Bitcoin
Strive Expands Bitcoin Treasury to 36,818 BTC After $369 Million Warrant Exercise
Asset manager Strive has acquired 4,045 Bitcoin for $335 million following the exercise of investor warrants and priced a new preferred stock offering.
Strive purchased 4,045 BTC between October 12 and 16 at an average price of roughly $82,803 per coin, spending approximately $335 million. According to a regulatory filing, the transaction increased the Nasdaq-listed firm's total treasury to 36,818 BTC, up from 32,773 BTC the preceding week, bringing total holdings to just over $3 billion.
The purchase was financed through warrant exercises on October 12 and 13, where investors converted 273,493,909 warrants into 13,674,703 new Class A shares, raising around $369.2 million. The remaining warrants expired unexercised, leaving no traditional warrants outstanding. The exercise expanded Class A shares outstanding by 13.5% to 114.8 million, while cash reserves closed the week at $317.5 million.
On October 15, Strive priced an additional $630 million offering of 15% SATS preferred stock scheduled to settle on October 20. Originally launched in 2022 as an anti-ESG asset manager co-founded by Vivek Ramaswamy, Strive adopted Bitcoin as its treasury reserve in May 2025 during a merger with Asset Entities, followed by a September agreement to acquire Semler Scientific in a $1.3 billion all-stock transaction.
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