Strive acquired 3,311 Bitcoin in one week, bringing its holdings to over 32,000 BTC.
According to an SEC filing dated October 13, Strive bought 3,311 $BTC at an average price of approximately $84,500 during the week ending October 9, bringing its total holdings to 32,773 BTC—the fifth-largest among publicly traded companies.
Key figures:
1. Funding source: $208 million from warrant exercises; approximately 15.3 million warrants were set to expire on October 13.
2. Quality of the share issuance: Holdings grew 11.2%, outpacing the 9.4% increase in the effective share count over the same period. This means existing shareholders’ per-share BTC exposure actually increased rather than being diluted.
3. Protection: SATA preferred shares have a binding minimum issue price of $100, preventing discounted share issuance.
Assessment: The dividing line for treasury companies is whether share issuance is “worth it.” Strive’s buying pace outstripped the expansion of its share count, suggesting its capital instruments are still working effectively. But the model’s ceiling depends on Bitcoin’s price: Strive’s average purchase price of $84,500 is above the current market price of approximately $83,300, leaving it with short-term unrealized losses on paper.
This is my personal opinion only and does not constitute investment advice.
According to an SEC filing dated October 13, Strive bought 3,311 $BTC at an average price of approximately $84,500 during the week ending October 9, bringing its total holdings to 32,773 BTC—the fifth-largest among publicly traded companies.
Key figures:
1. Funding source: $208 million from warrant exercises; approximately 15.3 million warrants were set to expire on October 13.
2. Quality of the share issuance: Holdings grew 11.2%, outpacing the 9.4% increase in the effective share count over the same period. This means existing shareholders’ per-share BTC exposure actually increased rather than being diluted.
3. Protection: SATA preferred shares have a binding minimum issue price of $100, preventing discounted share issuance.
Assessment: The dividing line for treasury companies is whether share issuance is “worth it.” Strive’s buying pace outstripped the expansion of its share count, suggesting its capital instruments are still working effectively. But the model’s ceiling depends on Bitcoin’s price: Strive’s average purchase price of $84,500 is above the current market price of approximately $83,300, leaving it with short-term unrealized losses on paper.
This is my personal opinion only and does not constitute investment advice.