Strive bought approximately $511 million worth of Bitcoin between October 17 and 23, bringing its total holdings to 43,000 BTC, while also establishing a $1 billion stock sale program that could fund additional purchases.
According to Wu Blockchain, citing SEC filings, the company purchased 6,182 BTC during the period. The average purchase price was approximately $82,732 per Bitcoin.
Based on the reported quantity and average price, the weekly purchase was worth approximately $511 million. With these latest purchases, Strive’s Bitcoin holdings reached 43,000 BTC.
Program allows up to $1 billion in stock sales
The company also launched a program allowing it to sell its SATS-listed perpetual preferred shares at market prices. The program has a maximum size of $1 billion.
This structure allows the company to raise funds by selling shares under the program. The announced $1 billion is not money already raised, but the maximum amount of potential sales.
Proceeds could also fund new Bitcoin purchases
Potential uses for the proceeds include additional Bitcoin purchases. Strive could also use the funds for working capital, income-generating investments, and share repurchases.
Thus, alongside its completed weekly Bitcoin purchase, the company has established a new financing option; not all proceeds from the program are earmarked for Bitcoin purchases.
Not investment advice.