Strive Buys $335 Million in Bitcoin After Investors Pour In $369 Million

Strive, a Nasdaq-listed company that holds Bitcoin as a treasury asset, bought 4,045 BTC between October 12 and 16, according to a regulatory filing published Monday.

The average price was about $82,803 per coin, meaning the stash was worth about $335 million, and the purchase lifts its holdings to 36,818 BTC, up from 32,773 a week earlier. That’s a total just north of $3 billion worth of Bitcoin at today’s prices.

The money comes from a Wall Street machine that has become a steady source of Bitcoin buying: public companies sell shares to investors, then put the cash into Bitcoin. Their stock gives investors exposure to Bitcoin’s price through an ordinary brokerage account.

This week’s cash came from warrants, contracts that let holders buy new shares at a fixed price. On October 12 and 13, investors exercised 273,493,909 of them for 13,674,703 new Class A shares, raising about $369.2 million. The leftovers expired unexercised on October 13, and the filing says no traditional warrants remain.

Class A shares outstanding rose from 101.2 million to 114.8 million in a week, about 13.5%. That shrinks each existing shareholder’s slice of the company unless the new cash earns it back. Strive ended the week with $317.5 million in cash, up $7.2 million.

Strive began in 2022 as an anti-ESG asset manager co-founded by former presidential candidate Vivek Ramaswamy. It adopted Bitcoin as a treasury reserve in May 2025 as it moved to merge with a listed company called Asset Entities, then agreed that September to buy Semler Scientific, a medical device maker holding about 5,000 BTC, in an all-stock deal valued at about $1.3 billion.

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When Semler shareholders approved the deal in January, the combined company held roughly 12,800 BTC, so holdings are up almost 3X since. Strive’s previous purchase was 3,311 BTC, about $280 million, at roughly $84,500 per coin, a week before this one. The last 1,223 coins in this week’s batch, bought October 14 to 16, averaged about $81,734.

Strategy, the largest corporate bitcoin holder, also bought last week: 267 BTC for about $22.1 million at roughly $82,900 each, bringing its total to 848,517 BTC. It also spent $193.1 million repurchasing its own STRC preferred stock, a security of which Strive holds 505,000 shares, and it increased its preferred-stock buyback program from $2 billion to $3 billion.

MSCI, the index provider whose benchmarks many funds are built to track, finalized a rule on October 15 targeting “non-operating companies.” Companies that fail a screen for substantial operating assets and a follow-up financial test would be dropped from its indexes as of the close of November 30.

Strategy’s Michael Saylor had called the proposal discriminatory in a September letter, and MSCI will publish the final list of affected companies on November 11.

Across the digital asset treasury space, Tom Lee’s Bitmine added 12,535 ETH, about $30 million, and now holds 6,041,481 ETH, or 4.9% of Ethereum’s roughly 122.1 million tokens. Lee has said buying will stop once the firm hits 5%, and he cited a broad risk-off shift (investors pulling back from risky assets), AI funding worries, U.S.-Iran tensions, midterm election jitters, and rising bond yields.

Strive meanwhile priced an upsized offering on October 15 of 7 million shares of a new 15% Series A Perpetual preferred stock, called SATS, at $90 each, for expected gross proceeds of about $630 million.

Preferred stock pays a set dividend when the board declares it, similar to a bond’s interest but not guaranteed, and “perpetual” means it has no maturity date. The dividend here is 15% of the $100 stated amount, or $15 a year, about 16.7% for buyers paying $90.

The dividends are cumulative, meaning any that go unpaid keep accruing. Strive plans to park $22.50 per share in a reserve for the first 18 months of dividends. The offering is scheduled to settle on October 20, and regular dividend dates start November 9.