Strive Added 469 BTC. BTC/Share Increased 1.9%.

The BTC/share result

Strive purchased 469 bitcoin between September 8 and September 11 at an average price of $77,954 per bitcoin, including fees and expenses. The purchase totaled approximately $36.6 million, bringing holdings to 25,000 BTC.

Effective Common Shares Outstanding increased only slightly, from 94,934,558 to 94,968,764. Bitcoin grew faster than the common-share denominator, increasing Bitcoin per effective common share by approximately 1.9%.

The week’s activity was accretive to gross BTC/share. Each effective common share now corresponds to approximately 26,324 satoshis of Bitcoin holdings.

SATA crossed the milestone we were watching

Last week’s analysis highlighted SATA’s approach to $1 billion in outstanding notional. This week, it crossed that threshold.

SATA shares outstanding increased from 9,995,425 to 10,397,966, an addition of 402,541 preferred shares. At SATA’s $100 stated amount, that represents approximately $40.3 million of additional preferred notional, bringing the total to $1.040 billion.

Matt Cole also said that 100% of the capital raised came from SATA, compared with 70% reported last week.

That funding attribution comes from management’s statement. The weekly 8-K independently establishes the changes in preferred shares, common shares and Bitcoin holdings. The $40.3 million increase in preferred notional should not be treated as an exact measure of cash proceeds.

For ASST shareholders, the financing mix matters. SATA can supply capital for Bitcoin purchases without directly adding shares to ASST’s common-share denominator. This week, Bitcoin holdings increased approximately 1.91%, while effective common shares increased just 0.036%.

Common shares still increased slightly

Funding the week’s capital raise entirely through SATA does not mean the common-share count remained unchanged.

The filing reports 34,206 additional Class A shares, with Class B shares unchanged. Effective common shares therefore increased by the same 34,206 shares.

That increase was small enough that almost all of the percentage growth in Bitcoin holdings carried through to BTC/share:

Bitcoin +1.91% · Effective shares +0.04% · BTC/share +1.88%.

Last week, effective BTC/share increased approximately 4.1%. This week’s gain was smaller, but it came with substantially less growth in the common-share denominator.

Matching Strive’s dashboard

Strive’s dashboard reports 25,474 sats/share, compared with our primary figure of 26,324. Both reconcile to the filing; they use different share counts.

Our primary calculation uses Effective Common Shares Outstanding: Class A plus Class B. Strive’s dashboard figure matches its Assumed Fully Diluted Shares, or AFDS.

AFDS actually declined slightly, from 98,148,551 to 98,139,091. Reported options decreased by 43,666, more than offsetting the increase in common shares, while unvested employee stock awards remained unchanged. The filing does not explain the reason for the option reduction.

Both methods round to 1.9% weekly BTC/share growth.

Strive’s AFDS definition excludes the 26,596,010 shares underlying traditional warrants, which the filing reports separately. It therefore does not include every potential source of dilution.

More preferred capital carries a cost

SATA’s growth also increases the preferred claim ahead of ASST common shareholders.

At the current 13% annualized dividend rate, approximately $1.040 billion of SATA notional corresponds to $135.2 million in annualized preferred dividends, up from approximately $129.9 million a week earlier.

The additional preferred shares therefore add approximately $5.2 million of annualized dividends, assuming the rate remains unchanged. SATA’s rate is variable, so this is a calculation at the current rate rather than a forecast of actual payments.

Cole reported an amplification ratio of 53.5%. The saved September 14 treasury dashboard showed 53.4%. This ratio compares SATA notional with Bitcoin market value, so it can move with Bitcoin’s price even when the capital structure is unchanged.

Gross BTC/share measures Bitcoin holdings relative to common shares. It does not deduct preferred claims or the cost of servicing them. A rising BTC/share figure therefore needs to be evaluated alongside those obligations.

What we’re watching next

The $1 billion milestone has arrived. The next question is how effectively Strive can continue converting preferred capital into additional Bitcoin per common share while supporting the growing dividend requirement.

This week, cash and cash equivalents increased from $202.6 million to $204.2 million. Strive’s STRC holdings remained at 505,000 shares, with their reported fair value increasing to approximately $49.8 million.

Those balances provide useful context alongside the larger preferred obligation. Future filings will let us track whether BTC/share continues growing and how liquidity changes as SATA expands.

For this reporting period, the result is clear: Strive reached 25,000 BTC, SATA crossed $1 billion, and Bitcoin per common share increased approximately 1.9%.