- Strive purchased 469 Bitcoin between 8 September and 11 September at an average of about US$77,954 each, lifting its treasury to 25,000 BTC, chief executive Matt Cole said on 14 September.
- Cole said the US$36.6 million purchase was funded entirely through sales of SATA, the company’s perpetual preferred stock, which now has more than US$1 billion in notional value outstanding.
- Strive’s amplification ratio, a measure of the preferred stock and debt it carries against its Bitcoin, rose to 53.5%.
Strive crossed 25,000 Bitcoin last week after buying 469 coins between 8 September and 11 September, funding the purchase entirely through sales of its SATA perpetual preferred stock.
The company paid an average of about US$77,954 (AU$109,136) per coin, according to a filing with the US Securities and Exchange Commission, and Cole put the total outlay at US$36.6 million (AU$51.24 million).
The buy was smaller than the 1,375 Bitcoin Strive added the previous week for about US$109 million (AU$152.6 million), and it lifted the company’s holdings from 24,531 coins.
Cole said the sales pushed the notional value of Strive’s outstanding SATA stock past US$1 billion (AU$1.4 billion) for the first time and raised its amplification ratio, a measure of the preferred stock and debt it carries against the value of its Bitcoin, to 53.5%.
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Funded by Preferred Stock
The filing showed Strive issued about 402,541 new SATA shares over the week while its cash rose only slightly, to US$204.2 million (AU$285.88 million).
Cole had flagged the approaching milestone a week earlier, when SATA stood just short of the mark, writing that it was “time to break the billion-dollar wall”. Strive also holds 505,000 shares of Strategy’s STRC preferred stock, valued at US$49.8 million (AU$69.72 million).
Tapping the SATA market has become the company’s main way of funding Bitcoin purchases as it competes with larger corporate holders, a contest tracked as Strive and Strategy reloaded their treasuries. A perpetual preferred stock pays a fixed dividend and has no maturity date, so it does not have to be repaid the way debt does.
Strive, the treasury company founded by Vivek Ramaswamy, became a public Bitcoin holder through a combination with Asset Entities and trades on the Nasdaq as ASST.
It expanded sharply after completing a merger with Semler Scientific in January, folding a second corporate Bitcoin holder into its treasury. Strive has kept buying through recent weeks even as larger holder Strategy sat out several rounds.
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