According to its October 19 Form 8-K filed with the SEC, Strive purchased 4,045 bitcoins between October 12 and 16, 2026 for approximately $334.9 million. His Bitcoin reserve now reaches 36,818 BTC. But this accumulation hardly translates into an increase in the number of bitcoins held per common share. The fact is that the number of shares outstanding has increased in comparable proportions.
In brief
- Strive acquired 4,045 BTC between October 12 and 16, 2026, at an average price of $82,803 per bitcoin, including fees.
- The company now holds 36,818 BTC, up from 32,773 BTC a week ago.
- The warrant exercise brought in approximately $369.2 million gross, with no confirmed direct connection to BTC purchases.
- Despite a 12.3% increase in its reserve, the ratio per common share fell by approximately 0.04%, due to the increase in the number of shares.
How did Strive finance the purchase of 4,045 bitcoins?
The average acquisition price is $82,803 per bitcoin, including fees and expenses. The operation includes two purchases:
- 2,822 BTC on October 12 and 13;
- 1,223 BTC between October 14 and 16 (at approximately $81,734 per unit for this second tranche).
Strive also reported approximately $369.2 million in gross receipts from the exercise of warrants on October 12-13. These instruments give their holders the right to subscribe to shares at a price fixed in advance. The transaction resulted in the issuance of approximately 13.7 million shares of Class A common stock.
THE estimated cost of bitcoins, approximately $334.9 millionrepresents nearly 91% of these gross revenues. However, Strive does not explicitly establish a direct link between warrant funds and BTC purchases.
As of October 16, the company held 36,818 BTC, up from 32,773 BTC a week prior (according to its Form 8-K). This increase represents approximately 12.3% in one week. Making it the fifth largest listed holder of bitcoin.
Why does bitcoin per share remain almost stable?
L’accumulation of bitcoins is not sufficient to measure the evolution of shareholder exposure. You also have to take into account the number of shares outstanding.
| Indicator | October 9 | October 16 |
| Bitcoins held | 32,773 BTC | 36,818 BTC |
| Effective ordinary shares | 110.39 million | 124.06 million |
| BTC per common share | About 0.0002969 | About 0.0002968 |
According to our calculations, the Strive bitcoin stash grew by approximately 12.3% while the number of effective common shares increased by approximately 12.4%. The ratio of BTC per common share therefore falls by approximately 0.04%.
The result differs when using the number of shares assumed to be fully diluted, which notably includes certain options and shares granted to employees. On this basis, the number of satoshis per share increases from approximately 28,973 on October 9 to 29,039 on October 16. This represents an increase of almost 0.23%.
These indicators do not measure the share price or its profitability. They only allow us to evaluate the evolution of the quantity of bitcoins related to different bases for calculating the number of shares.
SATS: a $630 million issue to watch
On October 15, Strive announced that it had priced its issue of 7 million SATS preferred shares, at $90 each. Expected gross proceeds reach approximately $630 million, before commissions and fees.
These titles provide for a 15% annual dividend rate applied to a par value of $100 per share. The payment remains subject to the terms of the issue and, for the dividends concerned, to their declaration by the board of directors.
Strive says it wants to use the funds for general purposes. These may include:
- new bitcoin purchases;
- income-generating assets;
- share buybacks.
The effective use of funds for buy BTC is therefore not confirmed.
The settlement of the issue is also scheduled for October 20, 2026, subject to the usual closing conditions.
Regardless, Strive’s next regulatory document will verify the evolution of its bitcoin reserve. For investors, the challenge is to distinguish the growth of the BTC reserve from the real evolution of bitcoin relative to each action.
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