Strive bought about 15 times more Bitcoin than Strategy last week.
The Nasdaq-listed company bought 4,045 BTC between 12 and 16 October for about $335 million, at an average of about $82,803 per coin, according to a filing with the US Securities and Exchange Commission on Monday.
Strategy, the largest corporate holder, bought 267 BTC for about $22.1 million over a similar period.
Strive’s growing stack
Strive now holds 36,818 BTC, up from 32,773 a week earlier.
The week before, it bought 3,311 BTC for about $280 million, at roughly $84,500 each. In January, after completing its acquisition of Semler Scientific, it held about 12,800 BTC.
Of last week’s purchase, 1,223 BTC was bought between 14 and 16 October at an average of about $81,734.
How it paid for it
Most of the money came from warrant exercises. On 12 and 13 October, 273,493,909 warrants were exercised for 13,674,703 new Class A shares, raising about $369.2 million. Strive says no traditional warrants remain.
That lifted Strive’s Class A share count from 101.2 million to 114.8 million, an increase of about 13%.
Strive has also priced an upsized offering of 7 million shares of its 15% Series A Perpetual preferred stock, ticker SATS, at $90 each. That raises about $630 million before costs and is due to settle on 20 October. Dividends are cumulative, and Strive has set aside $22.50 per share to cover the first 18 months.
Strive ended the week with $317.5 million in cash.
The MSCI question
The buying comes as MSCI prepares to publish, on 11 November, the list of companies that will be removed from its main indexes under its new rules for non-operating companies. Removals take effect at the close of 30 November.
Bitcoin treasury firms whose balance sheets are dominated by Bitcoin are among those at risk.
What happens next
The SATS proceeds, once settled, give Strive room for further purchases. That comes at a cost, with a 15% dividend on the preferred stock and a share count that rose about 13% in a week.
