Bitcoin Treasury Strive Outshines Saylor’s Strategy By Raising $86M To Buy More BTC
Highlights
- Strive collected $85.88 million during three SATA sessions while Strategy's STRC is below par.
- It is estimated that 1,001.67 BTC can be acquired via the funds raised in the three-day ATM activity.
- Due to its inability to raise additional funds since June, Michael Saylor's Strategy has turned to the STRC stock buybacks.
While Strategy’s preferred stock is in a race to raise fresh capital, Strive is gaining ground in its efforts to amass the most Bitcoin. Vivek Ramaswamy’s Bitcoin treasury company was able to raise around $86 million.
Strive Is Continuing To Raise Funds For Bitcoin
For context, Strive raised $85.88 million by completing three SATA sessions between September 21 and 23. According to BitcoinTreasuries.net data, an estimated 1,001.67 BTC was purchased with the proceeds.
On September 21, Strive earned $27.69 million in net ATM proceeds. The tracker’s estimate of 321.97 BTC acquired at an average price of $86,001. It sold approximately 284,000 shares.
The next session raised $36.08 million for Strive to buy more Bitcoin. Approximately 370,000 shares were sold. 418.27 BTC were estimated to be acquired. This averaged $86,266.
On September 23, Strive raised another $22.11 million. It sold approximately 226,700 shares. The tracker puts the value of 261.43 BTC at $84,556.00 on average.
The revenue amounted to $85.88 million. The estimated accumulation peaked at over 1,000 BTC.
Strive vs. Strategy’s BTC Accumulation Race
Strive’s Bitcoin funding pace is much faster than Strategy’s financing activity. Since June, Strategy’s STRC has been trading lower than the $100 par value. During that time, it dropped to as low as $73.62. However, the preferred stock has failed to raise new funds since June. The STRC buybacks have been made by Strategy instead.
Despite that, Strategy managed to add 950 BTC in the September 14-20 week. It was acquired for $75.7 million at the average price was $79,670 per BTC.
Meanwhile, in the previous week also, Strive raised massive capital via SATA. Between September 14 and 18, Strive purchased 1,355 BTC for $107.7 million. At that time, it had a stake in 26,355 BTC.
At the time, Strive CEO Matt Cole wrote on X, “Warrant exercises began last week, generating $21.2M in gross proceeds. Including those proceeds, 57.7% of total capital raised came from SATA proceeds.”
The figures indicate a funding deficit for Strategy. Strive is still tapping the ATM Bitcoin buying market. However, Michael Saylor’s Strategy using other funding resources and liquidity options when STRC is less than satisfactory.
For further context, Strategy has 846,000 BTC in its holdings bought for approximately $63.8 billion at the average cost of $75,416 per BTC.
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