Strive spent approximately $169 million to acquire 2,000 Bitcoins between September 28 and October 2, 2026, marking the company’s largest BTC purchase since early June. The transaction was executed at an average price of $84,422 per BTC, including fees and expenses, raising the Nasdaq-listed company’s total holdings to 29,462 BTC.
According to a Form 8-K filing submitted to the U.S. Securities and Exchange Commission on October 5, Strive’s Bitcoin holdings grew faster than its common shares during the period. However, issuing additional SATA preferred stock also increased dividend obligations, making per-share Bitcoin accumulation efficiency central to its treasury strategy.
Strive’s Bitcoin Holdings Outpace Share Growth
Strive’s Bitcoin holdings increased by 7.28% for the week ending October 2, rising from 27,462 to 29,462 BTC. During the same period, total Class A and Class B common shares increased by 3.37%, from 97.65 million to 100.94 million shares, according to the Form 8-K filed on October 5.
Because the Bitcoin stack grew faster than the share count, the BTC per common share increased by approximately 3.79%, from 28,122 to 29,188 satoshis. This result shows that the transaction accreted Bitcoin on a per-share basis, rather than merely expanding the overall reserve through stock issuance.
However, this remains a ratio calculated against Strive’s total Bitcoin holdings. The figure does not reflect liquidation preferences or dividend obligations associated with SATA, which also increased while the company was expanding its Bitcoin treasury.
During the trading session on October 5, ASST shares closed at around $30.26, up 0.77%. With Bitcoin trading near $86,000, Strive’s 29,462 BTC holdings had a market value of approximately $2.53 billion at that time.
Strive More Than Doubles Its Bitcoin Stack in Seven Months
Strive added 16,151 BTC to its treasury in under seven months, increasing its holdings from 13,311 BTC on March 9 to 29,462 BTC on October 2. The increase during this period reached approximately 121%, according to company disclosures.
The previous larger-scale purchase took place between May 23 and June 1, when Strive spent approximately $185 million to buy 2,500 BTC at an average price of $74,092. That transaction brought the company’s holdings to 19,000 BTC.
In the third quarter, Strive purchased a total of 8,137 BTC at an average price of $78,885. The $84,422 average price of the new transaction is roughly 7% higher than the quarterly average and about 14% higher than the 2,500 BTC purchase in early June.
SATA Funding Adds to Strive’s Dividend Obligations
In an October 5 post, CEO Matt Cole stated that 61.5% of the capital Strive raised in the recent round came from SATA, while warrant exercises generated $56.7 million. The 61.5% figure applies to total capital raised, while Strive did not disclose the exact amount from SATA directly used for the $169 million Bitcoin transaction.
Strive acquired 2,000 $BTC for $169M at an average cost of $84,422 per bitcoin, bringing total holdings to ₿29,462.
61.5% of capital raised came from SATA, with warrants generating $56.7M.
Today’s 8-K also highlights key metrics and KPIs through 3Q26.$ASST $SATA pic.twitter.com/HS4ADPQ8mJ
— Matt Cole (@ColeMacro) October 5, 2026
SATA is a perpetual preferred stock with a nominal value of $100 per share and a current dividend rate of approximately 13% annually. Outstanding SATA shares increased from 12.19 million to 13.50 million shares for the week ending October 2, adding about $130.5 million in total nominal value.
If the current dividend rate remains unchanged, the newly issued SATA corresponds to nearly $17 million in annual dividend expenses. Strive reported an annualized dividend obligation of approximately $168.2 million as of September 30. Based on the SATA outstanding two days later, this figure could rise to around $175.5 million. The company had no debt at the time of reporting.
Strive also reported a BTC Yield of 18.5% in Q3 and 63.2% year-to-date. The proprietary KPI measures the change in Bitcoin per share, not investment yield or ASST stock performance.
Strive Authorizes a $500 Million SATA Buyback Facility
Alongside the Bitcoin transaction, Strive established a SATA buyback facility of up to $500 million. The program allows the company to repurchase preferred shares when deemed appropriate, but does not imply that Strive has spent or committed to using the entire amount. The company has not announced any repurchases under the new facility.
Repurchasing SATA could reduce future dividend obligations, but it would also utilize capital that could otherwise be allocated to acquiring more Bitcoin. As of September 30, Strive held $284.7 million in cash and cash equivalents, along with $50.2 million in STRC stock.
Strive’s Amplification Ratio—a metric comparing the scale of debt and preferred stock to the market value of its Bitcoin holdings—reached 55.3% at the end of Q3. Management aims to push this ratio above 60% while Bitcoin remains below $100,000. Repurchasing SATA would lower the ratio, all else being equal, while issuing additional SATA would have the opposite effect. The new facility thereby provides flexibility in balancing Bitcoin stack expansion with reducing dividend costs.
