Strive, Inc. (Nasdaq: ASST) disclosed on October 13, 2026, that it bought 3,311 bitcoin in the week to October 9. The bitcoin treasury asset manager now holds 32,773 BTC.
The Brief
- Strive paid about $84,500 per coin on average, a figure that includes fees and expenses, according to the company’s SEC filing.
- Chief executive Matt Cole said on X that Strive has completed about $208 million in warrant exercises so far.
- Shares underlying Strive’s traditional warrants fell by 7,993,806 during the week, leaving 15,255,900 that holders can still exercise.
- Cash and cash equivalents rose $25.6 million to $310.3 million, even with the bitcoin purchase on the books.
The bitcoin buy came with a jump in Class A shares
Strive disclosed the purchase, its latest after a string of earlier bitcoin buys, in an SEC filing that also updated its share counts. At the reported average, the 3,311 coins imply an outlay of roughly $280 million, though the filing doesn’t state a total.
Class A common stock outstanding rose by 9,461,103 shares to 101,169,907, while Class B shares slipped by 12,885. That pushed effective common shares outstanding to 110,387,204. Assumed fully diluted shares reached 113,116,098, a measure that leaves the warrants out entirely. Options outstanding fell by 46,892 to 796,642, while unvested employee stock awards held flat at 1,932,252. Fully diluted shares therefore rose by 9,401,326, a slightly smaller gain than the common share count posted.
The warrant and share figures move almost in step. Warrant-linked shares dropped by nearly 8 million from 23,249,706 as the Class A count grew by about 9.5 million. That pattern suggests exercises supplied most of the new stock. The Class A tally also counts shares sold through 4:00 p.m. EST that settle the next business day, so ordinary equity sales likely filled part of the gap.
Last week, Strive acquired 3,311 $BTC, increasing total holdings to ₿32,773. – $208M in warrants exercised; ~15.3M remain, expiring today at 5pm ET. – SATA’s $100 minimum issuance price is now a binding restriction in governing docs, formalizing the protection. $SATA $ASST https://t.co/YKGWy4eLN8
— Matt Cole (@ColeMacro) October 13, 2026
Preferred stock sits on both sides of the balance sheet
Strive’s SATA stock, its Variable Rate Series A Perpetual Preferred Stock, grew by 532,094 shares to 14,030,176 outstanding. The company also holds 505,000 shares of Strategy’s STRC preferred, the Variable Rate Series A Perpetual Stretch Preferred Stock issued by Strategy Inc.
That stake carried a fair value of $50.3 million, up $126,000 on the week. Strive held the same 505,000 shares at both dates, so the change reflects STRC’s price alone. So Strive issues one variable-rate perpetual preferred and owns another, which links part of its balance sheet to Strategy’s own funding program.
The filing’s risk language lists “dilution caused by Strive’s issuance of additional shares” among the factors that could affect results. It also points to Strive’s completed merger with Semler Scientific, Inc., and to the company’s intentions on adjusting the SATA dividend rate.
The Bottom Line
Three questions remain open in the disclosure. How much of the cash increase came from warrant proceeds versus share sales? How does Strive plan to use the larger cash balance it now carries? And has the company settled on a new SATA dividend rate, given the filing’s reference to adjusting it?
The warrants still outstanding turn into cash only when holders decide to exercise and pay. Every exercise also adds Class A stock to the share count, so each new batch of warrant money arrives with fresh shares attached.
