Strive bought 1,110 Bitcoin, but shareholders gained less than 2% real BTC yield

Bitcoin treasury company Strive added 1,110 Bitcoin in a week, but the benefit to common shareholders was much smaller than the headline purchase. After accounting for the company’s rising share count, Bitcoin per effective common share increased just 1.19%. The week also added an estimated $5.74 million in annualized preferred dividends, using the 13% annualized rate Strive described as current on Aug. 10 and SATA’s $100 stated amount.

The company bought the Bitcoin from Aug. 17 through Aug. 21 at an average price of about $73,409, including fees and expenses, according to its Aug. 24 filing. Its holdings rose 5.48%, from 20,246 BTC on Aug. 14 to 21,356 BTC on Aug. 21.

Effective common shares, which Strive defines as Class A plus Class B stock, increased 4.24% over the same period, from 86,037,123 to 89,683,423. That left Bitcoin per effective common share at about 0.000238127 BTC, up from 0.000235317 BTC one week earlier.

The result was slightly better on Strive’s assumed fully diluted measure, with Bitcoin per share rising 1.34%. That measure includes options and unvested employee awards, but excludes 26,596,010 shares underlying traditional warrants under the company’s definition.