Nasdaq-listed Strive has continued its aggressive accumulation of Bitcoin, purchasing 4,045 BTC between October 12 and 16, according to a regulatory filing published Monday. The acquisition marks another significant milestone for the firm as it deepens its commitment to digital asset treasuries, leveraging traditional Wall Street capital-raising mechanisms to continuously fund its crypto strategy.
The recent batch of Bitcoin was acquired at an average price of approximately $82,803 per coin, bringing the total cost of the purchase to about $335 million. This injection of capital and digital assets lifts Strive’s total holdings to 36,818 BTC, a notable increase from the 32,773 BTC it held just a week prior. At current market prices, the company’s aggregate Bitcoin treasury sits just north of the $3 billion threshold.
The capital utilized for this latest acquisition stems from a well-worn Wall Street playbook that has transformed several public companies into steady, reliable buyers of Bitcoin. Under this model, firms sell shares or equity-linked instruments to investors, subsequently channeling the raised cash directly into Bitcoin. For traditional equity investors, purchasing shares in these corporations provides indirect exposure to Bitcoin’s price movements through an ordinary brokerage account, avoiding the complexities of holding physical crypto or exchange-traded funds.
In Strive’s case, the funds for this week’s acquisition were generated through the exercise of warrants—financial contracts that grant holders the right to purchase new shares at a predetermined, fixed price. On October 12 and 13, investors exercised 273,493,909 warrants in exchange for 13,674,703 new Class A shares, successfully raising approximately $369.2 million. Any remaining warrants that were not exercised expired by the end of October 13, and according to the company’s regulatory filing, no traditional warrants remain outstanding.
This rapid issuance of equity expanded Strive’s Class A shares outstanding from 101.2 million to 114.8 million within the span of a single week, representing a roughly 13.5% dilution. Such expansion inherently shrinks each existing shareholder’s proportional slice of the corporation unless the newly acquired capital generates sufficient long-term value to offset the dilution. Despite deploying hundreds of millions into Bitcoin, Strive closed out the week with $317.5 million in cash remaining on its balance sheet, up $7.2 million from the previous period.
Strive’s journey into the digital asset ecosystem began with its origins in 2022 as an anti-ESG asset manager co-founded by former presidential candidate Vivek Ramaswamy. The firm pivoted aggressively in May 2025, adopting Bitcoin as its primary treasury reserve asset during a planned merger with a listed company called Asset Entities. The strategy gained further momentum that September when Strive agreed to acquire Semler Scientific—a medical device maker holding roughly 5,000 BTC—in an all-stock deal valued at approximately $1.3 billion.
By the time Semler shareholders officially approved the transaction in January, the combined entity held approximately 12,800 BTC. Strive’s current holdings of 36,818 BTC indicate that the company has nearly tripled its digital asset treasury since the completion of that merger. This purchase follows closely on the heels of another major acquisition just a week prior, when Strive bought 3,311 BTC for about $280 million at an average price of roughly $84,500 per coin. The latest batch of 4,045 BTC was acquired in two phases, with the final 1,223 coins bought between October 14 and 16 averaging approximately $81,734.
Strive is not alone in its corporate treasury activities. Strategy, the largest corporate holder of Bitcoin globally, also expanded its reserves last week by purchasing 267 BTC for about $22.1 million at an average price of roughly $82,900 per coin, bringing its colossal total to 848,517 BTC. Alongside its ongoing accumulation, Strategy dedicated $193.1 million to repurchasing its own STRC preferred stock—a security class in which Strive itself holds 505,000 shares—and subsequently increased its authorized preferred-stock buyback program from $2 billion to $3 billion.
Meanwhile, broader regulatory and index developments continue to shape the landscape for firms holding alternative assets. On October 15, index provider MSCI finalized a controversial rule targeting what it classifies as "non-operating companies." Under the new framework, corporations that fail a strict screening process for substantial operating assets, followed by a subsequent financial test, face being dropped entirely from MSCI benchmarks as of the close of business on November 30. Strategy’s Michael Saylor had previously criticized the proposal as discriminatory in a September letter to the index provider, and MSCI is scheduled to publish the final list of affected companies on November 11.
Across the wider digital asset treasury space, other corporate players are adjusting their strategies amidst shifting macroeconomic conditions. Tom Lee’s Bitmine recently added 12,535 ETH worth roughly $30 million, bringing its total holdings to 6,041,481 ETH, which accounts for about 4.9% of Ethereum’s circulating supply of roughly 122.1 million tokens. Lee has indicated that his firm’s accumulation will cease once it hits the 5% threshold, citing a broader risk-off shift among investors, concerns surrounding artificial intelligence funding, escalating geopolitical tensions between the U.S. and Iran, midterm election jitters, and rising bond yields.
For Strive, capital raising shows no signs of slowing down alongside its Bitcoin purchases. On October 15, the company priced an upsized offering of 7 million shares of a new 15% Series A Perpetual preferred stock, branded as SATS, at $90 per share, projecting gross proceeds of approximately $630 million.
Unlike common stock, preferred stock typically pays a fixed dividend when declared by the board of directors, functioning similarly to bond interest though without the same legal guarantees, while "perpetual" status means the instrument carries no maturity date. In this offering, the dividend is set at 15% of the $100 stated amount, translating to $15 per share annually, or an effective yield of about 16.7% for investors purchasing the shares at the discounted $90 price point.
Furthermore, these dividends are cumulative, meaning any distributions that go unpaid by the company will continue to accrue over time. To reassure investors, Strive plans to place $22.50 per share into a dedicated reserve fund to cover the first 18 months of scheduled dividend payments. The offering is officially slated to settle on October 20, with regular dividend distribution dates commencing on November 9.
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