Strive Inc adds US$169M in bitcoin as common and preferred share counts grow
The Oct. 5 filing shows 29,462 bitcoin held on Oct. 2 as effective common and preferred share counts both rose over the prior week.
Julian Okafor
A bitcoin treasury's latest buying week enlarged its coin holdings while also increasing the number of common and preferred shares outstanding, putting the per-share result in focus. Strive, Inc. NASDAQASST NASDAQSATA, a Dallas bitcoin treasury and structured finance company, reported in an Oct. 5 filing that it bought 2,000 bitcoin between Sept. 28 and Oct. 2. The filing puts its average cost at US$84,422 per coin, including fees, and its Oct. 2 holdings at 29,462 bitcoin.
Chief executive Matt Cole put the purchase at US$169 million in an Oct. 5 post. The 2,000 coins added about 7.3 per cent to Strive's Sept. 25 balance of 27,462, but its effective common share count also rose during that period, according to the filing. The company reports the coin count and share count separately; a larger bitcoin treasury does not translate one for one into a larger common shareholder claim.
Strive's NASDAQASST common shares closed at US$30.03 at 4 p.m. EDT on Oct. 2. Its NASDAQSATA preferred shares closed at US$99.96 at 4 p.m. EDT on Oct. 2. Both Nasdaq closes predate the Oct. 5 disclosure.
The Oct. 5 filing put cash and cash equivalents at US$248.8 million on Sept. 25. By Oct. 2, cash had reached US$284.7 million. Those snapshots bracket the buying week, but they do not by themselves trace a particular dollar of financing to a particular bitcoin purchase.
Common And Preferred Share Counts Expanded
Strive's Oct. 5 share table shows 97,651,721 effective common shares outstanding on Sept. 25. By Oct. 2, the count had reached 100,938,986. Preferred shares numbered 12,193,180 on Sept. 25 and 13,498,082 on Oct. 2. The common count increased by 3,287,265, roughly 3.4 per cent.
On a simple division of bitcoin held by effective common shares, the week left about 3.8 per cent more gross bitcoin per common share. That calculation does not subtract preferred claims or include all possible future warrant exercises. The gross bitcoin balance increased 7.3 per cent over the same week, so the common share denominator absorbed part of that gain.
The filing lists 100,776,795 assumed fully diluted shares on Sept. 25. The Oct. 2 count was 103,714,772. Strive's definition includes outstanding common shares, options and unvested employee awards, but excludes the shares underlying traditional warrants. The warrant count fell from 25,349,806 to 23,249,706 over the same period. Those warrant shares sit outside Strive's reported assumed fully diluted share count.
"During the three-months ended September 30, 2026, the Company acquired 8,137 bitcoin at an average cost of $78,885 per bitcoin," Strive said in its Oct. 5 filing.
Strive held 28,000 bitcoin on Sept. 30, then 29,462 by Oct. 2. Its Sept. 30 table assigned the coins a US$2.34 billion fair value and listed a bitcoin market price of US$83,577 that day. The US$84,422 weekly purchase average is the acquisition cost of the new coins; the quarter-end balance records fair value for the coins already held.
Preferred Capital Carries A Cash Cost
At Sept. 30, the Oct. 5 filing listed US$1.294 billion as the preferred stock's stated amount and zero debt principal. It also listed a US$168.2 million annualized interest obligation, the company's own label for that balance-sheet metric.
The preferred shares have a continuing cash cost. In its Aug. 10 second-quarter release, Strive said daily preferred dividends began June 16 and that it had paid 44 consecutive dividends through Aug. 7. The same release reported a US$257.6 million second-quarter net loss, with US$234.0 million attributed to declining fair values of its bitcoin and preferred-stock investments. That earlier result shows how changes in market value flow through Strive's reported earnings even while it keeps adding coins.
A Canadian treasury peer provides a different financing example. Matador Technologies Inc. CVEMATA OTCMKTSMATAF, a Toronto bitcoin treasury company that develops bitcoin-native products, reported on Oct. 2 that about 138 of its roughly 168 bitcoin were pledged against secured notes. An earlier Mugglehead report on Matador's secured borrowing followed that collateral and its upcoming preferred-share vote. Strive's Sept. 30 table, by comparison, recorded zero debt principal alongside its US$1.294 billion preferred stated amount.
Read more: Matador Technologies reports about 168 bitcoin, roughly 138 pledged
Strive's Form 10-Q for the quarter ended Sept. 30 will be the next detailed test of its cash flows and preferred claims. The next fixed measurement date is Dec. 31, when holders can compare any further bitcoin purchases with the common and preferred share counts that finance them.
