Strive Buys $81.5 Million in Bitcoin After Issuing More Shares

Public asset manager Strive bought 1,110 Bitcoin, worth around $87.5 million, last week while issuing more common and preferred shares to fund its treasury strategy.

Co-founded in 2022 by Vivek Ramaswamy, Strive’s Bitcoin holdings increased 5.5% between August 17 and August 21. But the new shares meant its Bitcoin per fully diluted share—a measure of how much Bitcoin corresponds to each share—rose by only about 1.4%.

Strive paid an average of $73,409 per Bitcoin, including fees and expenses, according to an August 24 filing with the Securities and Exchange Commission. The purchases lifted its holdings from 20,246 $BTC to 21,356 $BTC, worth around $1.7 billion.

Strive raised capital through at-the-market offerings, which let companies sell newly issued shares at current market prices.

Its Class A share count increased by 3,646,300, or 4.8%, to 79,890,888. The company also issued 441,313 shares of SATA, its perpetual preferred stock, increasing the total by 5.6% to 8,270,815.

SATA traded near or above its $100 face value during the period, allowing Strive to issue the preferred shares without pricing them below that threshold.

Strive ended August 21 with $171.9 million in cash and cash equivalents, up from $154.8 million one week earlier, even after completing the Bitcoin purchases.

The news comes as other major corporate Bitcoin holders continue to build their treasuries. Japan’s Metaplanet holds 43,000 $BTC after adding 2,823 $BTC during the second quarter, while Strategy holds 840,447 $BTC.