Bitcoin accumulator Strive expects $369.2 million in gross proceeds as investors exercise their rights to purchase shares, while also planning a separate preferred stock offering that could fund new purchases.
According to The Block, which cited a company filing, CEO Matt Cole said the total warrant exercise rate reached 94%. The exercise of these instruments, which grant the right to purchase shares under predetermined terms, is expected to generate $369.2 million in gross proceeds in exchange for 13,674,703 of the company’s Class A common shares.
Seeking new funding for Bitcoin
Strive also proposed a public offering of 5 million shares of its 15% Series A Perpetual SATS preferred stock class. The stated $100 per share corresponds to a total nominal value of $500 million; the exact proceeds from the offering are not yet known.
If the plan goes ahead, the proceeds could be used for Bitcoin and Bitcoin-related purchases, as well as income-generating assets, working capital, and other corporate purposes. The offering will be subject to market conditions and other terms.
Latest purchase brings holdings to 35,595 Bitcoin
The funding announcements come after Strive’s $235 million Bitcoin purchase, which we previously reported. The company bought 2,822 BTC on October 12-13 at an average cost of $83,266, including transaction costs, bringing its total holdings to 35,595 BTC. The new share offering plan shows the company’s effort to fund future investments beyond this purchase.
Not investment advice.