Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BTC Strive (NASDAQ: ASST) bought 469 bitcoins last week and paid all the money with preferred stock. Its position rose to approximately 25,000 BTC
Asset management company Strive completed the acquisition of 469 bitcoins last week and paid all of them with preferred stock. The move pushed its total Bitcoin holdings to approximately 25,000 BTC, while also allowing the nominal value of its main financing vehicle to exceed the US$1 billion mark for the first time.
A week for all SATA: The billion-dollar barrier was broken
According to Strive's Form 8-K filing with the Securities and Exchange Commission (SEC) on September 14, the company purchased the 469 bitcoins at an average price of US$77,954 per coin between September 8 and September 11, with a total expenditure of approximately US$36.6 million.
The acquisition increased the number of bitcoins it holds to 25,000 from 24,531 at the beginning of the month. However, the deal was funded by SATA-Strive's Series A floating-rate permanent preferred stock. It is a floating rate instrument that pays dividends with an annualized rate of return of 13%.
Strive CEO Matt Cole said on social media X: "All capital raised came from SATA, and its outstanding nominal amount now exceeds $1 billion." He added that the company's "magnification ratio has increased to 53.5%."
In its disclosure, preferred shares among outstanding shares increased by 402,541 shares, from 9,995,425 shares to 10,397,966 shares. At SATA's par value of $100 per share, this amounts to approximately $40.3 million in added preferred stock, raising its total outstanding nominal amount to approximately $1.04 billion from approximately $999.5 million a week ago.
Preferred shares strengthened, with little change in common shares
Strive's Class A common shares increased by 34,206 shares, bringing the total to 85,730,853 shares; Class B common shares remained unchanged at 9,237,911 shares. This is different from the previous week, when Class A shares added more than 2.2 million shares, with 70% of the growth being supported by SATA.
The additional $40.3 million in preferred stock funds was enough to cover the $36.6 million bill needed to purchase Bitcoin, and the remaining funds explain why the cash balance still rose slightly after spending, from $202.6 million to $204.2 million. In addition, Strive's 505,000-share position in Strategy's STRC preferred stock remains unchanged.
Cole's business model combines long-term long Bitcoin positions with long-term preferred equity, rather than relying on debt or leading to continued dilution of common stock. When SATA's trading price is close to or above its $100 face value, Strive issues new shares through a market-to-market offering plan and converts the proceeds into Bitcoin; when the price falls below the face value, the issuance is often suspended. The amplification ratio of 53.5% indicates that preferred equity capital bears a greater leverage burden than common equity.
Cost considerations behind hoarding coins
This financing is not without cost. On approximately $1.04 billion in nominal principal, a 13% coupon rate means approximately $135 million in annual fees, paid daily. By comparison, its current balance sheet includes nearly $2 billion worth of Bitcoin assets and more than $204 million in cash. If the price of bitcoin continues to fall, although it will compress the total asset value, the repayment obligation of preferred shares will remain fixed.
Strive was co-founded by Vivek Ramaswamy, with Cole serving as CEO, and will go public through a merger with Asset Entities in September 2025. By merging with Semler Scientific, the company also obtained approximately 4,048 additional bitcoins. Currently, Strive has become the fifth largest Bitcoin holder among listed companies, behind Strategy, which holds 845,050 bitcoins. The buying pace remains strong: 1,800 units were purchased in late August, 1,375 units the following week, and another 469 units were purchased this time to reach a milestone position.
