Strive's BTC Binge: 3,311 Coins and a "Think ₿igger" Wink to Saylor

Strive, the publicly traded Bitcoin treasury company, disclosed in a Tuesday filing with the US Securities and Exchange Commission that it acquired 3,311 BTC for approximately $280 million, lifting its corporate reserves to 32,773 BTC. The purchases were executed between October 5 and October 9 at an average price of about $84,500 per coin, including fees and expenses, according to the filing. Following the transaction, Strive's holdings rose 11.2% from 29,462 BTC, pushing the Nasdaq-listed firm past the 30,000 BTC threshold for the first time and making it the fifth-largest publicly traded corporate Bitcoin holder, according to industry data.

The Bitcoin acquisition was funded in part by $208 million in exercised warrants, as reported by Strive Chairman and CEO Matt Cole on X. Approximately 15.3 million warrants remained outstanding ahead of their scheduled October 13 expiration at 5 p.m. Eastern Time. The company also amended its governing documents to establish a binding $100 minimum issuance price for its SATA preferred shares, limiting the company's ability to issue them below that threshold; SATA shares were trading at $99.40 at last look.

Strive's Bitcoin reserves grew 11.2% during the reporting period, outpacing a 9.4% increase in its effective common share count and increasing its BTC holdings per share even as the company issued additional equity. At last look on Tuesday, Bitcoin was trading at roughly $83,300 according to Yahoo Finance data, below Strive's $84,500 average purchase price. The Strive (ASST) share price was little changed at $27.52.

The latest purchase drew a public response from Michael Saylor, whose company Strategy pioneered the corporate Bitcoin treasury model. "Strive is turning demand for digital equity (ASST) and digital credit (SATA) into demand for Bitcoin," Saylor wrote on X. "Its hypergrowth shows how the capital markets are accelerating Bitcoin adoption." Cole, for his part, shared a Bitcoin tracker on X with the message "Think ₿igger" ahead of the announcement, following previous tracker updates that preceded additional purchases.

For comparison, Strategy added 250 BTC to its treasury last week, bringing its total holdings to 848,250 BTC and maintaining its position as the largest publicly traded corporate Bitcoin holder. Strive's October 5 purchase of 2,000 BTC worth approximately $169 million had brought its total to 29,462 BTC prior to the latest increase.