Strive Adds 1,223 Bitcoin To Its Treasury, Raising Total BTC Holdings to 36,818

Strive has purchased another 1,223 Bitcoin for approximately USD 100 million, raising its corporate treasury to 36,818 BTC as the company prepares to receive proceeds from its SATS offering.

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Strive Expands Bitcoin Treasury With 1,223 BTC Purchase

Strive CEO Matt Cole announced on October 19 that the company acquired Bitcoin between October 14 and 16. The firm’s average price per coin was USD 81,734, which translates to a total purchase cost of USD 99.96 million.

Following the acquisition, Strive’s Bitcoin holdings increased from 35,595 BTC to 36,818 BTC, representing approximately 3.44% growth. The recent acquisition is part of the company’s growth plan via its corporate treasury on the Nasdaq.

Previously, Strive bought 2,822 BTC valued at USD 235 million on 12th and 13th of October. The transaction raised its holdings to 35,595 BTC following another acquisition earlier that month.

In the two transactions, Strive has bought 4,045 BTC in just five days. The company has also had access to financing from preferred share and warrant issuances, which it has continued to use to fund its operations.

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Strive Awaits USD 630 Million SATS IPO Settlement

Alongside the latest Bitcoin purchase, Cole confirmed that Strive expects to receive proceeds from its SATS preferred stock offering on Tuesday, October 20. The October 20 settlement follows Strive’s decision to increase the offering from five million to seven million shares.

As previously reported on Strive’s preferred stock offering, the company priced SATS shares at USD 90 each.The offering is, therefore, expected to raise in the ballpark of USD 630 million in gross proceeds, net of fees and expenses.

Strive’s October 15 filing states that proceeds will be used to purchase Bitcoin, for working capital and income-generating investments. Management can use funds to pay business expenses or for common shareholders’ stock buybacks or to redeem SATA preferred stock in existence.

The SATS securities carry a fixed 15% annual dividend rate based on their USD 100 stated amount.

Strive Maintains Dividend Reserves as Traditional Warrants Expire

Strive will continue to have a dividend reserve of 18 months’ equivalent payments, Cole confirmed. The company’s reserve arrangement was implemented for its preferred stock obligations, along with its Bitcoin treasury implementation.

Meanwhile, Strive’s traditional warrants have expired following their October 13 deadline. Strive previously announced that it expected to raise approximately USD 369.2 million in gross proceeds from warrant exercises.

Barclays Capital and Cantor Fitzgerald are the joint book-running managers for the SATS offering. Clear Street acts as lead book runner, while settlement remains subject to customary closing conditions.

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