Strive reports $335 million Bitcoin purchase as warrant exercises add shares

Strive’s Bitcoin purchase added 4,045 BTC to the company’s treasury between October 12 and 16, according to an October 19 regulatory filing. At the disclosed average price of about $82,803 per Bitcoin, including fees and expenses, the purchase works out to roughly $335 million. For investors, the update also shows a larger Bitcoin balance alongside a higher number of common shares outstanding.

Strive reported holding 36,818 BTC as of October 16, up from 32,773 BTC on October 9. The company bought 2,822 BTC on October 12 and 13 at an average price of about $83,266 each, then acquired another 1,223 BTC from October 14 through 16 at an average of about $81,734 per coin, the filing said.

How did Strive’s Bitcoin purchase affect its share count?

During October 12 and 13, holders exercised 273,493,909 traditional warrants, contracts that allowed holders to buy shares on set terms. The exercises resulted in 13,674,703 Class A shares and about $369.2 million in gross proceeds, according to Strive’s filing.

The Bitcoin purchases and the warrant exercises occurred during overlapping dates, but Strive did not state that the warrant proceeds were earmarked for, or directly paid for, the 4,045-BTC purchase. The $335 million purchase figure is arithmetic based on the quantity and average price disclosed by the company, rather than a separately reported use-of-proceeds figure.

Strive’s Class A shares outstanding rose to 114,847,610 on October 16 from 101,169,907 a week earlier, an increase of 13,677,703 shares. Effective common shares outstanding, which combines Class A and Class B stock, increased to 124,064,126 from 110,387,204, the filing said.

A higher share count means each existing share represents a smaller percentage of the company before considering any change in the company’s assets or value. The filing does not establish the economic effect of the additional shares on investors.

What happened to Strive’s outstanding warrants?

Strive said the remaining traditional warrants, which it had assumed in its September 2025 merger with Asset Entities, expired unexercised on October 13. As of October 16, all of the traditional warrants had either been exercised or expired, leaving none outstanding.

The company reported $317.5 million in cash and cash equivalents on October 16, compared with $310.3 million on October 9.

Separately, Strive priced an underwritten offering on October 15 for 7 million shares of its 15% Series A Perpetual SATS preferred stock at $90 per share. The company expected about $630 million in proceeds before underwriting discounts, commissions and estimated expenses. The offering was scheduled to settle October 20, subject to customary closing conditions, and Strive said no proceeds had been received as of the dates covered by the filing.

This story draws on original reporting from Decrypt.