Strive expands bitcoin treasury to 36,818 BTC after $100 million purchase
Strive has increased its bitcoin treasury again after adding to a buying spree earlier in the week, reinforcing its standing among the largest public corporate holders of the cryptocurrency. The latest purchases cover Oct. 14 to Oct. 16 and come as the company also lines up fresh preferred stock funding expected to raise about $630 million before expenses.
Highlights
- Strive purchased 1,223 BTC for about $100 million between Oct. 14 and Oct. 16, expanding total bitcoin holdings to 36,818 BTC.
- Strive ended Oct. 16 with $317.5 million in cash and cash equivalents, up from $310.3 million a week earlier, following $369.2 million collected from warrant exercises.
- Strive priced a new offering of 7 million SATS preferred shares on Oct. 15, expecting to raise about $630 million before expenses with settlement set for Oct. 20.
Bitcoin accumulation and filing details
As reported by The Block, citing an 8-K filing with the Securities and Exchange Commission, Strive added 1,223 BTC between Oct. 14 and Oct. 16 for about $100 million, taking its total holdings to 36,818 BTC.The new purchase follows the company's acquisition of 2,822 BTC for $235 million last Monday and Tuesday. Together, Strive bought 4,045 BTC last week, extending its position as the fourth-largest publicly traded corporate bitcoin holder.
Cash position and preferred stock financing
Strive ended Oct. 16 with $317.5 million in cash and cash equivalents, up from $310.3 million a week earlier. Over the same period, its Class A shares outstanding rose by about 13.7 million to 114.8 million.The company said all of its traditional warrants have either been exercised or expired. Exercises earlier in the week brought in about $369.2 million, while the remaining warrants expired on Oct. 13.
Strive also continues to hold 505,000 shares of Strategy's STRC preferred stock, valued at $49.3 million as of Oct. 16. Its own SATA preferred shares outstanding remain unchanged at about 14 million.
Separately, Strive priced a new offering of 7 million SATS preferred shares on Oct. 15 and expects to raise about $630 million before expenses. The offering is scheduled to settle on Oct. 20, subject to customary closing conditions.
In our earlier article on the Philippine Social Security System (SSS) defending its equity portfolio results, we outlined how the pension fund emphasized long-term realized gains and dividend income despite recent unrealized losses in some holdings. SSS said paper losses are not cash losses unless assets are sold below cost, and pointed to a disciplined, diversified approach aimed at sustaining income and managing volatility.
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