Strive has added 4,045 Bitcoin to its corporate treasury after investors exercised warrants that generated about $369.2 million, reinforcing the company’s strategy of raising capital in public markets and converting it into digital assets.
The Nasdaq-listed company purchased the coins between October 12 and 16 at an average price of approximately $82,803 each, according to Decrypt. The transaction was worth about $335 million based on the reported purchase price and increased Strive’s Bitcoin holdings from 32,773 to 36,818 BTC.
At the Bitcoin price available in Moneyiar’s market data at 22:19 on October 19, the company’s holdings would be worth roughly $3.02 billion. That valuation changes with the market price and does not represent the amount Strive paid for its coins.
Warrants provide the funding
The money used for the purchase came largely from the exercise of warrants. These are contracts that allow investors to buy newly issued shares at a predetermined price. When exercised, they provide the issuing company with cash while increasing the number of shares in circulation.
On October 12 and 13, investors exercised 273,493,909 warrants, resulting in the issuance of 13,674,703 Class A shares and raising approximately $369.2 million for Strive. The company said the remaining traditional warrants expired unexercised on October 13, leaving no such warrants outstanding.
Strive’s Class A share count increased from 101.2 million to 114.8 million in one week, an increase of about 13.5%. That means each existing shareholder owns a smaller percentage of the company unless the capital raised generates enough additional value to offset the dilution. Strive ended the week with $317.5 million in cash, $7.2 million more than a week earlier.
The latest purchase also included 1,223 Bitcoin bought between October 14 and 16 at an average price of about $81,734. It followed Strive’s previous acquisition of 3,311 BTC for approximately $280 million, at an average price of around $84,500 per coin.
Strive’s expanding Bitcoin strategy
Strive began in 2022 as an anti-ESG asset manager co-founded by former presidential candidate Vivek Ramaswamy. The company adopted Bitcoin as a treasury reserve in May 2025 while moving toward a merger with listed company Asset Entities.
In September 2025, Strive agreed to acquire Semler Scientific, a medical-device company that held about 5,000 BTC. The all-stock transaction was valued at approximately $1.3 billion. After Semler shareholders approved the deal in January, the combined company held roughly 12,800 BTC. Strive’s current holdings are therefore nearly three times that level.
The approach is part of a broader corporate-treasury model in which public companies issue shares or other securities, raise funds from investors and use the proceeds to buy Bitcoin. Investors can then gain exposure to the cryptocurrency through a listed company and a conventional brokerage account, although the company’s share price and capital structure may not move in line with Bitcoin itself.
Strive is also preparing to raise more capital through preferred stock. On October 15, it priced an upsized offering of 7 million shares of a new Series A Perpetual preferred stock, known as SATS, at $90 per share. The offering is expected to generate about $630 million in gross proceeds and is scheduled to settle on October 20.
The preferred stock carries a 15% annual dividend based on its $100 stated value, or $15 per share when declared by the board. At the $90 offering price, that is equivalent to about 16.7% of the purchase price. The dividend is cumulative, so any unpaid amount continues to accrue. Strive plans to set aside $22.50 per share to fund the first 18 months of dividends. Regular dividend dates are scheduled to begin on November 9.
Because the stock is perpetual, it has no maturity date. Its dividend is also not guaranteed: preferred stock distributions depend on declaration by the board.
Corporate crypto market and current prices
Strive’s purchase came as other digital-asset treasury companies continued to expand their holdings. Strategy, the largest corporate Bitcoin holder identified in the source material, bought 267 BTC for about $22.1 million at roughly $82,900 per coin, bringing its total to 848,517 BTC. Strategy also spent $193.1 million repurchasing its own STRC preferred stock and increased its preferred-stock buyback authorization from $2 billion to $3 billion.
In the Ethereum treasury market, Tom Lee’s Bitmine added 12,535 ETH, worth about $30 million, taking its holdings to 6,041,481 ETH. That represents 4.9% of Ethereum’s approximately 122.1 million tokens. Lee has said purchases will stop when the company reaches 5%.
The sector is also facing a potential index-related challenge. MSCI finalized a rule on October 15 targeting “non-operating companies.” Firms that do not meet requirements related to operating assets and a follow-up financial test could be removed from MSCI indexes at the close of November 30. The index provider is due to publish the list of affected companies on November 11. Strategy executive Michael Saylor had previously criticized the proposal as discriminatory.
Moneyiar market data at 22:19 on October 19 showed Bitcoin at $82,103.788926573, up 0.74% over 24 hours but down 0.52% over seven days. Ailey was priced at $0.2673406252, up 0.13% in 24 hours and down 0.2% over seven days. RedStone stood at $0.1381198228, up 1.09% over 24 hours and down 10.44% over seven days, while Loaded Lions traded at $0.0012521843, up 2.85% in 24 hours and down 3.2% over seven days.
