- Strive purchased 469 Bitcoin between 8 September and 11 September at an average of about US$77,954 each, lifting its treasury to 25,000 BTC, chief executive Matt Cole said on 14 September.
- Cole said the US$36.6 million purchase was funded entirely through sales of SATA, the company’s perpetual preferred stock, which now has more than US$1 billion in notional value outstanding.
- Strive’s amplification ratio, a measure of the preferred stock and debt it carries against its Bitcoin, rose to 53.5%.
Strive crossed 25,000 Bitcoin last week after buying 469 coins between 8 September and 11 September, funding the purchase entirely through sales of its SATA perpetual preferred stock.
The company paid an average of about US$77,954 (AU$109,136) per coin, according to a filing with the US Securities and Exchange Commission, and Cole put the total outlay at US$36.6 million (AU$51.24 million).
The buy was smaller than the 1,375 Bitcoin Strive added the previous week for about US$109 million (AU$152.6 million), and it lifted the company’s holdings from 24,531 coins.
Cole said the sales pushed the notional value of Strive’s outstanding SATA stock past US$1 billion (AU$1.4 billion) for the first time and raised its amplification ratio, a measure of the preferred stock and debt it carries against the value of its Bitcoin, to 53.5%.
Read more: Iran Eases Crypto Rules as Sanctions Push Businesses Toward Bitcoin and USDT
Funded by Preferred Stock
The filing showed Strive issued about 402,541 new SATA shares over the week while its cash rose only slightly, to US$204.2 million (AU$285.88 million).
Cole had flagged the approaching milestone a week earlier, when SATA stood just short of the mark, writing that it was “time to break the billion-dollar wall”. Strive also holds 505,000 shares of Strategy’s STRC preferred stock, valued at US$49.8 million (AU$69.72 million).
Tapping the SATA market has become the company’s main way of funding Bitcoin purchases as it competes with larger corporate holders, a contest tracked as Strive and Strategy reloaded their treasuries. A perpetual preferred stock pays a fixed dividend and has no maturity date, so it does not have to be repaid the way debt does.
Strive, the treasury company founded by Vivek Ramaswamy, became a public Bitcoin holder through a combination with Asset Entities and trades on the Nasdaq as ASST.
It expanded sharply after completing a merger with Semler Scientific in January, folding a second corporate Bitcoin holder into its treasury. Strive has kept buying through recent weeks even as larger holder Strategy sat out several rounds.
Read more: Germany Plans 25% Crypto Tax on New Investments From 2028
Be the first to comment