Strive Added 1,107 BTC. BTC/Share Grew Faster Than Last Week.

The BTC/share result

Strive added 1,107 bitcoin between September 21 and September 25, spending approximately $94.5 million at an average cost of $85,396 per bitcoin, including fees and expenses. Total holdings reached 27,462 BTC.^[1][4]

In last week's update, Strive bought 1,355 BTC and increased effective BTC/share by 3.21%. This week's smaller purchase produced a 3.51% gain.^[2]

The common-share count explains the difference. It increased by 649,072 shares, down from 2,033,885 last week. That's roughly 68% fewer additional shares.

For an ASST holder, this was a better week for Bitcoin backing per share, even though the headline purchase was smaller.

Warrant exercises brought in another $12.4 million

Matt Cole reported $12.4 million from warrant exercises, following $21.2 million the previous week.^[4][5] We can check those figures against the filing.

The exercise price is $27 per underlying common share, adjusted for the reverse split.^[3] This week's decline of 460,649 shares multiplied by $27 gives $12.44 million, matching Cole's rounded figure.

That points to about 41% less exercise activity than last week. But look at how it compares with the common-share increase: the warrant decline equals roughly 71% of this week's net increase, versus 39% last week.

Subtract it from the common-share increase and just 188,423 shares remain, compared with 1,248,330 the previous week. So warrant exercises slowed, while the rest of the net share increase fell much more sharply.

We can't label all of that remainder as common ATM issuance. The filing doesn't give us a complete breakdown or separately disclose common ATM proceeds.

Most of the warrants are still outstanding

After two weeks of exercises, 95.3% of the September 11 warrant share balance remains.

The remaining warrants cover 25.35 million common shares. Full cash exercise at $27 per share would bring Strive approximately $684.4 million and increase the effective common-share count by roughly 26%.

Cole has identified October 10 as the expiration date.^[6] There's still a lot left to exercise, and these first two weeks give us little reason to assume the pace will stay steady as that date approaches.

The cash coming in matters just as much as the new shares. At this week's Bitcoin purchase price, $27 buys about 31,617 sats. Strive currently holds 28,122 sats per effective common share.

Suppose all remaining warrants were exercised for cash and Strive used every dollar to buy Bitcoin at $85,396. It could add approximately 8,015 BTC. After including all the new common shares, effective sats/share would rise to roughly 28,843—another 2.56% increase.

That's a hypothetical use of the proceeds. It assumes full cash exercise, immediate Bitcoin purchases, no extra costs beyond the assumed purchase price, and no other changes to holdings or shares. Strive could also keep some of the money in cash, which would reduce the immediate BTC/share gain.

Using the September 25 holdings and share count, the Bitcoin purchase-price breakeven works out to about $96,009. Below that price, each $27 exercise payment can buy more Bitcoin than currently backs one effective common share. This calculation measures gross BTC/share; preferred claims and ASST's market price are separate considerations.

SATA supplied 85% of the capital

Cole said 85% of total capital raised came from SATA, including warrant proceeds in the total. That compares with 57.7% last week.^[4][5]

Strive added 1,009,020 SATA shares, bringing the total to 12,193,180. At the $100 stated amount, that adds $100.9 million of preferred notional and takes the total to approximately $1.219 billion. Actual cash proceeds depend on the issuance price and costs.

At the current 13% annualized dividend rate, the larger SATA balance implies approximately $158.5 million in annual dividends, up $13.1 million from last week.^[7]

SATA helps explain how Strive kept buying Bitcoin with so little growth in common shares. It also leaves the company with more preferred stock ahead of the common and a larger dividend bill.

AFDS improved too

Strive's Assumed Fully Diluted Shares increased from 100,144,713 to 100,776,795. On that basis, sats/share rose from 26,317 to 27,250, a 3.55% gain compared with 3.31% last week.^[1][2]

Options outstanding fell by 16,990, while unvested employee awards were unchanged.

One detail is easy to miss: Strive excludes traditional warrants from AFDS. Those 25.35 million underlying shares sit outside the reported fully diluted count. Anyone modeling future BTC/share needs to account for both the shares and the exercise proceeds.

More cash, and a larger dividend bill

Cash increased $19.2 million to $248.8 million, even after the Bitcoin purchase. Strive also continued to hold 505,000 STRC shares, worth approximately $49.8 million.^[1]

Still, the dividend bill grew faster than cash plus STRC. Those assets equaled about 22.6 months of annualized SATA dividends, down from 23.1 months last week.

This is a simple dividend-coverage comparison. It assumes STRC could be sold at its reported fair value and leaves out operating expenses, investment income, and other cash flows. It doesn't tell us how long the whole business could run without raising money.

For the next filing, we'll be watching how much of the remaining warrant balance gets exercised and how Strive uses the proceeds. This week showed that it can deliver stronger BTC/share growth with a smaller purchase. With most of the warrants still outstanding, the share count deserves as much attention as the next Bitcoin headline.