Strive Expands Bitcoin Treasury to 43,000 BTC, Files $1 Billion Stock ATM

Asset manager Strive increased its corporate treasury holdings to 43,000 $BTC after purchasing 6,182 bitcoin between Oct. 17 and Oct. 23, according to an Oct. 26 disclosure ¹. The acquisitions were executed at an average price of $82,732 per coin including fees, bringing total purchases for the week to $511.4 million, CEO Matt Cole stated ¹. At the time of writing, $BTC traded around $79,766. Alongside the treasury update, Strive filed a prospectus supplement for an at-the-market (ATM) offering allowing the company to issue and sell up to $1 billion of its 15.00% Series A Perpetual SATS Preferred Stock over time ¹.

The treasury expansion follows the Oct. 20 closing of Strive's initial 7 million-share SATS public offering, building on previous momentum when Strive held 36,818 Bitcoin ¹. Strive's total bitcoin position now carries an aggregate acquisition cost of $3.8 billion, representing an average purchase price of $87,785 per coin including fees ¹. As of Oct. 23, the fair value of its holdings stood at $3.5 billion ¹. The company's cash and cash equivalents grew to $504.4 million during the week, complemented by 505,000 shares of Strategy's STRC preferred stock valued at $50.2 million ¹.

Structure of the $1 Billion ATM Offering

Under the newly filed program, Strive can sell SATS shares on Nasdaq or through other channels at prevailing market prices ¹. Seven sales agents are participating in the ATM structure, including Cantor Fitzgerald, Barclays, Clear Street, StoneX, B. Riley Securities, Maxim Group, and H.C. Wainwright ¹. The agents earn commissions of up to 2% of gross proceeds and are under no obligation to sell specific quantities ¹. The SATS stock carries a cumulative 15% annual dividend on a $100 stated amount, which also serves as its liquidation preference floor ¹. As of Oct. 23, the preferred shares last traded at $94.88 ¹.

Proceeds from the offering are designated for general corporate purposes, including the purchase of additional bitcoin, bitcoin-related products, working capital, income-generating assets, preferred dividends, and share buybacks ¹. Strive did not allocate fixed percentages to specific uses ¹. The company's board declared its initial SATS dividend of $0.8710 per share, set for payment on Nov. 9 to shareholders of record as of Nov. 6 ¹. Fully executing the $1 billion offering at the $100 liquidation preference price would increase outstanding SATS shares from 7 million to 17 million ¹.