By Strive added another 124 bitcoin to its corporate treasury last week, bringing its total holdings to 43,124 BTC as the company began using its new $1 billion SATS preferred stock financing program for the first time.The Nasdaq-listed company acquired the bitcoin between October 24 and October 30 at an average price of $80,526 per coin, including fees and expenses, according to a November 2 filing with the Securities and Exchange Commission. The purchase cost approximately $10 million.CEO Matt Cole said existing cash funded most of the acquisition, while the company’s newly launched SATS at-the-market offering accounted for all capital raised through its ATM programs during the week.
The relatively modest purchase follows an aggressive October accumulation campaign that brought Strive within 876 BTC of Metaplanet, the second-largest publicly traded corporate bitcoin holder.
Why Did Strive’s Bitcoin Buying Slow?
The latest acquisition was considerably smaller than Strive’s previous weekly purchase of 6,182 BTC, valued at approximately $511 million, which lifted its treasury to 43,000 BTC on October 23.
Earlier in October, Strive purchased 2,822 BTC for approximately $235 million, adding to another 3,311 BTC acquisition worth roughly $280 million. The company accumulated approximately $1.25 billion in bitcoin during October.
The slower pace does not necessarily indicate a change in its long-term treasury strategy. Strive ended October 30 with $490.4 million in cash and cash equivalents, compared with $504.4 million a week earlier.
It also retained 505,000 shares of Strategy’s Variable Rate Series A Perpetual Stretch Preferred Stock, known as STRC, valued at approximately $50.1 million.
These holdings provide additional financial resources, although available cash and investments should not be interpreted as capital committed exclusively to future bitcoin purchases.
How Does the $1 Billion SATS Program Work?
Strive launched its SATS at-the-market offering on October 26, authorizing sales of up to $1 billion of its 15% Series A Perpetual Preferred Stock.
The securities carry a cumulative annual dividend of 15% on a $100 stated amount, equivalent to $15 per share annually. Dividends are payable when declared by the company’s board, subject to applicable conditions.
Unlike common-stock issuance, preferred financing allows Strive to raise capital without directly expanding its common-share base. However, the securities create dividend obligations and preferred claims ahead of common shareholders.
The November 2 filing showed SATS shares outstanding increasing from 7 million to 7,003,418. Strive did not disclose the exact proceeds generated through the first ATM sales.
Its existing SATA preferred shares remained unchanged at 14,030,176, while assumed fully diluted common shares stood at approximately 130 million.
The $1 billion offering represents authorized financing capacity rather than capital already raised. Actual proceeds will depend on market demand, execution prices and how many preferred shares the company chooses to sell.
Investor Takeaway
SATS provides another route to acquire bitcoin without direct common-share dilution, but its 15% dividend creates a substantial financing cost.
Can Strive Become the Second-Largest Corporate Bitcoin Holder?
Strive currently ranks fourth among publicly traded corporate bitcoin holders, behind Strategy, Metaplanet and Twenty One.
Based on the latest reported holdings, Strategy remains the dominant corporate holder with 849,327 BTC. Metaplanet holds approximately 44,000 BTC, while Twenty One holds 43,514 BTC.
Strive needs another 391 BTC to move ahead of Twenty One and 877 BTC to surpass Metaplanet, assuming both companies maintain their current balances.
The gap is relatively small compared with Strive’s October buying activity. However, its position could change if competing treasury companies resume purchases or Strive reduces its own accumulation pace.
Cole has previously identified becoming the second-largest publicly traded bitcoin holder by year-end as a potential objective. The company’s latest holdings bring that target closer, although the ranking depends on decisions by competing companies.
Investor Takeaway
Strive is approaching second place in bitcoin holdings, but treasury rankings alone do not measure shareholder returns or financing efficiency.
What Does Preferred Financing Mean for ASST Shareholders?
Strive’s growing reliance on preferred securities creates a different set of financial considerations from straightforward bitcoin accumulation.
The company has previously used SATA preferred stock and warrant proceeds to finance bitcoin purchases. SATS expands that funding structure by introducing a fixed-rate perpetual security alongside its existing variable-rate preferred instrument.
For common shareholders, an important measure is whether additional bitcoin purchases increase the amount of BTC attributable to each diluted share after accounting for the company’s expanding capital structure.
Preferred issuance can preserve common-share ownership percentages while increasing the claims that take priority over common equity. If bitcoin prices weaken, the cost of supporting preferred dividends could become more consequential.
Strive’s financing approach also resembles the increasingly complex capital structure used by Strategy, whose bitcoin treasury and preferred securities have become closely linked to its capital-allocation decisions.
Strive’s next disclosures will show whether its new SATS program can support larger purchases while preserving liquidity and improving bitcoin exposure per common share. The critical figures will be preferred issuance proceeds, dividend commitments and the amount of additional BTC acquired with that capital.