Strive buys $335M in Bitcoin after $369M warrant windfall

Strive, the Nasdaq-listed Bitcoin treasury company, just turned a warrant payday into a Bitcoin shopping spree. The firm acquired 4,045 BTC for approximately $335 million between October 12 and 16. It isn’t stopping there. Strive has also priced a $630 million preferred stock offering, which means the next round of purchases already has funding lined up. The details: warrants in, Bitcoin out Warrants covering 13.7 million shares were exercised, generating approximately $369.2 million in expected gross proceeds. The participation rate came in at 94%. Strive put most of that money straight to work. The 4,045 BTC were bought at an average price of around $82,803 per coin, including fees. The purchase lifts Strive’s total holdings to 36,818 BTC. At current prices, that stash is valued at roughly $3 billion. Strive has priced an upsized offering of 7 million shares of its 15% Series A Perpetual SATS preferred stock, targeting gross proceeds of $630 million. The deal is set to settle on October 20. The company has earmarked the proceeds for general corporate purposes, with expanded Bitcoin purchases explicitly on the list. Background: from 7,525 to 36,818 in one year Strive, Inc. trades ...