Strive Buys 6,182 BTC for $511.4M, Marking Largest-Ever Purchase

Strive Asset Management has increased its bitcoin holdings after a big acquisition that highlights Bitcoin’s importance as a core reserve asset. Chief Executive Matt Cole announced that the company bought 6,182 BTC, worth about $511.4 million. The purchase marks the company’s largest BTC acquisition since it started buying bitcoin.

The acquisition arrives as bitcoin’s October performance falls short of the gains investors have historically associated with the month. As of this writing, BTC is priced at $79,500 per CoinGecko data.

Strive Makes Record $511M BTC Purchase

Strive made its latest purchase between October 17 and October 23, paying an average of $82,732 per coin, including fees. This purchase increased its bitcoin holdings from 36,818 BTC to 43,000 BTC.

Before this acquisition, Strive bought 1,223 BTC the previous week, showing that the company is actively participating in the market. During the same period, the company’s cash and cash equivalents rose from $317.5 million to $504.4 million, providing more financial details.

Strive’s purchases occurred when bitcoin noticeably dropped in October by 3.6% by October 25, despite the month’s reputation for historically strong crypto returns. Historical data shows that bitcoin has typically gained around 16.6% in October, with positive returns in about 75% of previous years.

Interestingly, Strive currently ranks as the fourth-largest BTC treasury firm. It trails Strategy, Metaplanet, and Twenty One. Its goal is to surpass Metaplanet and Twenty One in their second and third positions, respectively, to become the second-largest BTC corporate holder.

Strive Opens $1B SATS Preferred-Stock Programme to Support Bitcoin Buys

Alongside its bitcoin acquisition, Strive announced an at-the-market programme allowing it to sell up to $1 billion of its Series A perpetual preferred stock, known as SATS. These securities have a cumulative annual dividend rate of 15%, based on a liquidation preference of $100 per share.

According to the filing, Strive plans to use the net proceeds from this program for various purposes, including additional bitcoin acquisitions. This approach provides management with an alternative source of capital, reducing its dependency on existing cash reserves or the issuance of common stock for future purchases.

In the meantime, the leading Bitcoin treasury company Strategy did not buy or sell any bitcoin between October 19 and October 25, ending a five-week streak of acquisitions. Instead, the company repurchased 2.07 million STRC preferred shares for approximately $204.9 million, using its USD cash reserve. 

As of October 25, the firm’s USD Reserve stood at $4.83 billion, with USD cash balances totaling $242.4 million.

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