Strive Added 1,375 BTC. BTC/Share Increased 4.1%.

The BTC/share result

Strive bought 1,375 bitcoin between August 31 and September 4 at an average price of approximately $79,281 per bitcoin, bringing total holdings from 23,156 BTC to 24,531 BTC. The purchase totaled roughly $109 million.

But simply buying more Bitcoin does not necessarily create value for common shareholders. During the same period, Strive's Effective Common Shares Outstanding increased from 93.263 million to 94.935 million. The more important question is whether Bitcoin grew faster than the common-share denominator.

It did.

Strive owns substantially more Bitcoin than it did a week earlier, and each effective common share represents approximately 4.1% more Bitcoin.

What happened?

Strive's September 8 Form 8-K gives us a clean before-and-after snapshot. Bitcoin holdings increased by 1,375 BTC. Class A common shares increased by 2,226,612 while Class B shares declined by 554,624. Together, Effective Common Shares Outstanding increased by 1,671,988 shares, from 93,262,570 to 94,934,558.

If we looked only at the Bitcoin purchase, we would see holdings increase approximately 5.9% and stop there. If we looked only at common issuance, we might focus solely on dilution. Neither tells the entire story. BTCperShare measures the two together.

Bitcoin +5.9% · Effective shares +1.8% · Bitcoin per effective share +4.1%.

SATA is becoming the financing engine

Strive also reported that SATA outstanding increased from 9,073,914 to 9,995,425 shares during the period—an increase of 921,511 preferred shares. At SATA's $100 stated amount, those additional shares represent approximately $92.2 million of preferred notional and bring total SATA stated value to approximately $999.5 million.

Strive Chairman and CEO Matt Cole subsequently said that 70% of the capital raised during the week came from SATA. That funding attribution is a management statement rather than a figure disclosed directly in the 8-K, but it provides useful context for what is happening inside Strive's capital structure.

Cole also recently discussed this dynamic on the Hurtle Rate podcast, suggesting that if Bitcoin is closer to a cycle bottom and a bear market is nearing its end, that is a time when Strive would want to increase the amplification of the common stock. Viewed through that lens, the week's funding mix is notable: raising more of the capital through SATA rather than common equity can provide capital for additional Bitcoin purchases without increasing ASST's effective common-share denominator to the same degree.

That does not prove the funding mix was chosen because of Cole's market view, but it is consistent with the capital-allocation framework he has described publicly.

SATA issuance is fundamentally different from issuing additional ASST common shares. Preferred equity can provide Strive with capital to acquire Bitcoin without directly increasing the effective common-share denominator we use for ASST BTC/share. This week's filing provides a real-world example of that amplification mechanism working.

What happened to ASST shareholders?

There are more effective common shares outstanding than there were on August 28. That is dilution in the conventional share-count sense. But dilution alone does not tell us whether the Bitcoin treasury strategy was accretive.

How much Bitcoin is attributable to each share before and after the capital activity?

On August 28, 23,156 BTC divided by 93,262,570 effective shares equaled approximately 24,829 sats/share. On September 4, 24,531 BTC divided by 94,934,558 effective shares equaled approximately 25,840 sats/share.

A Bitcoin treasury company can issue shares and still increase BTC/share. It can also buy enormous amounts of Bitcoin while decreasing BTC/share. The result depends on what the company receives relative to the dilution it creates.

What about fully diluted shares?

We can run the same test using Strive's broader Assumed Fully Diluted Shares (AFDS). AFDS increased from 96,523,351 to 98,148,551. Using that denominator, BTC/share increased from approximately 23,990 to 24,994 sats/share, or about 4.2%.

Both measures tell essentially the same story: the week's treasury activity was accretive to BTC/share.

The trade-off isn't free

Preferred capital does not disappear simply because it is not included in the common-share denominator. SATA creates a financial obligation of its own.

With 9,995,425 SATA shares outstanding at a $100 stated amount, Strive has approximately $999.5 million of SATA notional outstanding. At SATA's current 13% annualized dividend rate, that corresponds to roughly $129.9 million of annualized preferred dividends.

That is why we view SATA as a financing engine rather than simply excluding it from the analysis because it is not common stock. The relevant question is whether the financing can create enough incremental Bitcoin per common share to justify its ongoing cost.

What we're watching next

The next milestone may be less about another Bitcoin purchase and more about SATA itself.

With 9,995,425 SATA shares outstanding, Strive has approximately $999.5 million of stated value outstanding—putting the security just one relatively small issuance away from crossing $1 billion.

That would be a significant milestone for a product that only launched in November 2025. Reaching $1 billion of SATA outstanding this quickly would also say something about investor demand for Strive's approach to digital credit. SATA is not simply another security in Strive's capital structure; it is increasingly becoming a meaningful source of capital for the company's Bitcoin strategy.

As SATA scales, the relationship between preferred capital, Bitcoin purchases and BTC/share becomes increasingly important to watch.

Can Strive continue using demand for digital credit to increase Bitcoin per common share?
That's the part of the strategy we'll be measuring.