Strive Buys 2,000 Bitcoin and Discloses a Buyback Facility for Its Preferred Stock
By Unchained
AI summary of the source article
Dallas-based Strive disclosed in a Form 8-K filing that it acquired 2,000 bitcoin between Sept. 28 and Oct. 2 for $169 million, averaging $84,422 per coin. The buy brought its total holdings to 29,462 BTC. CEO Matt Cole noted that 61.5% of the capital raised came from its variable-rate perpetual preferred stock, SATA, alongside $56.7 million from warrant exercises. Additionally, Strive implemented a repurchase facility of up to $500 million for SATA shares. As of Sept. 30, Strive reported a preliminary, unaudited debt-free treasury of roughly $2.68 billion.
Why it matters
The disclosure highlights how corporate treasury managers are utilizing structured preferred equity and warrant mechanisms to aggressively accumulate bitcoin without taking on debt.
Key facts
- Strive purchased 2,000 bitcoin for $169 million, bringing total holdings to 29,462 BTC.
- The company established a repurchase facility of up to $500 million for its SATA preferred stock.
- Strive reported a total debt-free treasury of about $2.68 billion as of September 30.