October 17, 2026 – Strive added 10,595 bitcoin in five weeks at a weighted average near $83,608, and has priced a $630 million preferred share sale to fund more buying.
In Summary
Strive reported 35,595 bitcoin after buying 2,822 coins on 12 and 13 October at about $83,266 each.
Holdings have risen 42.4% from 25,000 coins on 11 September, a gain of 10,595 bitcoin.
The five-week weighted average cost of roughly $83,608 sits above the $81,500.80 close on 16 October.
Warrant exercises raised $369.2 million, and the upsized SATS preferred sale adds about $630 million on 20 October.
Each diluted share now backs about $22.88 of bitcoin, against a $24.09 closing share price.
The Strive bitcoin treasury has grown by more than 10,000 coins in five weeks. Holdings reached 35,595 bitcoin after purchases on 12 and 13 October. Moreover, the company has just priced a $630 million preferred share sale to keep buying.
How the Strive Bitcoin pile grew
Each week brings a fresh filing. On 13 October, the company reported 32,773 bitcoin held as of 9 October. It had bought 3,311 coins that week at about $84,500 each. The next day it added 2,822 more at about $83,266.
Rewind five weeks and the stack sat at 25,000 coins. Therefore, the treasury has expanded 42.4% since 11 September. Catenaa’s calculations put the total bought over that stretch at 10,595 bitcoin, for roughly $885.8 million.
The pace tracks the cash. Weekly buying ran near 1,000 to 1,400 coins in mid-September, when the balance sheet held about $204 million. Once warrant money started landing, the windows tripled in size. In short, funding sets the tempo.
Most of the buying happened above today’s price
Timing has not helped. Four of the five windows cleared above $83,000 per coin. Meanwhile, bitcoin closed at $81,500.80 on 16 October, below every one of those averages.
Catenaa calculations put the weighted average cost of the five-week run at about $83,608. At Friday’s close, the 35,595 coins carry a market value near $2.90 billion. Consequently, the recent tranche sits modestly underwater.
One window stands out for better reasons. Between 14 and 18 September, the company paid about $79,475 per coin, the cheapest entry of the run. However, it bought only 1,355 coins there. Larger cheques arrived at higher prices.
The funding behind the Strive bitcoin buying
Two pipes now feed the treasury. First, investors exercised 273,493,909 warrants on 12 and 13 October for expected gross proceeds of $369.2 million. As a result, no warrants from the company’s private placement remain outstanding.
Second, the company priced 7,000,000 shares of 15.00% Series A Perpetual SATS Preferred Stock at $90 each. That raise grew by 2,000,000 shares from the original plan. Settlement falls on 20 October, with Barclays and Cantor Fitzgerald running the books.
Clearing the warrants matters beyond the cash. While they remained outstanding, every exercise added common stock and capped the share price. Now that overhang has gone, the preferred route carries the next round of buying instead.
What the dilution math looks like
Share count has climbed alongside the coins. Assumed fully diluted shares stood at 113,116,098 on 9 October, before the final warrant batch converted. Adding those 13,674,703 shares lifts the figure to roughly 126.8 million.
On that basis, each diluted share backs about $22.88 of bitcoin, by Catenaa calculations. The stock closed at $24.09 on 16 October, so the premium has nearly gone. Investors can also trace the cash build, which reached $310.3 million by 9 October.
The prospectus supplement sets the next test. A 15.00% coupon on $630 million costs roughly $94.5 million a year. Bitcoin must therefore work hard to cover the carry.
