61% of Strive’s 2,000 Bitcoin Buy Was Funded by SATA

Strive bought 2,000 bitcoin for about $169 million between September 28 and October 2, at an average of $84,422 a coin, fees included. Holdings went from 27,462 to 29,462. Matt Cole said 61.5% of the capital raised came from SATA, which works out to roughly 1,230 of those coins and about $104 million of the outlay. Warrants brought in another $56.7 million.

That print puts Strive 559 bitcoin behind Adam Back. His Bitcoin Standard Treasury Company, BSTR, holds 30,021. The SATA-funded slice alone, about 1,230 coins, is more than twice the gap. One more week on this scale and Strive passes him.

The numbers are in a Form 8-K filed October 5. Cole posted the buy on X the same morning. Michael Saylor replied, “Well stacked, Matt.”

SATA shares outstanding rose by 1,304,902 over the week, from 12,193,180 on September 25 to 13,498,082 on October 2. At the $100 stated amount, that is about $130.5 million of new preferred. A week earlier Cole had put SATA at 85% of capital raised, with warrants adding only $12.4 million. This week the preferred check was bigger and the warrant check was much bigger. The $56.7 million from exercises, plus the rest of the raise, covered the other 770 or so coins and left cash higher.

Class A shares increased by 3,255,119 to 91,708,804. Class B rose by 32,146 to 9,230,182. Effective common shares outstanding hit 100,938,986. Shares underlying traditional warrants fell by 2,100,100 to 23,249,706. Cash and cash equivalents went from $248.8 million to $284.7 million. Debt is still zero.

Zynx, posting on X after Cole, said SATA had raised more than $130 million in a single week and that the stack had grown 7.3% in one transaction. On the warrants he was blunt: holders looked shy, and he had expected more exercise this far along, but “there are no bad outcomes here.” Strive, he wrote, keeps separating itself from the rest of the treasury pack.

The filing also gives a September 30 cut, a day before the last coins in this batch landed in the October 2 count. Strive held 28,000 bitcoin at a $90,170 average cost, $284.7 million in cash, and STRC stock worth $50.2 million. Treasury value was $2.675 billion. SATA’s stated amount was $1.294 billion, with an annualized obligation of $168.2 million. In the third quarter the company bought 8,137 bitcoin at $78,885. This week’s $84,422 print is under the lifetime average and over the quarter’s.

Amplification was 55.3% at September 30. Bitcoin per assumed diluted share was 27,801 sats. BTC yield was 18.5% for the quarter to date, 63.2% for the fiscal year, and 99.4% over the last twelve months. Management said bitcoin looks cheap here, and that while it stays under $100,000 the aim is to get amplification above 60% and hold it there. Strive intends to stay debt-free. It also put in a repurchase facility of up to $500 million for SATA.

SATA is the variable-rate perpetual preferred, built to trade near a $100 par, with the dividend paid daily. The at-the-market program turns preferred proceeds into bitcoin without adding debt. Warrant exercises are what move the common count. This week about 1,230 of the 2,000 coins were on SATA capital.