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FIGR_HELOC $1.03 Bitcoin · Explained
Strive Adds 6,182 Bitcoin as Holdings Reach 43,000 BTC
The company spent roughly $511 million on bitcoin between mid and late October, expanding its corporate treasury significantly.
Key takeaways
- Rapid accumulation. Strive increased its bitcoin holdings by more than 53% in October alone, jumping from 28,000 BTC at the end of September to 43,000 BTC by October 23.
- Funding expansion. The company launched a $1 billion at-the-market program for preferred stock on October 26, providing additional capital for future bitcoin purchases and other corporate uses.
- Valuation context. Strive's overall average acquisition cost across its entire treasury is approximately $87,785 per bitcoin, placing the company's average cost basis above current market prices around $81,000.
What happened
Strive disclosed in an October 26 Securities and Exchange Commission filing that it had acquired 6,182 bitcoin between October 17 and October 23. The purchase occurred at an average price of approximately $82,732 per coin, including fees, and cost roughly $511 million in total. The acquisition expanded Strive's bitcoin holdings from 36,818 BTC to 43,000 BTC, marking a significant step in the company's corporate treasury strategy.
The October purchases represent only part of Strive's bitcoin accumulation during the month. According to separate SEC filings, the company also bought an additional 2,822 BTC on October 24 at an average price of approximately $83,266, and had previously purchased 4,045 BTC between October 12 and October 16 at an average price of approximately $82,803. Combined, these transactions brought Strive's total holdings from 28,000 BTC at the end of September to 43,000 BTC by late October, an increase of more than 53 percent in a single month.
Alongside the bitcoin purchases, Strive announced a $1 billion at-the-market program for its 15 percent Series A Perpetual SATS Preferred Stock on October 26. According to the company's offering documents, proceeds from this program may be used to acquire bitcoin and bitcoin-related products, as well as for working capital, income-generating assets, acquisitions, capital expenditures, and share repurchases. This preferred stock carries a 15 percent dividend and expands the company's financing options for future treasury expansion.
First $83.5KLatest $80.6K-3.5% over the period
Points are daily observations, not closing prices.
Why it matters
Strive's aggressive accumulation strategy underscores a shift in how corporate bitcoin treasury companies structure their capital allocation. Rather than relying solely on cash, debt, or common stock issuance, companies are increasingly layering in preferred securities to fund ongoing purchases. This approach allows treasuries to maintain purchase capacity across different market cycles and price environments. Strive's strategy also highlights how the corporate bitcoin treasury model has evolved from simple capital raising and bitcoin buying into a more sophisticated financial structure focused on metrics such as bitcoin per diluted share and the cost of financing each additional acquisition.
The timing of Strive's purchases carries additional significance given the broader market context. Bitcoin treasury accumulation slowed considerably during the third quarter compared with the second quarter, according to industry analysts. However, Strive's October activity demonstrates that individual companies can still deploy substantial capital even when market sentiment around the treasury model is less euphoric than in earlier phases. The company is purchasing bitcoin while the asset trades around $81,000, below Strive's overall average acquisition cost of approximately $87,785 per coin across its entire treasury.
Background
Strive's expansion into a major bitcoin holder came significantly through its acquisition of Semler Scientific earlier in 2026, which added existing bitcoin reserves to Strive's balance sheet. Since completing that transaction, Strive has continued purchasing bitcoin directly in the open market. The company describes itself as a structured finance firm focused on disciplined capital allocation and long-term value creation, with bitcoin serving as its hurdle rate for evaluating potential uses of capital. Rather than comparing investments purely against cash returns or traditional benchmarks, Strive uses bitcoin's expected long-term performance as the standard against which other opportunities are measured.
As of the company's September 30 treasury update, Strive reported 27,801 satoshis per assumed diluted share and a year-to-date bitcoin yield of 63.2 percent. By October 23, the company's 43,000 BTC position had a fair value of approximately $3.5 billion, with a total acquisition cost of roughly $3.8 billion. These metrics reflect how corporate bitcoin treasury companies now track performance across multiple dimensions rather than simply accumulating the largest absolute bitcoin balance.
What to watch
Future SEC filings from Strive will reveal whether the company's accumulation pace continues at current levels, how much capital from the new preferred stock program actually gets deployed into bitcoin purchases, and whether the company's bitcoin-per-share metrics improve following changes to the equity base. The company's performance will also depend partly on bitcoin market conditions. Industry analysts have identified the zone between approximately $80,000 and $81,500 as a major cost-basis level for both US spot bitcoin exchange-traded funds and corporate treasury holders. Bitcoin briefly fell below that range in mid-October before buyers returned, and this price region may influence how treasury companies adjust their purchasing strategies going forward.
Questions readers ask
What was the total cost of Strive's bitcoin purchases in October?
Strive spent approximately $511 million on the 6,182 bitcoin purchased between October 17 and October 23. When including the additional purchases earlier and later in October, total spending for the month was substantially higher.
How does Strive plan to fund future bitcoin acquisitions?
The company announced a $1 billion at-the-market program for preferred stock on October 26, which can be used for bitcoin purchases along with other corporate purposes. This preferred stock carries a 15 percent dividend and provides a new capital source beyond traditional equity and debt financing.
How does Strive's average cost compare to current bitcoin prices?
Strive's overall average acquisition cost across its 43,000 BTC treasury is approximately $87,785 per coin, which is above the current market price of bitcoin around $81,000 as of late October.
