TheBlock
Strive added 6,182 BTC between Oct. 17 and Oct. 23, lifting its corporate treasury to 43,000 BTC, according to an SEC 8-K filing. The Bitcoin treasury company now trails Metaplanet by 1,000 BTC and sits fourth among public-company holders, behind Strategy, Metaplanet and Twenty One. CEO Matt Cole wants Strive to finish the year as the second-largest public Bitcoin holder, a target that requires roughly 105 BTC of purchases per week at current rankings.
Why it matters
Strive's accumulation is paired with a fresh capital-raising channel. The company established an at-the-market program for up to $1 billion of SATS preferred stock. Proceeds may support general corporate purposes, including additional BTC purchases, working capital and other investments.
The financing expands on a recent preferred-stock sale. Strive closed an offering of 7 million SATS shares on Oct. 20, raising roughly $630 million before expenses. The shares pay a 15% annual dividend, and the company has set aside enough to cover the first 18 months of payments.
Market impact
Strive ended Oct. 23 with $504.4 million in cash and cash equivalents, up from $317.5 million a week earlier. Class A shares outstanding also rose by about 3.3 million to 118.1 million, highlighting the equity and preferred-stock financing behind the treasury strategy.
The company also held 505,000 shares of Strategy's STRC preferred stock, valued at $50.2 million. Investors will watch whether Strive can keep converting fresh capital into BTC quickly enough to overtake Metaplanet while managing the cost of its preferred dividend obligations.
Frequently asked questions
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How close is Strive to overtaking Metaplanet?
Strive holds 43,000 BTC, while Metaplanet holds 44,000 BTC. Strive needs roughly 105 BTC per week to surpass Metaplanet at current holdings.
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How much capital can Strive raise through its new program?
Strive established an at-the-market offering for up to $1 billion of SATS preferred stock. The proceeds may fund BTC purchases, working capital and other investments.
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What dividend does Strive's SATS preferred stock pay?
The SATS preferred shares pay a 15% annual dividend. Strive has set aside enough to cover the first 18 months of payments.
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How much cash did Strive report after its BTC purchases?
Strive ended Oct. 23 with $504.4 million in cash and cash equivalents, up from $317.5 million a week earlier.
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What other preferred stock does Strive hold?
Strive holds 505,000 shares of Strategy's STRC preferred stock, valued at $50.2 million as of Oct. 23.
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