Strive bought 3,311 BTC during Oct. 5–9 while its cash balance rose. Its gross Bitcoin per effective common share increased about 1.72%, while effective common shares expanded 9.36% and holdings grew 11.24%. Strategy, meanwhile, directed more capital to preferred-share repurchases than to new coins.
Strive, a Bitcoin treasury company, bought roughly $280 million of Bitcoin during Oct. 5–9 while increasing its cash balance. The purchase delivered a smaller change for common shareholders than the headline amount suggests.
Strive's Oct. 13 SEC disclosure reported purchases of 3,311 BTC at an average of approximately $84,500, including fees and expenses.
Strive's larger treasury translated into a modest per-share gain
Strive's Bitcoin holdings grew 11.24%, but effective common shares expanded 9.36%. Holdings rose from 29,462 BTC on Oct. 2 to 32,773 BTC on Oct. 9, while effective common shares increased from 100,938,986 to 110,387,204.
Cash and cash equivalents also rose from $284.7 million to $310.3 million over the same comparison.
The gain measures gross treasury exposure, not net asset value or an investment return. Strive's SATA preferred shares, however, increased from 13,498,082 to 14,030,176, and that stock ranks ahead of both common classes for dividends and liquidation distributions. A gross Bitcoin-per-common-share calculation does not subtract those senior claims.
Strategy puts more money into preferred buybacks than coins
Strategy's Oct. 12 update covered Oct. 5–11, two days beyond Strive's reporting window. It reported 250 BTC purchased for $21.5 million and $192.4 million spent repurchasing STRC preferred shares.
Strategy's 250-BTC acquisition brought holdings to 848,250 BTC at an average purchase price of $86,194, including fees and expenses. The two updates show different uses of capital, making Strategy's spending choices an incomplete gauge of other treasury companies' marginal purchases.
Bitcoin ETF flows show repeated withdrawals
The corporate disclosures overlapped a trading week with repeated Bitcoin ETF withdrawals. Farside data show net outflows of $89.8 million on Oct. 5, net inflows of $118.8 million on Oct. 6, net outflows of $484.9 million on Oct. 7, net outflows of $244.1 million on Oct. 8 and net inflows of $21.1 million on Oct. 9.
These are net fund flows, whereas the companies disclosed gross purchases. Different channels, accounting bases and reporting windows prevent subtracting the corporate purchases from ETF withdrawals to produce a market-wide demand balance.
Sources: CryptoSlate, Strive SEC filing, Strategy, Farside
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