Strive, the Nasdaq-listed bitcoin treasury company (ticker ASST), bought another 1,223 BTC between 14 and 16 October at an average price of about $81,734, according to a Form 8-K filed with the SEC on Monday 19 October. Added to the 2,822 BTC it bought on 12 and 13 October, that makes 4,045 BTC in one week and takes its holdings to 36,818 BTC as of 16 October.
The filing gives an average price of about $82,803 for the week, fees and expenses included, but no total. Multiplying the two, Coindaro puts the cost at roughly $335 million, about $100 million of it for the latest 1,223 coins.
This Strive bitcoin purchase came with a cost to the share count. Over the same week Strive issued about 13.7 million new Class A shares when its warrants were exercised, and its bitcoin per share ended the week almost exactly where it began.
Strive bitcoin purchase: 1,223 BTC this week, 4,045 since 12 October
The 8-K confirms in a filing a number that, until today, came from chief executive Matt Cole. When Coindaro covered Strive’s $630 million SATS preferred sale on 17 October, the 35,595 BTC total rested on Cole’s word, with no second count. The new filing lists 32,773 BTC held on 9 October and 36,818 on 16 October. Subtract the 1,223 coins bought from 14 October and the 35,595 figure checks out.
| Purchase window | BTC bought | Average price (incl. fees) | Approximate cost |
|---|---|---|---|
| 12-13 October (announced 14 October) | 2,822 | $83,266 | $235 million |
| 14-16 October | 1,223 | $81,734 | $100 million |
| Week of 12-16 October | 4,045 | $82,803 | $335 million |
Costs are Coindaro calculations from the filed averages; the 8-K itself states no dollar totals. Bitcoin.com News also put the week at “roughly $335 million”.
The second batch came cheaper than the first. At 16:22 UTC on 19 October bitcoin traded near $81,920, about 1% below the week’s average price, so the 4,045 coins were slightly under water at that hour. At that price the full 36,818 BTC were worth about $3.02 billion. Strive’s overall cost basis for its holdings is not in the filing.
Where the money came from: warrants, not SATS
The 8-K does not say how the purchases were paid for. What it does show is that the $630 million SATS raise played no part: the preferred had not settled by 16 October, and a footnote states that no SATS shares were outstanding on the dates in the tables.
The cash visible in the week came from warrants. Holders exercised 273,493,909 traditional warrants on 12 and 13 October for 13,674,703 Class A shares, bringing in about $369.2 million gross, according to Strive’s 14 October 8-K. The rest of those warrants expired on 13 October. On 9 October they still covered 15,255,900 shares; by 16 October none were left, so roughly 1.58 million potential shares lapsed unexercised. Those lapsed warrants had been assumed in Strive’s September 2025 merger with Asset Entities, the 19 October filing says.
Set the three numbers side by side and they line up. About $369.2 million came in from warrants, about $335 million went out on bitcoin, and Strive’s cash and equivalents rose from $310.3 million to $317.5 million, an increase of $7.2 million. That pattern is consistent with the warrant money paying for the coins. The filing does not say so, though, and about $27 million of the difference is not accounted for in the tables. Coindaro does not know where it went.
| Item (8-K, 19 October) | 9 October | 16 October | Change |
|---|---|---|---|
| Bitcoin held | 32,773 BTC | 36,818 BTC | +4,045 BTC |
| Cash and equivalents | $310.3 million | $317.5 million | +$7.2 million |
| STRC preferred held | 505,000 shares | 505,000 shares | none |
| Fair value of STRC held | $50.3 million | $49.3 million | -$1.0 million |
| Class A shares | 101,169,907 | 114,847,610 | +13,677,703 |
| Effective common shares | 110,387,204 | 124,064,126 | +12.4% |
| Assumed fully diluted shares | 113,116,098 | 126,790,020 | +13.7 million |
| Shares under traditional warrants | 15,255,900 | 0 | exercised or expired |
Strive also holds 505,000 shares of STRC, Strategy’s variable-rate preferred, whose fair value fell by about $1 million over the week. STRC has since dropped to $97.72, below Strategy’s buyback band, as our report on the STRC and MSTR sell-off explains. The SATA preferred outstanding stayed at 14,030,176 shares.
