Strive, the publicly listed Bitcoin-focused treasury firm, reported that warrant holders converted $208 million into fresh Bitcoin purchases, expanding its reserve by more than 11% in the week to Oct. 9.
Warrant conversion and Bitcoin acquisition
The company disclosed that it bought 3,311 BTC at an average price near $84,500 each. Those coins were added to a pre-existing pool that now totals 32,773 BTC, positioning Strive as the fifth-largest publicly traded holder of the cryptocurrency. At the time of filing, Bitcoin was trading around $83,300, while Strive’s common shares were listed at $27.52.
Share structure and issuance price changes
Alongside the Bitcoin buy-in, Strive amended its charter to impose a $100 floor on the issuance price of its preferred shares, which had been trading just below that level at $99.40. The firm also noted that the increase in Bitcoin holdings per share outpaced the 9.4% rise in its effective common share count, indicating that each share now represents a larger slice of the treasury.
Commentary from industry veterans
Michael Saylor, the founder of Strategy, praised Strive’s approach, saying the company is converting demand for its digital equity and credit instruments into demand for Bitcoin. He highlighted the rapid growth as evidence that capital markets are accelerating Bitcoin adoption. For comparison, Strategy added a modest 250 BTC to its own treasury, bringing its total to 848,250 BTC and keeping it the largest corporate Bitcoin holder.
Why it matters
Strive’s aggressive warrant exercise demonstrates how publicly traded structures can quickly mobilise capital for Bitcoin purchases, potentially setting a template for other firms seeking to deepen crypto exposure. The move also tightens the link between equity financing and digital asset accumulation, a dynamic that could influence investor sentiment and regulatory scrutiny of corporate crypto treasuries.
