Bitcoin treasury firm Strive sees $208M warrant conversion, BTC reserves surge 11%
With 32,773 BTC now in its treasury, Strive has climbed to become the fifth-largest public company Bitcoin holder, continuing its aggressive acquisition strategy funded by equity raises.
Last week witnessed a significant expansion in Strive's Bitcoin treasury holdings, with the publicly listed Bitcoin treasury company boosting its reserves by over 11% following investors' exercise of $208 million worth of warrants. The acquisition rate of Bitcoin exceeded the company's share issuance pace, effectively increasing existing stakeholders' cryptocurrency exposure.
According to a filing submitted Tuesday with the US Securities and Exchange Commission, Strive revealed it acquired 3,311 Bitcoin (BTC) during the week that concluded on Oct. 9, paying an average of roughly $84,500 for each coin. These acquisitions elevated the company's aggregate holdings to 32,773 BTC, positioning it as the fifth-largest publicly listed corporate holder of Bitcoin, based on data from industry sources.
As of Tuesday's most recent trading session, Bitcoin was exchanging at approximately $83,300 per unit, based on Yahoo Finance trading data. Meanwhile, shares of Strive (ASST) showed minimal movement, trading at $27.52.
In a statement posted on X, Strive's Chairman and CEO Matt Cole revealed that investors had converted $208 million in warrants, with roughly 15.3 million still outstanding before their expiration date on Tuesday.
Additionally, the company made modifications to its corporate governance documents, establishing a mandatory minimum price of $100 for issuing its SATA preferred shares, which restricts the company's capacity to issue these securities below that floor. The preferred shares were most recently trading at $99.40.
The most recent acquisitions by Strive resulted in increased Bitcoin holdings per share despite the simultaneous issuance of additional equity by the company. Throughout the reporting window, its Bitcoin reserves expanded by 11.2%, surpassing the 9.4% growth in its effective common share count.
Michael Saylor weighs in on Strive's Bitcoin strategy
Michael Saylor, whose company Strategy established the blueprint for corporate Bitcoin treasury operations, commended Strive's most recent acquisition.
Strive is turning demand for digital equity (ASST) and digital credit (SATA) into demand for Bitcoin. Its hypergrowth shows how the capital markets are accelerating Bitcoin adoption.
Michael Saylor on X
Saylor's comments referenced Strive's utilization of both common and preferred stock offerings to generate funds for Bitcoin acquisitions, an approach that mirrors Strategy's methodology using its MSTR common stock and STRC preferred shares.
In comparison, Strategy incorporated a relatively modest 250 BTC into its treasury during the previous week, elevating its aggregate holdings to 848,250 BTC while preserving its standing as the world's largest publicly traded corporate Bitcoin holder.