7ชม. ที่แล้ว
Strive buys $511.5M in Bitcoin; holdings reach 43,000 BTC
By Daii
Strive purchased 6,182 bitcoins for about $511.5 million from October 17 to 23, lifting total holdings to 43,000 BTC. Bitcoin is held as a high-volatility treasury asset; its price affects common stock, preferred stock and corporate cash arrangements. Over the same period, Strategy kept its holdings at about 848,517 BTC and repurchased $204.9 million of its STRC preferred shares. Both companies raise U.S. dollars through listed securities and manage Bitcoin treasuries. The latest Strive filing does not say how much of the purchase funding came from the SATS issuance. Saying the coins were bought after the SATS issuance indicates only timing, not confirmed traceable fund flows.
1. Common shares carry the residual claim. Strive and Strategy issue common stock, preferred stock or other securities and allocate part of the proceeds to Bitcoin and corporate purposes. Common shareholders rank below preferred securities and bear the main exposure to fluctuations in residual asset value. Preferred shareholders receive dividends and liquidation proceeds first under their terms. The per-share value of common stock still depends on newly issued common shares, priority rights, cash and other liabilities as total holdings rise. Between October 16 and October 23, Bitcoin holdings at Strive rose from 36,818 to 43,000, and outstanding common shares rose from 124,064,126 to 127,328,346. Bitcoin per outstanding common share increased from about 0.0002968 to 0.0003377, a gain of about 13.8%; on the assumed fully diluted share count in the document, the gain is about 13.9%. That 13.8% is only a gross increase in bitcoin per share without deduction of preferences. It does not account for claims from SATS, SATA or future debt, and it excludes cash, Strategy preferred stock investments and the operating business from the numerator. It cannot be presented directly as common equity growth or return on investment.
2. SATS reduce immediate share dilution but raise priority cash demands. SATS is the Nasdaq ticker for the Strive 15% Series A Perpetual Preferred Stock. It carries a fixed cumulative annual dividend of 15% per share and ranks ahead of common stock in dividends and liquidation, reducing the cash and assets left for common shareholders. SATA is the ticker for the Strive Floating Rate Series A Perpetual Preferred Stock, which ranks ahead of SATS in dividends and liquidation. Both seniorities must be included in common stock analysis. Strive is issuing 7 million SATS shares at $90 each, for gross proceeds of about $630 million. The annual cumulative dividend is $15 per share, or about $105 million for the entire offering; on gross proceeds, that is about 16.7% before underwriting fees. The initial liquidation preference is at least $100 per share, or at least $700 million for the entire offering. The offering price, dividend calculation base and liquidation priority are three different metrics. The company has placed assets equal to $22.50 per share, about $157.5 million in total, in a dividend reserve to cover scheduled dividends for the first 18 months. It declared a first dividend of $0.8710 per share on November 9 and $0.0658 per share for each business day from November 10 to 30. Future dividends depend on board approval and available funds. The reserve is managed by the company, is not held by an independent custodian, and SATS are not bank deposits.
3. Strategy has larger scale and cash tools, while flexible cash has fallen recently. Strategy holds about 848,517 BTC, roughly 19.7 times the Strive holding. Adding the same 1,000 BTC lifts Bitcoin holdings by about 2.3% at Strive and about 0.12% at Strategy. A smaller base produces a larger percentage increase but does not automatically mean higher common stock returns. As of October 25, Strategy reported $4.83 billion in dedicated U.S. dollar reserves and another $242.4 million in U.S. dollar cash available for broader treasury purposes. During the week it spent $204.9 million from the latter account to repurchase 2,068,459 STRC shares. STRC is the ticker for the Strategy Floating Rate Series A Perpetual Preferred Stock. The repurchase reduces outstanding preferred shares but directly uses flexible cash. Growth at Strive also includes acquisitions. After acquiring Semler Scientific in January 2026, the combined company held about 12,797.9 BTC while keeping its medical device and software businesses. The current total of 43,000 BTC therefore combines assets acquired through mergers, later equity financing and market purchases. It cannot be attributed entirely to a single Bitcoin buying strategy.
4. The next document can be checked with two equations. The October 28 revision at Strategy lets four classes of preferred stock adopt daily dividend record dates: STRC from November 1 and the other three from January 1, 2027. Rights for weekends and holidays may be consolidated into the same record and payment dates, and brokerage and exchange processing may vary. The change concerns only the rhythm of record and payment dates. It does not give holders the right to redeem at $100 at any time. Readers can replace two rows of numbers in the Strive Form 8-K, filed immediately after a U.S. public company reports material events such as holdings, financing and share count changes. The first row calculates Bitcoin at period end divided by weighted average common shares. The second records total preferred stock dividends, debt and restricted reserves. When the filing does not disclose total obligations or restricted cash, mark it Unknown. Do not use the 43,000 held bitcoins to fill gaps. SATS are listed on the Nasdaq Global Market and held through the Depository Trust Company, which handles securities bookkeeping, clearing and settlement. Actual trading remains subject to broker account opening, settlement arrangements and local securities rules. No documentation has been found confirming that mainland China investors are permitted to buy. Market tradability does not mean anyone can redeem directly from Strive at $100. The accounting task in this document does not require holding any security. Existing evidence supports the claim that Strive has adopted a securities financing structure similar to the Strategy model. Whether common shares keep benefiting depends on coordinated changes in priority, dividends, cash and fully diluted shares. If the next filing keeps raising bitcoin per share while maintaining understandable cash coverage and financing pricing, further progress will have new evidence.
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