Strive adds 2,000 BTC and authorizes $500M in SATA buybacks

The October 5 filing also introduces a new capital allocation option: a $500 million SATA repurchase facility. Strive can now weigh additional Bitcoin purchases against retiring some of the preferred stock used to finance its treasury.

Bitcoin grew faster than the share count

Strive paid an average of $84,422 per bitcoin, including fees, implying approximately $168.8 million spent on the purchase.

Effective shares comprise Class A and Class B common stock. Bitcoin holdings grew 7.28%, while those shares grew 3.37%, producing a calculated 3.79% increase in effective BTC per share.

On Strive's assumed fully diluted basis, BTC per share rose 4.24%. That denominator includes options and unvested employee awards, whose balances declined during the week. It excludes traditional warrants, so it does not capture every potential future common share.

These are 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 warrant balance fell by 2.1 million shares

Shares underlying traditional warrants declined from 25.35 million to 23.25 million, a reduction of 2,100,100. That reduces the warrant shares still waiting to enter the common share count, while exercised warrants can increase shares already outstanding.

The filing does not separately disclose warrant exercise proceeds or common ATM proceeds. We therefore cannot assign the full increase in common shares to either source or reconstruct an exact funding mix for the Bitcoin purchase. The remaining warrant balance still matters because it sits outside the assumed fully diluted figure above.

More SATA means a larger dividend bill

SATA shares outstanding increased by 1,304,902, reaching 13,498,082. At a $100 stated amount per share, that represents approximately $1.35 billion of preferred claims, up $130.5 million. That increase in stated amount is not a disclosure of cash raised.

Using the 13% annualized dividend rate, consistent with the filing's quarter-end obligation, the October 2 balance implies roughly $175.5 million in annual dividends, about $17 million more than a week earlier. This calculation assumes the share count and rate stay unchanged.

Cash also rose to $284.7 million, alongside $50.2 million in STRC holdings. Strive bought Bitcoin and increased its cash balance while taking on a larger ongoing preferred dividend commitment. The SATA page tracks that side of the capital structure.

What SATA buybacks could change

The new facility allows up to $500 million of discretionary repurchases. The filing reports no completed buybacks under it.

Buying SATA below its $100 stated amount could retire more preferred claims than the cash spent. For an illustrative example, $10 million spent at $90 per share would retire approximately $11.1 million of stated claims and reduce annual dividends by about $1.44 million at 13%, before costs. The stated claim retired exceeds the cash spent by roughly $1.1 million. The $90 price is an assumption, not a reported transaction or market quote.

That could improve the balance between assets and senior claims and reduce future cash needs. A cash-funded SATA buyback would leave gross BTC per common share unchanged if Bitcoin holdings and common shares did not change.

There is also a tension with management's financing objective. While Bitcoin is below $100,000, Strive wants to increase and maintain its Amplification Ratio above 60%, while remaining debt-free. Its preliminary September 30 ratio was 55.3%.

That ratio compares debt and preferred stated amounts with Bitcoin market value. At unchanged Bitcoin holdings and price, retiring SATA lowers it. Preferred issuance and buybacks therefore push this measure in opposite directions; the facility gives management flexibility rather than establishing a single path.

The quarter-end snapshot separately reports 18.5% Q3 BTC Yield and 63.2% year-to-date, based on September 30 figures. Those preliminary, unaudited results should not be mixed with the October 2 weekly snapshot.

For common holders, this week's measurable result is more Bitcoin per share alongside more preferred claims. The next filing should help show how Strive balances further BTC purchases, warrant dilution and the opportunity to reduce SATA's dividend burden.

Source and calculation note

Reported figures and management objectives come from Strive's October 5, 2026 Form 8-K, Item 8.01. BTC per share, weekly percentage changes, implied purchase cost and October 2 annualized SATA dividends are BTCperShare calculations using unrounded inputs. The repurchase example is hypothetical. No repurchase spending or funding allocation has been assumed.