Strive bought 6,182 bitcoin between Oct. 17 and Oct. 23 at an average price of about $82,732 each, including fees, lifting its holdings to 43,000 BTC, the Nasdaq-listed company disclosed in a filing on Oct. 26. CEO Matt Cole put the cost of the week’s buying at $511.4 million in a post on X.
On the same day, Strive filed a prospectus supplement for an at-the-market program that lets it sell up to $1 billion of its 15.00% Series A Perpetual SATS Preferred Stock over time. A week earlier, Strive held 36,818 BTC, and its 7 million-share SATS IPO had not yet closed. It closed on Oct. 20.
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How the SATS Program Works
Cantor Fitzgerald and Barclays are among the seven sales agents, alongside Clear Street, StoneX, B. Riley Securities, Maxim Group and H.C. Wainwright. They can earn a commission of up to 2% of gross proceeds, and the filing says “none of the Agents are required to sell any specific amount.” Shares can be sold on Nasdaq or through other channels at prevailing market prices.
SATS pays a cumulative 15% annual dividend on a $100 stated amount, which is also its floor liquidation preference. The stock last traded at $94.88 on Oct. 23, according to the prospectus. If Strive sold the full $1 billion at $100 a share, 17 million SATS shares would be outstanding, up from 7 million now.
Strive said in the prospectus that it intends to use the net proceeds for general corporate purposes, including “the acquisition of bitcoin and bitcoin-related products,” working capital, income-generating assets, buybacks of its Class A common stock or SATA preferred, and preferred dividends. It set no amount for any single use. The board has declared a first SATS dividend of $0.8710 a share, payable Nov. 9 to holders of record on Nov. 6.
Cash and Cost Basis
Cash and cash equivalents rose to $504.4 million as of Oct. 23 from $317.5 million a week earlier, the 8-K shows. Strive also holds 505,000 shares of Strategy’s STRC preferred, worth $50.2 million. Together they make up the $554.6 million in cash and marketable securities Cole cited, an increase of $187.7 million on the week. Class A shares outstanding grew by about 3.27 million to 118.1 million over the same period.
The prospectus puts the total cost of Strive’s 43,000 BTC at $3.8 billion, or an average of $87,785 a coin with fees, against a fair value of $3.5 billion as of Oct. 23.
Related Listen: Why Matt Cole Believes Last Week’s STRC Crash Was a Leverage Liquidation
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