Strive purchased 6,182 Bitcoin between October 17 and October 23, expanding its corporate treasury to 43,000 BTC after another week of accelerated accumulation. According to the company’s Form 8-K filed with the SEC, the latest acquisition was completed at an average price of $82,732 per Bitcoin, including fees and expenses, implying total spending of approximately $511.4 million.
The purchase increased Strive’s holdings from 36,818 BTC a week earlier and continued a sequence of progressively larger additions. The company bought 2,000 BTC during the week ended October 2, followed by 3,311 BTC and 4,045 BTC in the next two reporting periods. The 6,182 BTC acquisition represents Strive’s largest disclosed weekly Bitcoin purchase to date, bringing its treasury cost basis to approximately $3.8 billion and its overall average acquisition price to $87,785 per BTC.
Capital Raises Continue Feeding Bitcoin Accumulation
Strive’s balance sheet expanded alongside the Bitcoin purchase. Cash and cash equivalents rose from $317.5 million on October 16 to $504.4 million on October 23, while its 505,000 shares of Strategy’s STRC preferred stock were valued at another $50.2 million. Cash plus the STRC position therefore totaled roughly $554.6 million, an increase of about $187.7 million despite the simultaneous $511.4 million Bitcoin deployment.
The company also increased its Class A share count by approximately 3.27 million during the week, taking effective common shares outstanding to 127.3 million. Strive’s treasury expansion therefore needs to be assessed alongside changes in its capital structure rather than from headline Bitcoin holdings alone. The relationship between Bitcoin accumulation and shareholder claims has become central to corporate treasury models built around repeated capital-market issuance.
That funding model resembles the broader shift toward preferred-stock-backed Bitcoin treasury strategies, where companies attempt to increase crypto exposure while offering investors yield-bearing securities with different seniority from common stock. Preferred financing can reduce reliance on conventional debt, but it still introduces recurring dividend obligations and additional claims ahead of common shareholders.
SATS ATM Adds Another $1B Funding Channel
In a separate SEC prospectus supplement, Strive established an at-the-market program allowing it to sell up to $1 billion of its 15.00% Series A Perpetual SATS Preferred Stock. The authorization creates additional financing capacity but does not mean Strive has already raised the full $1 billion.
The program follows Strive’s October offering of 7 million SATS shares at $90 each, which generated approximately $630 million in gross proceeds. Its structure parallels other capital-market strategies where preferred securities have been used to finance Bitcoin purchases, including Strategy’s large equity-and-preferred issuance programs and previous STRC-funded Bitcoin accumulation. The common mechanism is the conversion of investor demand for listed securities into additional corporate Bitcoin exposure.
Strive says proceeds from the SATS ATM may be used for Bitcoin and Bitcoin-related products, working capital, income-producing assets, capital expenditures or repurchases of common or SATA preferred shares. That language gives management flexibility rather than committing every dollar raised under the program to Bitcoin purchases.
With 43,000 BTC now held, Strive’s latest filing confirms that its treasury strategy remains closely tied to access to public capital markets, while its growing preferred-stock obligations and expanding share count remain important counterweights to the rising headline Bitcoin balance.
Jack Reynolds is SatoshiPick’s infrastructure mind. Based in Denmark, he follows Bitcoin, Ethereum, Layer 1 networks, stablecoins and DeFi with a practical question always in the background: does this actually make crypto work better?
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