Strive’s Bitcoin holdings jump 11.2% after $208M warrants

Strive’s Bitcoin holdings rose 11.2% to 32,773 BTC in the week ended Oct. 9 after investors exercised $208 million in warrants, providing funds for the publicly traded Bitcoin treasury company to buy 3,311 Bitcoin.

The company paid an average of approximately $84,500 per coin, according to a Tuesday filing with the U.S. Securities and Exchange Commission. The purchases made Strive the fifth-largest publicly traded corporate Bitcoin holder, based on industry data.

In a post on X, Strive Chairman and CEO Matt Cole disclosed that investors had exercised $208 million in warrants, with about 15.3 million warrants remaining before their Tuesday expiration. Strive’s effective common share count rose 9.4% during the reporting period, below the growth rate of its Bitcoin holdings.

The difference increased Strive’s Bitcoin holdings per share even as the company issued additional equity to raise funds. Bitcoin traded at approximately $83,300 on Tuesday, while Strive shares were little changed at $27.52.

Strive also amended its governing documents to set a binding minimum issuance price of $100 for its SATA preferred shares. The change prevents the company from issuing the shares below that price. SATA shares traded at $99.40 at the latest quote.

Michael Saylor, chairman of Strategy, the largest publicly traded corporate Bitcoin holder, praised Strive’s approach in a post on X. “Strive is turning demand for digital equity (ASST) and digital credit (SATA) into demand for Bitcoin,” Saylor wrote. “Its hypergrowth shows how the capital markets are accelerating Bitcoin adoption.”

Strive uses common and preferred shares to raise money for Bitcoin purchases, similar to Strategy’s use of its MSTR common stock and STRC preferred shares. Strategy bought 250 BTC during the same week, bringing its total holdings to 848,250 BTC.