Strive, a publicly traded bitcoin treasury company, increased its holdings by more than 11% last week as investors exercised $208 million in warrants, buying bitcoins ahead of a share issue and giving existing shareholders more exposure to the cryptocurrency.
on a tuesday Filing Along with the US Securities and Exchange Commission, Strive disclosed that it purchased 3,311 bitcoins (BTC) in the week ending October 9 at an average price of about $84,500 per coin. The purchase brings its total holdings to 32,773 BTC, making it the fifth-largest publicly traded corporate bitcoin holder, according to the industry. Information.
As of Tuesday’s close, bitcoin was trading at around $83,300, according to data from Yahoo Finance. Strive (ASST) shares were little changed at $27.52.
Strive Chairman and CEO Matt Cole told X that investors have about 15.3 million left before their Tuesday expiration.
Source: Matt Cole
The company also amended its governing documents to set a mandatory $100 minimum issue price for its SATA preferred shares, limiting its ability to issue shares below that threshold. Those shares were last seen trading at $99.40.
Strive’s recent purchase increased its bitcoin holdings per share even as the company issued additional equity. During the reporting period, its bitcoin reserves increased by 11.2%, outpacing the 9.4% increase in the number of its outstanding common shares.
Related: Treasury yields at 5% threaten to extend bitcoin’s best quarter since 2017
Michael Saylor weighs in on Strive’s Bitcoin strategy
Strive’s latest purchase comes courtesy of Michael Sayler, whose company, Strategy, pioneered the corporate bitcoin treasury model.
“Strive is turning demand for digital equity (ASST) and digital credit (SATA) into demand for bitcoin,” Sellar said. wrote In X. “Its Hypergrowth Shows How Capital Markets Are Accelerating Bitcoin Adoption.”
Saylor was referring to Strive’s use of common and preferred shares to raise capital for bitcoin purchases, a strategy similar to the strategy’s own approach through its MSTR common stock and STRC preferred shares.
Kaushal added a relatively modest 250 BTC to its coffers last week, bringing its total holdings to 848,250 BTC and maintaining its position as the largest publicly traded corporate bitcoin holder.
Related: Saylor teases strategy to buy Bitcoin with STRC buyback after September close
