Strive Buys 124 Bitcoin at an Average of $80,526, Uses SATS Program to Fund Purchase
Key Facts
Strive bought 124 bitcoin between October 24 and 30 at an average price of about $80,526 per coin, including fees and expenses, according to a filing with the U.S. Securities and Exchange Commission. Chief Executive Matt Cole said existing cash funded most of the purchases and that the company used its at-the-market offering program for SATS preferred stock for the first time. Cash and cash equivalents totaled $490.4 million on October 30, down $14 million from October 23, according to the filing. The deal follows the company’s purchases of about $1.25 billion in bitcoin during October alone, according to The Block. The contrast between the month’s purchases and the limited size of the latest transaction highlights the role of financing and liquidity in the company’s accumulation strategy.
The SATS program allows the sale of preferred shares through at-the-market offerings with an aggregate value of up to $1 billion. Strive launched the program on October 26, according to The Block, after its agreement enabled it to sell SATS shares to fund bitcoin purchases and other corporate expenses. The company’s prospectus says net proceeds may be used for general corporate purposes, including buying bitcoin, while management retains broad discretion over how the funds are allocated. Cole said the company used the program for the first time to finance its latest purchases, alongside available cash. That puts the program among the company’s available financing tools, while the amount it can raise and allocate remains subject to management decisions and offering terms.
Company data for the preceding period show the scale of the expansion that came before the latest purchase. On October 23, Strive said it held about 43,000 bitcoin, with a total cost of $3.8 billion and a fair value of $3.5 billion. The average acquisition price for that holding was $87,785 per coin, according to the company’s prospectus. The purchases from October 24 to 30 add to that balance, while the filing shows the latest purchase price averaged $80,526, including fees and expenses. Strive’s cash balance fell by $14 million between October 23 and 30 to $490.4 million, according to the filing.
Strive also holds 505,000 shares of Strategy’s STRC preferred stock, which The Block valued at about $50.1 million on October 30. In trading that day, Strive shares closed at $22.20, while bitcoin closed at $77,368.77, according to EL7 data. Those prices form part of the market backdrop at month-end; the filing did not link the company’s purchase decision to price movements. The announced transaction centers on the quantity, average acquisition price and funding sources, while the preferred-share balance represents an investment separate from its bitcoin holdings.
The Block’s ranking puts Strive in a race with Metaplanet for second place among publicly traded corporate bitcoin holders. The publication estimated that Strive might need to buy fewer than 100 bitcoin a week for the rest of 2026 to overtake Metaplanet, assuming the Japanese company makes no further purchases. This is The Block’s conditional estimate, not a purchase target announced by Strive. Cole previously described the pursuit of second place as a long-term goal, according to the publication. The companies’ rankings could change with any new purchases by Strive or its competitors during the rest of the year.
The SATS prospectus includes a schedule of regular distributions on each business day starting November 9, 2026, subject to a declaration by the board. The company set its first scheduled distribution at $0.8710 per share, payable November 9 to shareholders of record on November 6. Strive said cash distributions will be funded primarily through capital raising, including at-the-market offerings. The distribution schedule adds a recurring obligation alongside plans to use the program to finance bitcoin purchases and corporate purposes. The estimate for overtaking Metaplanet concerns a potential weekly purchase pace through the end of 2026 and remains conditional on the competitor making no further purchases.