Strive buys 6,182 bitcoin for $511 million in record purchase

What happened

Strive, Inc. added 6,182 bitcoin to its balance sheet for roughly $511.4 million during the week of October 17 to October 23, according to a Securities and Exchange Commission filing published on Monday. The Nasdaq-listed company paid an average of $82,732 per coin. The deal lifts Strive's treasury to 43,000 BTC and ranks as its largest single bitcoin purchase to date, a point chief executive Matt Cole also made in a post on X. Earlier acquisitions this year included a 3,311 BTC buy and a haul of about 2,500 BTC between May and June, both smaller than the latest transaction.

In the same filing, Strive said its cash and marketable securities rose by $187.7 million over the period to $554.6 million, leaving the company with liquidity alongside the newly acquired coins.

The purchase capped a week in which Strive also closed an upsized initial public offering of SATS, its 15% Perpetual Series A Preferred Stock. The company sold 7 million shares at $90 each for $630 million in gross proceeds, having opened the offering with a $500 million target before adding 2 million shares on demand. The filing additionally disclosed an at-the-market program under which Strive may sell up to $1 billion of SATS over time. Cantor Fitzgerald, Barclays, Clear Street, StoneX, B. Riley Securities, Maxim Group and H.C. Wainwright are serving as sales agents for that program.

Why it matters

Strive's approach is to raise common and preferred equity and route the proceeds into bitcoin, and the latest filing shows how quickly that pipeline can convert a capital raise into coins. The company says it carries no debt, with no bonds, credit lines or leveraged positions, which sets it apart from treasury companies that borrow to accumulate. The SATS shares accrue dividends at 15% on a $100 stated amount, equivalent to a 16.67% yield at the issue price, with payments, if declared by the board, starting November 9 and scheduled for each business day. Strive has set aside a $157.5 million dividend reserve that it says covers 18 months of payments on the new shares.

The disclosure also offers a running measure of scale. CryptoPotato reported that the market value of Strive's 43,000 coins sits just under $3.5 billion, with bitcoin contesting the $80,000 level at the time of writing, even though the company has now spent more than $511 million on its most recent batch alone.

What the data shows

The filing puts the purchase window at October 17 through October 23, with 6,182 BTC acquired at an average of $82,732 for a total of $511.4 million. Total holdings after the buy stand at 43,000 BTC. Strive reported 36,818 BTC on October 20 following a purchase of 4,045 BTC between October 12 and 16, and CryptoPotato noted a more modest acquisition of 1,223 BTC the week before that.

On the financing side, the SATS offering totaled 7 million shares at $90 each for $630 million in gross proceeds, up from an initial $500 million target. Dividends accrue at 15% on a $100 stated amount, a 16.67% yield at the issue price, with the first payment date set for November 9 and subsequent payments falling on each business day. The $157.5 million dividend reserve is intended to cover 18 months of distributions. Cash and marketable securities rose by $187.7 million to $554.6 million.

Background

Strive became a publicly traded bitcoin treasury company in 2025 through a reverse merger and in January completed an all-stock acquisition of Semler Scientific, the first case of one listed bitcoin treasury company buying another. Its holdings stood near 7,525 BTC in December 2025 and have since grown more than fivefold. The SATS structure follows the template Strive built for SATA, its first preferred stock, which carries a variable dividend paid in cash each business day; the company set up a $500 million at-the-market program for SATA in December 2025, and that vehicle absorbed more than an entire day of bitcoin mining supply on a single day in May. Strive has said proceeds from its equity programs may fund bitcoin purchases, income-generating assets, working capital, buybacks or acquisitions. Cole described the SATS IPO as "a critical milestone in our strategy to maximize long-term total returns for our common equity investors."

What to watch

Two items are worth tracking. The first is how much of the $1 billion SATS at-the-market program Strive actually sells and at what prices, given the company's stated approach of issuing preferred shares when demand supports the price. The second is the dividend calendar: SATS payments begin November 9 and fall on each business day if declared, creating a recurring cash obligation that runs alongside the bitcoin accumulation. For comparison, Strategy, the largest corporate holder with 848,517 BTC, proposed daily dividends across its five preferred stocks in September. Strive's own reporting cadence, moving from 36,818 BTC on October 20 to 43,000 BTC six days later, gives observers a frequent read on how fast the treasury is expanding.

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