Strive buys 1,107 bitcoin, holdings reach 27,462 BTC

What happened

Strive bought 1,107 BTC for about $94.5 million between Sept. 21 and Sept. 25, paying an average of $85,396 per coin including fees, according to a Form 8-K filed with the SEC. The Dallas-based asset manager's holdings now total 27,462 BTC.

The company said the stash was worth about $2.3 billion at Friday's closing price of $83,943. CryptoPotato put the bitcoin price at $83,300 and the value at around $2.3 billion as of its report.

CEO Matt Cole said warrant exercises generated another $12.4M and that, including those proceeds, 85% of total capital raised came from SATA. SATA's share count rose by roughly 1 million during the week to 12.2 million, which puts its notional value at about $1.22 billion at a $100 stated amount, the filing shows.

Strive's cash pile grew by $19.2 million to $248.8 million. Class A common shares rose by about 649,000.

Why it matters

Strive ranks fifth among public bitcoin holders, behind Strategy, Twenty One Capital, Metaplanet and MARA, according to Bitcoin Treasuries data. Catching Twenty One's 43,514 BTC by year-end would take about 16,050 more coins, or roughly 1,235 a week.

The latest buy is smaller than the prior week's 1,355 BTC. CryptoPotato said it tracked at least nine consecutive weekly purchases, including weeks when Strategy stood on the sidelines or was selling.

Strive funds much of this through SATA, described in the reports as a variable-rate perpetual preferred stock that raises capital to buy BTC while paying investors a yield.

What is still unclear

• The reports give different average prices for the same purchase: $85,396 including fees in the 8-K, and $85,400 in Cole's post as reported by CryptoPotato.
• The $2.3 billion value depends on the price used: $83,943 at Friday's close or $83,300 as of the CryptoPotato report.
• Newhedge data put the average acquisition price of Strive's whole stash at around $80,862, which CryptoPotato described as slightly in the green.

Questions readers ask