Strive acquires $335 million in bitcoin after $369 million warrant windfall

Strive acquired 4,045 BTC for approximately $335 million between October 12 and October 16, 2026, pushing its total treasury reserve to 36,818 BTC worth roughly $3 billion. The acquisition was funded by $369.2 million in gross proceeds generated from exercised warrants. To fund further expansion, Strive priced a $630 million offering of 15% SATS preferred stock. Co-founded by Vivek Ramaswamy, Strive has expanded its Bitcoin balance sheet by over 380% in 2026, positioning itself as the fourth-largest public corporate holder.

October 2026 Bitcoin acquisitions

• ▪Strive bought its final batch of 1,223 BTC within its 4,045 BTC purchase between October 14 and October 16, 2026, at an average price of about $81,734 per coin
• ▪Strive's acquisition of 4,045 BTC between October 12 and 16, 2026, increased its total Bitcoin holdings to 36,818 BTC, valued at roughly $3 billion
• ▪Strive acquired 4,045 BTC between October 12 and October 16, 2026, at an average price of $82,803 per coin, totaling approximately $335 million

Bitcoin holding strategy and targets

• ▪Strive CEO Matt Cole stated that Strive could potentially become the second-largest publicly traded Bitcoin holder by the end of 2026
• ▪Strive started 2026 with approximately 7,525 BTC and increased its total holdings by over 380%, ranking fourth among public corporate Bitcoin holders

Warrant exercises and share expansion

• ▪Strive's Class A outstanding shares increased by about 13.5% from 101.2 million to 114.8 million following the October 12 and 13, 2026 warrant exercises
• ▪Investors exercised 273,493,909 Strive warrants at a 94% participation rate on October 12 and October 13, 2026, leaving no traditional Strive warrants remaining
• ▪Warrant exercises on October 12 and October 13, 2026, generated $369.2 million in proceeds for Strive through the creation of 13,674,703 new Class A shares

Preferred stock offering details

• ▪Strive priced an upsized offering on October 15, 2026, of 7 million shares of 15% Series A Perpetual SATS preferred stock at $90 each to raise $630 million
• ▪Strive earmarked proceeds from its $630 million SATS preferred stock offering, set to settle on October 20, 2026, for general corporate purposes including Bitcoin purchases
• ▪Strive plans to deposit $22.50 per share into a reserve to cover the first 18 months of dividends for its SATS preferred stock offering
• ▪Strive's SATS perpetual preferred stock pays an annual cumulative dividend of $15 per share, representing a 16.7% yield for buyers paying $90

Strive's cash reserves and debt status

• ▪Strive ended the third week of October 2026 with $317.5 million in cash, representing a $7.2 million increase from the previous week
• ▪Strive has kept its balance sheet debt-free while operating as a corporate Bitcoin holder

Strive's acquisition of Semler Scientific

• ▪Semler Scientific shareholders approved the $1.3 billion all-stock acquisition deal with Strive in January 2026
• ▪Strive agreed in September to acquire medical device maker Semler Scientific for $1.3 billion in stock, combining their holdings to roughly 12,800 BTC by January 2026

Strive's corporate origins and mergers

• ▪Strive moved to merge with listed company Asset Entities in May 2025 when Strive adopted Bitcoin as a treasury reserve
• ▪Strive was co-founded in 2022 by Vivek Ramaswamy as an anti-ESG asset manager before adopting Bitcoin as a treasury asset in May 2025

MSCI rule on non-operating companies

• ▪Strategy chairman Michael Saylor wrote a September 2026 letter calling MSCI's proposed index rule targeting non-operating companies discriminatory
• ▪MSCI finalized a rule on October 15, 2026, to drop non-operating companies that fail operational asset and financial tests from its indexes as of November 30, 2026