Strive bought another 1,223 Bitcoin for approximately $100 million, lifting its holdings to 36,818 BTC. The purchase is the third announced in eight days, and the company is preparing to settle a $630 million preferred stock offering.
Strive bought 1,223 Bitcoin at an average price of $81,734 per coin, according to CEO Matt Cole's October 19 announcement. The purchase brought its reported holdings to 36,818 BTC, above 36,000 BTC for the first time.
At a Bitcoin price of approximately $82,000, the holdings would be worth around $3.02 billion. That market value changes with Bitcoin's price.
Three purchases in eight days
The company reported three Bitcoin purchase batches within eight days, totaling 7,356 BTC. The first was 3,311 BTC at approximately $84,500 per coin, and the second was 2,822 BTC for approximately $235 million.
As a result, holdings rose by approximately 25% from the 29,462 BTC Strive held before the three transactions. The latest price of $81,734 was approximately 3.3% below the $84,500 paid in the earlier 3,311 BTC purchase.
CryptoPotato said the pace of Strive's buying has outperformed Strategy's recent acquisitions, though the Saylor-led company remains the leader in BTC accumulation.
Financing behind the buying
Strive's accumulation has coincided with new financing. The company said that all remaining traditional warrants had been exercised or expired by October 16, and a later update put cumulative exercise proceeds at approximately $369.2 million.
Next comes the SATS offering. Strive raised the size to 7 million shares priced at $90 each, implying gross proceeds of approximately $630 million before underwriting discounts and other offering expenses. Settlement is scheduled for October 20, subject to customary closing conditions.
The company also intends to keep a reserve covering approximately 18 months of preferred dividend obligations. In an October investor presentation, Strive described a reserve of approximately $386 million in cash and marketable securities.
Sources: crypto.news, CryptoPotato
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