwriting discounts and approximately $850,000 of other expenses gives $608.15 million estimated net proceeds, based on the final prospectus.

Those proceeds were absent from the October 16 balances. Closing remains scheduled for October 20, subject to customary conditions.

SATS is nonconvertible, so issuance adds no common shares. It does add $700 million of initial preferred claims ahead of common and $105 million of annual cumulative dividends. The initial claim exceeds estimated net cash raised by $91.85 million. Buying bitcoin with the proceeds can increase gross BTC per share while also increasing the claims that common shareholders sit behind.

How much could become bitcoin?

The dividend reserve affects how much capital can be deployed. Strive plans to add $157.5 million, equivalent to 18 months of SATS dividends, using existing cash and securities. At unchanged rates and share counts, SATA and SATS together would require approximately $431.1 million to cover 18 months of dividends.

An illustrative calculation pools the existing $366.849 million of cash and STRC with $608.15 million of estimated SATS proceeds, then retains that $431.1 million reserve. That leaves approximately $543.9 million before operating needs, subsequent dividends or asset-price changes. This is a capital-allocation scenario, not company purchase guidance or a disclosed reserve balance.

The next filing should show how much of that financing becomes bitcoin and how much remains liquid. For common shareholders, both figures matter: one drives BTC per share, while the other supports a preferred dividend bill approaching $287.4 million annually at the current rates.

Methodology: BTC per share equals bitcoin held divided by the stated share denominator; one BTC equals 100 million sats. Percentage changes use unrounded inputs. These gross backing measures do not deduct preferred claims or incorporate cash. Dividend and reserve calculations assume unchanged rates and share counts.