Strive Buys 3,311 Bitcoin as Warrant Deadline Approaches

Strive purchased 3,311 Bitcoin (BTC) for roughly $280 million ahead of a key deadline for its traditional warrants, lifting the company’s holdings to 32,773 BTC.

The purchases took place from Oct. 5 through Oct. 9 at an average price of approximately $84,500 per bitcoin, including fees and expenses. The implied purchase value is about $279.8 million.

Shares underlying Strive’s traditional warrants fell by 7,993,806 during the week to 15,255,900 as of Oct. 9. The warrants were scheduled to expire at 5 p.m. ET (9 p.m. UTC) on Oct. 13.

Strive Chairman and CEO Matt Cole said approximately $208 million in warrants had been exercised, with roughly 15.3 million shares underlying warrants remaining before the deadline. The company’s filing does not state that warrant proceeds directly financed the Bitcoin purchase.

Strive’s cash and cash equivalents increased to $310.3 million on Oct. 9 from $284.7 million on Oct. 2. Its Class A common stock trades under ASST, while its Variable Rate Series A Perpetual Preferred Stock trades under SATA.