Strive Adds 3,311 BTC as $208M Warrant Exercise Fuels 11% Holdings Jump

Strive, a publicly traded Bitcoin treasury company, expanded its holdings by 11.2% in the week ending October 9, 2026. According to an SEC filing reviewed by Queenby, Strive purchased 3,311 BTC at an average price of approximately $84,500 per coin.

The purchases brought its total holdings to 32,773 BTC, worth roughly $2.73 billion based on BTC's price around $83,300 when this article was written. This positions Strive as the fifth-largest publicly traded corporate Bitcoin holder globally, trailing Strategy, MetaPlanet, MARA Holdings, and Riot Platforms.

$208M Warrant Exercise Injects Capital

The surge was driven by investors exercising $208 million in warrants. Chairman and CEO Matt Cole said on X that approximately 15.3 million warrants remained unexercised, with their expiration deadline hitting last Tuesday.

Notably, Strive's Bitcoin reserves grew 11.2% while its effective common share count increased only 9.4%. This means each outstanding ASST share now has greater Bitcoin exposure compared to before, replicating a key feature of the Strategy playbook.

The company also amended its governance documents to set a binding $100 minimum issuance price for its SATA preferred shares. Those preferred shares were last trading at $99.40, slightly below the new floor.

Michael Saylor's Endorsement

Strategy chairman Michael Saylor—the OG of corporate Bitcoin—offered direct praise for Strive on X.

"Strive is turning demand for digital equity (ASST) and credit digital (SATA) into demand for Bitcoin. Its hypergrowth shows how capital markets are accelerating Bitcoin adoption."

Strive's strategy mirrors Strategy's own approach: issue common and preferred shares to raise capital, then deploy it all to accumulate Bitcoin. The difference is that Strive is still relatively small, so its percentage gains in a single week can far exceed Strategy's.

How Strive Stacks Up Against Strategy

For context, Strategy added a comparatively modest 250 BTC last week. However, with 848,250 total BTC, Strategy remains the undisputed leader in publicly traded corporate Bitcoin holdings, controlling more than 4% of Bitcoin's total supply cap of 21 million coins.

How Corporate Bitcoin Treasury Works

For those new to this space, the corporate Bitcoin treasury model operates on a simple mechanism:

1. The company issues common shares (or preferred shares) to investors.
2. Proceeds from the issuance are used to purchase BTC.
3. Each outstanding share carries implicit Bitcoin backing from the company's balance sheet.

The appeal for investors: exposure to Bitcoin without managing their own crypto wallets or custody solutions. For companies: the ability to accumulate BTC faster than relying on organic cash flow alone.

Michael Saylor and Strategy pioneered this model back in 2020. Today, dozens of public companies in the US and internationally have adopted similar approaches, including Strive, which trades under the ticker ASST.

What It Means for Traders

For those tracking the corporate Bitcoin space, several concrete data points are worth monitoring:

• ASST price action: If BTC-per-share growth consistently outpaces share dilution, this could be a sustained bullish catalyst for ASST. Watch $27.52 as nearby support. Conversely, if dilution accelerates faster than BTC accumulation, per-share exposure erodes.
• SATA preferred shares: Trading at $99.40, SATA sits below the new $100 issuance floor. This thin spread could become interesting if Strive maintains demand for its preferred shares. The expired warrants from Tuesday could shift supply-demand dynamics going forward.
• Remaining warrant volume: Out of the $208 million exercised, approximately 15.3 million warrants remain outstanding. Expiration dates and weekly warrant exercise data are figures worth checking on a recurring basis.
• Treasury model proliferation: If Strive keeps growing faster than it dilutes, expect more companies—especially in Asia—to replicate this playbook. New issuers entering the market could become a broader positive sentiment driver for the space.