Strive Buys 2,000 Bitcoin and Discloses a Buyback Facility for Its Preferred Stock

Strive bought 2,000 bitcoin last week, more than in any of its previous four weekly buys, and disclosed a facility to buy back up to $500 million of its preferred stock.

The Dallas-based company disclosed in a Form 8-K on Monday that it paid an average of about $84,422 a coin, including fees and expenses, for purchases made between Sept. 28 and Oct. 2. Holdings rose to 29,462 BTC, from 27,462 a week earlier.

"Strive acquired 2,000 $BTC for $169M at an average cost of $84,422 per bitcoin, bringing total holdings to ₿29,462," CEO Matt Cole wrote on X. He said 61.5% of the capital raised came from SATA, the company's variable-rate perpetual preferred stock, and that warrant exercises brought in $56.7 million.

The filing shows SATA shares outstanding up about 1.3 million on the week, to roughly 13.5 million. Shares underlying Strive's traditional warrants fell by about 2.1 million.

Strive's four prior weekly buys ranged from 469 BTC to 1,375 BTC.

A Buyback for SATA

The 8-K said Strive "has implemented a repurchase facility of up to $500 million for SATA," which management can use from time to time. None of the company's four previous weekly bitcoin filings mentioned it.

The company said in the filing that it views bitcoin as "attractively priced at current levels." As long as bitcoin stays under $100,000, management aims to push its amplification ratio above 60% and keep it there. The ratio was 55.3% at Sept. 30, which matches SATA's $1.29 billion stated amount divided by the $2.34 billion value of its bitcoin. The company also said it "intends to remain debt-free."