Strive buys 6,182 bitcoin for $511 million, paid for with a 15% preferred stock

Strive, Inc. (Nasdaq: ASST) bought 6,182 bitcoin between October 17 and October 23 at an average of about $82,732 each, including fees, according to an 8-K it filed on October 26. That is roughly $511 million, and it lifts the company's holdings from 36,818 to exactly 43,000 bitcoin.

How the purchase compares with new supply

Bitcoin miners currently create 450 coins a day (3.125 per block, 144 blocks a day), or 3,150 in a seven-day week. Strive's one-week purchase was about 1.96 times that. One company absorbed nearly two weeks of newly mined supply in a single week, which is a concrete way to size corporate demand without leaning on slogans about scarcity.

It did not lift the price on its own. Coinbase showed bitcoin at $80,014 this morning, about 3.3% below Strive's average cost. At that price the 43,000 coins are worth roughly $3.44 billion.

The funding is the real story

The same filing shows where the money came from. Strive listed 7,000,000 shares of a new 15.00% Series A Perpetual SATS Preferred Stock that did not exist a week earlier. The stock has a $100 stated amount, so the offering was worth $700 million gross, and Strive's October 20 8-K describes the closing. Cash rose from $317.5 million to $504.4 million over the week even after the $511 million of bitcoin, which is consistent with the preferred proceeds covering both. We did not see a net-proceeds figure, so treat that reconciliation as an estimate.

Cumulative dividends of 15% a year on $700 million come to $105 million annually, paid whether or not the bitcoin goes up. At today's price that is about 1,312 bitcoin a year, or 3.6 coins a day, which Strive has to cover from cash, new capital or sales. The board declared the first dividends on October 21: $0.8710 per share for the initial periods, paid on a security that accrues dividends every business day.

A $1 billion tap, opened the same day

Also on October 26, Strive filed a sales agreement with seven banks, including Cantor Fitzgerald and Barclays, letting it sell up to $1 billion more of the SATS stock "at the market" over time. Agents earn commission of up to 2.0% of gross proceeds, which on a full $1 billion would be up to $20 million. The company is not obliged to sell any of it. The prospectus supplement carries the usual warning that there is no assurance it will realize cash proceeds from its planned bitcoin purchases.

The arithmetic is simple. If the full $1 billion were sold, annual dividends on SATS would grow by another $150 million, to $255 million. That is the trade the strategy makes: the buyer of the preferred stock gets a fixed 15% in dollars, and common shareholders and Strive carry the bitcoin price risk.

Why it matters beyond one company

The pattern is now familiar: a treasury company sells a high-yield preferred stock, converts the proceeds to bitcoin and discloses it a few days later. It works while buyers will accept the paper and the bitcoin price holds. Common shares also rose by about 3.27 million in the week, a 2.7% increase in the effective share count, so existing holders were diluted at the same time.

The week's timing is also worth noting. The filing reports purchases made October 17 to 23, and the bitcoin price has slipped since. Readers following corporate buying should compare the purchase window with the filing date, as with the October 6 treasury-company disclosures we covered.

Live prices are on our crypto prices page.

Sources: Strive 8-K, Oct 26 (SEC); Strive 8-K, sales agreement (SEC); Strive prospectus supplement (SEC); Coinbase BTC-USD price at about 9:30 AM ET on October 27, 2026. Dividend and supply arithmetic is ours. Information, not investment advice.