Strive Enhances Bitcoin Holdings with Major Acquisition
Strive, a company listed on Nasdaq, has made headlines with its recent Bitcoin acquisition. According to a regulatory filing, the firm purchased a total of 4,045 BTC between October 12 and 16. The average purchase price was approximately $82,803 per Bitcoin, culminating in a total expenditure of around $335 million.
Significant Increase in Bitcoin Holdings
This recent acquisition elevates Strive’s total Bitcoin holdings to 36,818 BTC, up from 32,773 BTC just a week prior. This increase represents a substantial asset value exceeding $3 billion based on current prices.
Funding Through Stock Sales
The funding for this Bitcoin purchase stemmed from a common practice among public companies: raising capital through stock sales. Investors exercised 273,493,909 warrants to acquire 13,674,703 new Class A shares, resulting in approximately $369.2 million. The remaining warrants expired on October 13, and the filing indicates there are no traditional warrants left.
Changes in Share Structure
Following the recent stock issuance, Strive’s outstanding Class A shares increased from 101.2 million to 114.8 million, marking a growth of about 13.5%. This dilution of existing shares places the onus on the company to utilize the newly raised funds effectively to maintain shareholder value. As of last week, Strive reported having $317.5 million in cash, an increase of $7.2 million.
Background of Strive
Founded in 2022 by Vivek Ramaswamy, Strive emerged as an anti-ESG asset manager. In May 2025, the company adopted Bitcoin as a treasury reserve, coinciding with its merger with Asset Entities. In September of the same year, Strive outlined a plan to acquire Semler Scientific, a medical device manufacturer, in an all-stock transaction worth about $1.3 billion. This acquisition added approximately 5,000 BTC to its assets.
Recent Market Trends
In light of Strive’s acquisition, Strategy, another significant corporate Bitcoin holder, reported buying 267 BTC for around $22.1 million recently, bringing its total holdings to 848,517 BTC. They have also announced a $3 billion increase in their preferred-stock buyback program.
Index Rule Changes
On October 15, MSCI, a prominent index provider, completed a rule amendment affecting “non-operating companies.” Companies failing to meet certain asset and financial criteria will be excluded from MSCI indexes as of November 30. This decision has sparked discussions in the industry, especially given the remarks from Strategy’s Michael Saylor, who criticized the proposal in a September letter for being discriminatory.
Investment Strategies and Future Prospects
In a parallel development, Tom Lee’s Bitmine expanded its Ethereum holdings by acquiring 12,535 ETH, now totaling approximately 6,041,481 ETH. Lee indicated that purchasing will halt once Bitmine reaches a 5% cap of Ethereum’s total supply, citing current market conditions as influencing factors.
As part of its ongoing strategy, Strive recently announced an upsized offering of 7 million shares of a new 15% Series A Perpetual preferred stock, designated SATS, priced at $90 each. This offering aims to generate expected gross proceeds of about $630 million, with dividends scheduled to start on November 9.
