Nasdaq-listed asset manager Strive has continued its aggressive expansion into digital assets, snapping up thousands of additional coins as part of its ongoing corporate treasury strategy. According to a regulatory filing published Monday, the firm acquired 4,045 Bitcoin between October 12 and 16, reinforcing a broader Wall Street trend of public companies utilizing equity markets to fund massive cryptocurrency reserves.
The newly acquired Bitcoin was purchased at an average price of approximately $82,803 per coin, putting the total value of the batch at roughly $335 million. This latest acquisition elevates Strive’s total holdings to 36,818 BTC, a significant jump from the 32,773 BTC the company held just a week prior. At prevailing market prices, Strive’s total digital asset treasury is now valued just north of $3 billion, placing the firm among the most prominent corporate holders of the world’s leading cryptocurrency.
The financial machinery driving Strive’s purchases reflects a well-established Wall Street playbook. Publicly traded companies increasingly rely on issuing shares to investors, subsequently channeling the raised capital directly into Bitcoin. This corporate structure provides everyday investors with indirect exposure to Bitcoin price movements through traditional brokerage accounts, bypassing the need to hold the underlying asset directly.
In the case of Strive, the capital for this week’s acquisition was generated through 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, resulting in the issuance of 13,674,703 new Class A shares and raising approximately $369.2 million in capital. Any remaining warrants that went unexercised expired on October 13, and according to the regulatory filing, no traditional warrants now remain on the company’s books.
The heavy influx of new equity caused Strive’s Class A shares outstanding to surge from 101.2 million to 114.8 million over the course of a week, representing an expansion of roughly 13.5%. While this substantial dilution shrinks each existing shareholder’s individual slice of the company, corporate leadership is banking on the newly acquired Bitcoin reserves to offset the dilution over the long term. Strive concluded the week with $317.5 million in cash remaining on its balance sheet, marking an increase of $7.2 million.
Strive’s evolution into a digital asset proxy has been rapid. The company originated in 2022 as an anti-ESG asset manager co-founded by former presidential candidate Vivek Ramaswamy. The firm’s strategic pivot toward Bitcoin began in May 2025 during a merger with a listed company called Asset Entities. That momentum continued in September when Strive agreed to acquire Semler Scientific, a medical device maker holding roughly 5,000 BTC, in an all-stock transaction valued at approximately $1.3 billion.
When Semler shareholders officially approved the corporate acquisition in January, the combined entity commanded a treasury of roughly 12,800 BTC. Strive’s current holdings indicate that the firm has nearly tripled its Bitcoin reserves in the months since the merger. This latest multi-million dollar buy follows closely on the heels of a previous purchase just a week prior, when Strive acquired 3,311 BTC for about $280 million at an average price of roughly $84,500 per coin. The breakdown of the latest batch reveals shifting market conditions over the week, with the final 1,223 coins bought between October 14 and 16 averaging approximately $81,734 per coin.
Strive is far from alone in its corporate accumulation strategy. 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 gargantuan total to 848,517 BTC. Alongside its asset accumulation, Strategy dedicated $193.1 million to repurchasing its own STRC preferred stock—a security of which Strive conveniently holds 505,000 shares—and subsequently scaled up its preferred-stock buyback authorization program from $2 billion to $3 billion.
These corporate treasury strategies are navigating an increasingly complex regulatory and indexing landscape. On October 15, index provider MSCI finalized a controversial new rule specifically targeting "non-operating companies." Under the updated guidelines, companies that fail to meet strict screening criteria for substantial operating assets, alongside a follow-up financial test, face being dropped entirely from MSCI benchmarks as of the market close on November 30.
The rule change has drawn sharp criticism from corporate leaders. Michael Saylor of Strategy publicly characterized the proposal as discriminatory in an open letter sent in September. MSCI has announced it will publish the final, definitive list of affected companies on November 11, a date that is being closely monitored by institutional investors and digital asset treasuries alike.
Beyond the Bitcoin ecosystem, other prominent players in the digital asset treasury space are adjusting their accumulation strategies amid shifting macroeconomic currents. Bitmine, spearheaded by Tom Lee, added 12,535 ETH valued at roughly $30 million, bringing its total holdings to 6,041,481 ETH, which accounts for approximately 4.9% of Ethereum’s total circulating supply of roughly 122.1 million tokens. Lee has previously indicated that the firm’s buying campaign will conclude once it hits the 5% threshold, pointing to a broader risk-off shift among institutional investors. Lee has cited various market headwinds, including investor hesitation regarding risk assets, mounting anxieties surrounding artificial intelligence funding, escalating geopolitical tensions between the United States and Iran, midterm election jitters, and climbing bond yields.
Meanwhile, Strive is continuing to diversify its capital-raising mechanisms. On October 15, the firm priced an upsized offering of 7 million shares of a new 15% Series A Perpetual preferred stock, branded under the ticker SATS, at $90 per share, aiming for expected gross proceeds of approximately $630 million.
Preferred stock functions distinctly from common equity, paying a fixed dividend when formally declared by the board of directors. While it shares structural similarities with bond interest, the payouts are not strictly guaranteed, and the "perpetual" designation means the security carries no set maturity date. In Strive’s latest offering, the dividend is structured as 15% of the $100 stated amount, translating to $15 per year, which effectively yields about 16.7% for buyers acquiring the shares at the discounted $90 price point.
Furthermore, these dividends are cumulative, meaning that any scheduled payments missed by the company will continue to accrue rather than disappear. To reassure investors, Strive has outlined plans to park $22.50 per share into a dedicated reserve fund to cover the first 18 months of projected dividend payments. The offering is scheduled to officially settle on October 20, with regular dividend distribution dates commencing on November 9.
Decentralized Finance (DeFi)
Decentralized Finance (DeFi)
Decentralized Finance (DeFi)
