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Strive Buys $335 Million in Bitcoin After Investors Pour In $369 Million
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Strive, a Nasdaq-listed Bitcoin treasury company, bought 4,045 BTC between October 12 and 16 at an average price of about $82,803, worth roughly $335 million. The purchase lifted its holdings to 36,818 BTC from 32,773 a week earlier. The funds came from $369.2 million raised through warrant exercises.
Strive began in 2022 as an anti-ESG asset manager co-founded by Vivek Ramaswamy. It adopted Bitcoin as a treasury reserve in May 2025 and agreed to buy Semler Scientific, a medical device maker holding about 5,000 BTC, for $1.3 billion in stock. After Semler shareholders approved the deal in January, combined holdings reached roughly 12,800 BTC, nearly tripling.
Warrant exercises on October 12 and 13 added 13,674,703 Class A shares, raising shares outstanding from 101.2 million to 114.8 million, a 13.5% dilution. Strive ended the week with $317.5 million in cash, up $7.2 million. It also priced a $630 million offering of 15% Series A Perpetual preferred stock, SATS, on October 15, settling October 20.
The dilution shrinks each existing shareholder’s stake unless the new cash earns it back. Public companies like Strive sell shares and invest proceeds in Bitcoin, offering brokerage-account exposure. Strive’s prior purchase was 3,311 BTC for about $280 million at roughly $84,500 per coin earlier.
Strategy, the largest corporate Bitcoin holder, bought 267 BTC for about $22.1 million at roughly $82,900 each, totaling 848,517 BTC. MSCI finalized a rule on October 15 targeting “non-operating companies,” potentially dropping them from its indexes by November 30. Strategy’s Michael Saylor called the proposal discriminatory in a September letter.
Bitmine added 12,535 ETH, about $30 million, now holding 4.9% of Ethereum’s supply. Tom Lee cited a risk-off shift, AI funding worries, U.S.-Iran tensions, midterm jitters, and rising bond yields. Strive’s preferred offering is expected to further fuel its Bitcoin accumulation.
