Strive’s Bitcoin per Share Jumps 13.8% as SATS Capital Arrives

Last week, Strive’s Bitcoin purchases largely absorbed its final warrant dilution. This week, purchases comfortably outpaced the growth in common shares.

Strive added 6,182 BTC, bringing its treasury to 43,000 BTC. Effective Bitcoin per share rose 13.80% to 33,771 sats. The October 26 treasury filing puts the October 17–23 purchase price at approximately $82,732 per coin, including fees, or roughly $511.4 million in total.

A separate filing establishes a $1 billion SATS at-the-market program, giving Strive a continuing source of preferred financing after the IPO.

Bitcoin purchases pull ahead of dilution

Bitcoin holdings grew 16.79%, against 2.63% growth in effective common shares. Assumed fully diluted backing increased 13.87%. These are gross Bitcoin-backing measures; they do not deduct preferred claims.

Effective shares include Class A and Class B; AFDS also includes options and unvested awards. The filing does not identify the entire 3.26 million net common-share increase as ATM issuance.

In our previous filing analysis, effective backing was nearly flat as warrant exercises expanded the denominator. All traditional warrants were exercised or expired by October 16. SATS financing adds no common shares of its own.

The preferred capital is now on the balance sheet

The October 20 closing issued seven million SATS shares at $90, raising $630 million gross. Estimated net proceeds were $608.15 million, according to the final prospectus.

That financing added $700 million in initial preferred claims ahead of ASST and $105 million in annual dividends. The initial claim exceeds estimated net cash raised by $91.85 million. SATS ranks behind SATA but ahead of common shareholders.

With SATA unchanged at 14,030,176 shares and its 13% dividend rate maintained, the two preferreds now represent approximately $2.103 billion of stated claims and $287.4 million of annualized dividends.

Preferred financing lets ASST retain the upside from additional Bitcoin without dividing ownership among more common shares. It also concentrates the downside: preferred claims remain ahead of common when asset values fall. Our CEBE calculator includes both SATA and SATS when estimating net backing, using stated claims rather than a complete liquidation waterfall.

Liquidity grew alongside Bitcoin

Cash finished at $504.4 million, plus $50.2 million of STRC, or $554.6 million combined. The weekly filing does not reconcile every financing inflow and cash use, so the purchases cannot all be attributed to SATS proceeds.

The closing disclosure separately confirms $157.5 million added to the SATS dividend reserve, funded from existing cash and securities. That covers 18 months of SATS dividends at the initial share count.

At current rates and outstanding shares, an illustrative 18-month reserve for SATA and SATS together is approximately $431.1 million. Reported cash plus STRC exceeds that amount by roughly $123.5 million. This comparison does not establish that all those assets are segregated for dividends or that the excess is committed to Bitcoin.

SATS can keep financing purchases below $100

The new SATS ATM agreement allows up to $1 billion in gross sales, with commissions of up to 2% plus expenses. That is authorized capacity; the announcement reports no completed ATM sales. Proceeds may also support dividends, ASST/SATA repurchases and other corporate uses.

SATA’s governing documents prohibit company sales below $100 before fees. SATS has no equivalent $100 floor, although its sales agreement still requires compliance with Strive’s placement instructions and authorized minimum prices.

That distinction matters during a pullback. If SATA trades below its issuance floor, Strive could still raise capital through SATS, provided buyers are willing. A lower Bitcoin purchase price could make that capital buy more coins per dollar.

The SATS sale price determines the cost. At an illustrative $90, raising $100 million gross would require about 1.11 million shares, adding $111.1 million in initial claims and $16.7 million in annual dividends. A full 2% commission would leave $98 million before other expenses. The $90 assumption is an example, not a current quote or disclosed ATM sale price.

If SATS demand weakens alongside Bitcoin, Strive may have to choose between accepting a higher financing cost and slowing purchases. Having another issuance route is useful; the price at which it can be used will determine how much it benefits ASST.

Per-share growth uses unrounded ratios. Dividend and reserve calculations assume unchanged rates and share counts. The ASST and SATS pages track the underlying data and financing terms.