Strive Expands Bitcoin Treasury to Over $3 Billion with $335 Million Purchase

Strive, a Nasdaq-listed corporate treasury vehicle holding substantial digital assets, continues to deepen its footprint in the cryptocurrency market. According to a regulatory filing published on Monday, the company acquired 4,045 Bitcoin between October 12 and 16, solidifying its position as one of the prominent corporate entities utilizing digital assets as a primary balance sheet reserve.

The latest tranche of digital currency was acquired at an average price of approximately $82,803 per coin, bringing the total value of the purchase to roughly $335 million. This aggressive accumulation pushes Strive’s total Bitcoin holdings to 36,818 BTC, a notable climb from the 32,773 BTC reported just a week prior. Based on prevailing market prices, the firm’s total reserve now sits just north of $3 billion, marking a significant milestone in its ongoing treasury strategy.

The capital deployed for this week’s acquisition originated from corporate 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 common shares, generating approximately $369.2 million in gross proceeds. Any remaining warrants expired unexercised on October 13, and regulatory disclosures confirm that no traditional warrants remain outstanding.

This surge in warrant execution resulted in a meaningful expansion of Strive’s equity base. The number of Class A shares outstanding rose from 101.2 million to 114.8 million over the course of the week, representing an expansion of roughly 13.5%. While this dilution alters the existing ownership slice for current shareholders unless offset by incoming capital, Strive concluded the week with $317.5 million in cash on hand, reflecting an increase of $7.2 million.

Strive’s corporate journey into digital assets has evolved rapidly. Originally launched in 2022 as an anti-ESG asset manager co-founded by former presidential candidate Vivek Ramaswamy, the firm shifted its strategic trajectory in May 2025 by adopting Bitcoin as its principal treasury reserve asset alongside plans to merge with a listed company named Asset Entities. The strategy gained further momentum that September when Strive agreed to acquire Semler Scientific, a medical device manufacturer that held approximately 5,000 BTC, through an all-stock transaction valued at roughly $1.3 billion.

When Semler Scientific shareholders formally approved the acquisition in January, the combined entity commanded a war chest of roughly 12,800 BTC. Total holdings have since expanded nearly threefold. The latest acquisition follows closely on the heels of a previous purchase just one week prior, where Strive acquired 3,311 BTC for approximately $280 million at an average price of roughly $84,500 per coin. The final 1,223 coins of the most recent batch, accumulated between October 14 and 16, were acquired at a slightly lower average of about $81,734 per coin.

Strive is not alone in its aggressive balance sheet adjustments. Strategy, widely recognized as the largest corporate holder of Bitcoin, also expanded its reserves last week by purchasing 267 BTC for approximately $22.1 million at an average price of roughly $82,900 per coin. This addition brought Strategy’s cumulative holdings to an astonishing 848,517 BTC. Simultaneously, Strategy allocated $193.1 million to repurchase its own STRC preferred stock—a security of which Strive itself holds 505,000 shares—while expanding its preferred-stock buyback program from $2 billion to $3 billion.

These corporate treasury maneuvers are unfolding against a backdrop of evolving regulatory and index criteria. On October 15, MSCI—the global index provider whose benchmarks guide the allocation strategies of numerous institutional investment funds—finalized a rule targeting what it classifies as "non-operating companies." Under the new framework, companies that fail strict screens for substantial operating assets alongside follow-up financial tests face potential removal from its indexes as of the market close on November 30.

Michael Saylor of Strategy had previously criticized the proposal as discriminatory in an open letter penned in September. MSCI is scheduled to publish the definitive list of affected corporations on November 11, a development that market participants are watching closely for its potential impact on passive institutional flows.

Broader digital asset treasury strategies across Wall Street reflect mixed risk sentiments. Tom Lee’s Bitmine recently added 12,535 ETH valued at approximately $30 million, bringing its total ethereum holdings to 6,041,481 ETH, which accounts for roughly 4.9% of the roughly 122.1 million circulating Ethereum tokens. Lee has indicated that the firm’s accumulation phase will conclude once it reaches the 5% threshold, pointing to a broader risk-off shift among institutional investors. He specifically cited growing concerns over risk asset exposure, artificial intelligence funding sustainability, geopolitical tensions involving the U.S. and Iran, midterm election uncertainties, and rising bond yields as driving factors behind the cautious market backdrop.

Meanwhile, Strive continues to diversify its capital-raising mechanisms. 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, targeting expected gross proceeds of approximately $630 million.

Preferred stock generally functions as a hybrid security, paying a set dividend when declared by the corporate board—similar to bond interest, though without the strict guarantee of default remedies—while the "perpetual" designation means the security carries no fixed maturity date. The dividend structure for SATS is set at 15% of a $100 stated amount, translating to $15 per share annually, which yields roughly 16.7% for investors acquiring the shares at the discounted $90 offering price.

Furthermore, these dividends are cumulative, meaning any distributions that go undeclared or unpaid continue to accrue over time. To provide structural backing, Strive plans to place $22.50 per share into a dedicated reserve fund designed to cover the initial 18 months of dividend payments. The offering is scheduled to settle on October 20, with regular dividend distribution timelines commencing on November 9.