Strive, Inc. raised its Bitcoin (BTC) holdings to 36,818 coins as of Oct. 16, extending its treasury buildup ahead of the scheduled settlement of a preferred share offering expected to raise $630 million.
In an Oct. 19 filing with the Securities and Exchange Commission, Strive said it bought 1,223 BTC from Oct. 14 to Oct. 16. It paid an average of approximately $81,734 per coin, including fees and expenses. Strive held 32,773 BTC on Oct. 9.
Across the full Oct. 12-16 buying period, Strive acquired 4,045 BTC at an average of approximately $82,803 per coin, including fees and expenses. That total matches the increase between its reported Oct. 9 and Oct. 16 balances. The filing did not give an exact total cost for the final 1,223 BTC purchase.
The filing also reported approximately $369.2 million in gross proceeds from traditional warrants exercised on Oct. 12 and Oct. 13. By Oct. 16, each of those warrants had either been exercised or had expired. Strive did not identify the funding source for its latest Bitcoin purchase.
Strive priced the SATS preferred share offering on Oct. 15 at $90 per share for 7 million shares. The company expects about $630 million in gross proceeds before fees and expenses. It has listed Bitcoin purchases, working capital, income-generating assets, acquisitions and share repurchases among possible uses of the net proceeds, without specifying an amount for Bitcoin.
Each SATS share has a $100 stated amount on which a 15% cumulative annual dividend is calculated. At closing, Strive intends to add cash and securities valued at $22.50 per share to its dividend reserve, an amount it calculated to cover 18 months of payments. Dividends depend on declaration and legally available funds; regular payment dates are scheduled to begin Nov. 9.
The offering is scheduled to settle Oct. 20, subject to closing conditions.
