Add as a preferred source on GoogleStrive Buys 124 Bitcoin, About 2% of Its Prior Week's Total
The company paid an average of about $80,526 per coin and used its SATS at-the-market program for the first time, CEO Matt Cole said.
Strive bought 124 Bitcoin (BTC) from Oct. 24-30, slowing weekly buying as the Nasdaq-listed company ended the period with 43,124 BTC in its treasury.
That purchase was about 2% of the 6,182 BTC Strive acquired from Oct. 17-23. The company paid an average of about $80,526 per coin, including fees and expenses, for a total of roughly $10 million.
The new balance is slightly above Strive's previously disclosed holdings of about 43,000 BTC.
As of Oct. 30, Strive had $490.4 million in cash and cash equivalents, down from $504.4 million seven days earlier. CEO Matt Cole said “existing cash funded most purchases” during the week.
Cole also said Strive used its SATS at-the-market program for the first time, with SATS accounting for “100% of weekly ATM proceeds.” SATS shares outstanding totaled 7,003,418, up 3,418 from 7 million a week earlier.
Filed on Oct. 26, the program allows Strive to sell up to $1 billion of its 15% Series A Perpetual SATS Preferred Stock gradually at market prices.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.