Strive Turns $369M Warrant Windfall Into 4,045 Bitcoin, With $630M More Coming

Strive, Inc. converted about $369.2 million of warrant exercise proceeds into 4,045 Bitcoin in the week of October 12, according to an SEC filing dated October 19.

The mechanics are the story. Holders exercised warrants covering 13.7 million Strive shares at a 94% participation rate, generating the roughly $369.2 million in expected gross proceeds the filing describes. The company spent about $335 million of that between October 12 and 16, buying Bitcoin at an average of around $82,803 per coin including fees. Newly issued shares, in other words, funded the purchase directly rather than debt or cash on hand.

The company does not plan to stop there. Strive has priced an upsized offering of 7 million shares of its Series A Perpetual SATS preferred stock, targeting $630 million in gross proceeds, with the deal set to settle October 20. Proceeds are earmarked for general corporate purposes, and expanded Bitcoin purchases sit explicitly on that list, so the same raise-and-buy loop is set to run again within days of the warrant windfall.

Each loop carries a fixed cost. The SATS preferred pays a 15% dividend that ranks ahead of common shareholders in the capital stack, a recurring charge the company takes on before any further accumulation. The preferred stock is equity rather than borrowed money, so a debt-free description of the balance sheet survives even as senior claims on the company’s returns pile up.

For investors following the corporate treasury sector, the sequence is the model to watch: warrants convert willingness to pay up into cash, cash converts into Bitcoin within days, and a high-coupon preferred raises the next tranche. Strive, co-founded by Vivek Ramaswamy and listed on Nasdaq under ASST, started 2026 holding about 7,525 Bitcoin and has since grown its stack more than 380%, to 36,818 coins valued at roughly $3 billion as of October 19.