Public asset manager Strive purchased 1,110 Bitcoin last week, spending approximately $87.5 million and paying an average price of $73,409 per Bitcoin, including fees and expenses. The purchases were detailed in an August 24 filing with the Securities and Exchange Commission.
Co-founded in 2022 by Vivek Ramaswamy, Strive increased its total Bitcoin holdings by 5.5% between August 17 and August 21, moving its total from 20,246 BTC to 21,356 BTC, valued at approximately $1.7 billion. To fund the treasury strategy, the company utilized at-the-market offerings to issue new common and preferred shares.
During the period, Strive issued 3,646,300 new Class A common shares, raising its total share count by 4.8% to 79,890,888. It also issued 441,313 shares of its perpetual preferred stock, known as SATA, increasing that total by 5.6% to 8,270,815. Because SATA traded near or above its $100 face value during the offering, the company was able to issue the preferred shares without pricing them below that threshold.
Due to the concurrent issuance of new shares, Strive's Bitcoin per fully diluted share increased by approximately 1.4%. Despite completing the Bitcoin purchases, the company ended August 21 with $171.9 million in cash and cash equivalents, an increase from $154.8 million the previous week.