4,045 more bitcoin, the same bitcoin per share
For shareholders of a bitcoin treasury company, the total is not the figure that counts. What they own is a slice of the company, so the useful number is bitcoin per share: holdings divided by the shares that claim them.
On the 8-K’s own figures, Strive held about 29,689 satoshis (0.00029689 BTC) per effective common share on 9 October. On 16 October it held about 29,677. That is a change of -0.04%, close enough to zero. The company bought 12.3% more bitcoin and issued 12.4% more shares.
The reason is simple arithmetic. If the warrant cash did pay for the coins, each new share brought in $27 and about $24.50 of it went into bitcoin. That bought each new share roughly 29,580 satoshis, almost exactly what every existing share already held. A share sold at or near the value of its bitcoin adds coins but not bitcoin per share.
Measured on the assumed fully diluted count, which adds options and unvested awards but, per the filing, leaves out warrant shares, the result is a little better: about 28,973 satoshis per share on 9 October and 29,039 on 16 October, a rise of about 0.2%. The earlier figure CryptoSlate published, a 1.72% gain in bitcoin per share from October buying, covered a different period and is not comparable with this week’s tables.
The share table holds one more small detail. Class A shares rose by 13,677,703, which is 3,000 more than the warrant shares, while outstanding stock options fell by exactly 3,000 over the week.
Strive published no BTC yield figure and no mNAV, the ratio of a company’s market value to the bitcoin it holds, in this filing, so it gives no view of the premium at which the new shares were priced.
Fourth among listed bitcoin holders, ahead of MARA
With 36,818 BTC, Strive is the fourth-largest public company holder of bitcoin, The Block reported on 19 October, citing Bitcoin Treasuries data. It moved past MARA with its 12-13 October purchase. MARA held 35,577 BTC after a recent sale, according to Crypto Briefing on 14 October, which then put Strive 18 coins ahead. The gap is now 1,241 BTC.
Strategy, the largest corporate holder, filed its own 8-K on 19 October: it bought 267 BTC from 12 to 18 October for $22.1 million, about $82,900 each, taking its holdings to 848,517 BTC, the figure The Block used. Over an overlapping week Strive bought about 15 times as many coins. Strategy paid with $22.0 million from MSTR common shares sold at the market and spent $193.1 million of cash buying back 1,938,780 STRC preferred shares, a pattern our report on Strategy’s bitcoin buys and STRC buybacks follows.
SATS cash lands on 20 October, and the 8-K is quiet on plans
The next stage is tomorrow. Strive priced 7 million shares of its 15.00% Series A Perpetual SATS Preferred at $90 on 15 October, for about $630 million before underwriting discounts and expenses, and the 8-K says settlement is scheduled for 20 October, subject to closing conditions. Our 17 October explainer on the SATS terms covers the 16.7% yield, the ranking behind SATA and the risks.
Part of that money is already spoken for. Cole wrote on X that Strive “plans to maintain current 18-month dividend reserve”, Bitcoin.com News reported on 19 October. The filings list bitcoin as one permitted use of the proceeds among several, and no filing says how much of the SATS money will buy coins.
If a large part does, SATS will change the per-share arithmetic described above. Preferred stock adds no common shares, so bitcoin bought with SATS money would lift bitcoin per common share. It would also add a fixed 15% dividend bill that ranks ahead of common shareholders.
The next dates to watch are Strive’s next holdings update, the first that could show SATS cash on the balance sheet; 28 October, when Strategy shareholders vote on STRC dividend changes; 9 November, the first SATS dividend date if the board declares it; and 11 November, when MSCI is due to publish the list linked to its new rule that could drop Strategy and Metaplanet from its indexes.