Strive purchased 4,045 BTC worth approximately $335 million between October 12 and 16, 2026, at an average price of $82,803 per coin. On-chain analytics account @lookonchain on X noted that the US-based firm’s total holdings have reached 15,462 BTC worth $1.27 billion over the past two months, acquired at an average purchase price of $82,417. The massive crypto shopping spree was funded through the issuance of new shares, which immediately diluted existing shareholders.
Where the Purchase Funds Came From
The acquisition funds were not drawn from existing operational cash reserves. Instead, the company capitalized on the redemption of 273,493,909 warrants by investors on October 12 and 13, 2026, raising $369.2 million in fresh capital. To facilitate the redemption, Strive issued 13,674,703 new Class A common shares. The number of outstanding Class A shares surged from 101.2 million to 114.8 million within a week, resulting in a dilution rate of approximately 13.5%. After completing the Bitcoin purchases, Strive closed the week with a cash balance of $317.5 million, up $7.2 million from the previous week.
Further fundraising is now underway through another equity instrument. Strive expanded its offering of 15% perpetual Series A preferred stock, named SATS, to 7 million shares priced at $90 each, aiming to raise $630 million. Dividends on these preferred shares are cumulative. From the proceeds raised, Strive is allocating $22.50 per share specifically toward a dividend reserve covering the first 18 months. Settlement of this preferred stock offering is scheduled for October 20, 2026.
The Threat of New MSCI Screening Rules
This Bitcoin accumulation strategy faces tightening criteria from capital market index providers. On October 15, 2026, MSCI instituted new rules targeting non-operating companies. Issuers that fail to pass the operating asset screen risk exclusion from MSCI indexes effective November 30, 2026, with the list of impacted companies scheduled to be announced on November 11. The policy has placed public companies whose balance sheets are dominated by crypto reserve assets under intense scrutiny.
Strive was founded in 2022 by Vivek Ramaswamy as an anti-ESG asset manager before adopting Bitcoin as a treasury reserve asset in May 2025. The Nasdaq-listed company also agreed to acquire Semler Scientific, which holds roughly 5,000 BTC, in an all-stock deal valued at around $1.3 billion this past September. For Strive’s public shareholders, this accumulation strategy provides large-scale Bitcoin exposure, but with a tangible trade-off: their ownership stake is reduced each time the company issues new shares to add coins to its balance sheet.
Via Decrypt.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
