Strive bought 2,822 BTC for $235 million, lifting its holdings to 35,595 BTC and moving it just ahead of MARA. Investors exercised its remaining traditional warrants, and the company also proposed a preferred stock offering that could fund further bitcoin purchases.
Bitcoin treasury company Strive bought another $235 million in BTC as investors exercised its remaining traditional warrants, bringing aggregate exercises to 94%, CEO Matt Cole said Wednesday.
The company purchased 2,822 BTC at an average price of approximately $83,266, including fees and expenses, between Oct. 12 and Oct. 13, according to a Form 8-K filing.
Strive narrows the gap with MARA
The purchase lifts Strive's total holdings to 35,595 BTC, making it the fourth-largest bitcoin treasury company. MARA holds 35,577 BTC, according to Bitcoin Treasuries data.
Strategy, Metaplanet and Tether-backed Twenty One make up the rest of the top 3, with 848,250 BTC, 44,000 BTC and 43,514 BTC, respectively. Crypto Briefing reports that MARA's holdings fell after a recent sale.
With Bitcoin hovering around $82,000 at press time, Crypto Briefing values Strive's stash at about $2.9 billion.
Warrants bring in $369.2 million
Strive generated $369.2 million in expected gross proceeds after investors exercised warrants covering 13,674,703 shares of its Class A common stock, the filing said.
Separately, the company proposed an initial public offering of 5 million shares of its 15% Series A Perpetual SATS preferred stock, with a stated amount of $100 per share. Strive said proceeds from the offering could fund bitcoin and bitcoin-related purchases, income-generating assets, working capital and other corporate purposes.
The offering remains subject to market and other conditions.
Sources: The Block, Crypto Briefing
Trading involves risk.
Risk Disclaimer
