Strive adds $235M in bitcoin, banks $369M from warrants, and lines up a 15% preferred stock raise

Strive, the bitcoin treasury company run by CEO Matt Cole, said Wednesday it bought 2,822 BTC for about $235 million, bringing its stack to 35,595 BTC. The purchases were made between Oct. 12 and Oct. 13 at an average price of roughly $83,266 including fees, according to a Form 8-K filing cited by The Block.

The buy edges Strive past MARA — 35,595 BTC to 35,577, a gap of 18 coins — to sit fourth among public bitcoin treasuries, per Bitcoin Treasuries data cited in the same report. Ahead of it: Strategy (848,250 BTC), Metaplanet (44,000), and Tether-backed Twenty One (43,514).

The purchase was funded alongside a warrant wave. Strive said investors exercised traditional warrants covering 13,674,703 Class A shares, generating an expected $369.2 million in gross proceeds and bringing aggregate warrant participation to 94%, the filing said.

Separately, the company proposed selling 5 million shares of a new 15% Series A Perpetual "SATS" preferred stock at a $100 stated amount per share. Strive said proceeds could fund bitcoin and bitcoin-related purchases, income-generating assets, and working capital. The offering remains subject to market and other conditions. Strive's common stock (ASST) was down 7.5% on the day.

Key facts

• 2,822 BTC bought for ~$235M, avg ~$83,266 incl. fees, Oct. 12–13 — Form 8-K, via The Block
• Total holdings: 35,595 BTC; MARA holds 35,577 — Bitcoin Treasuries data, via The Block
• Warrant exercises: 13,674,703 Class A shares, ~$369.2M expected gross proceeds, 94% aggregate participation — filing, via The Block
• Proposed raise: 5M shares of 15% Series A Perpetual preferred at $100/share — filing, via The Block
• ASST down 7.5% on the day — The Block

The real-world read

Nearly every figure here originates with Strive — its own 8-K and its CEO — so treat the framing as a company telling its own story. The "fourth-largest, narrowing the gap" line is doing promotional work: an 18-BTC lead over MARA is a rounding error that one day's price move could erase, not a durable ranking. Cole's prior claim that Strive could finish 2026 as the world's second-largest public holder is a forecast he himself called uncertain, not a plan.

The financing is the part worth watching. A 15% perpetual preferred is expensive money — a standing dividend obligation Strive takes on to buy an asset it bought this week near $83,000. The Block, in related coverage, flagged K33's argument that Strategy's preferred-stock financing may cost it bitcoin; the same math pressure applies to any treasury firm leaning on high-coupon preferreds. The stock falling 7.5% on an announcement of accretive buying and fresh cash suggests the market isn't reading the preferred raise as unalloaded good news. None of the warrant or offering proceeds are confirmed as deployed yet — the preferred sale hasn't closed.

Opinion, and whose

• That Strive "could finish 2026 as the world's second-largest public bitcoin holder" is Cole's own projection, which he described as uncertain.
• That high-coupon preferred financing can erode a treasury firm's bitcoin over time is an argument The Block attributed to K33, made in the context of Strategy.

Sources

• The Block (Tier 2, secondary) — figures on the purchase, holdings, warrant proceeds, rankings, and the preferred offering; itself citing Strive's Form 8-K, CEO Matt Cole, and Bitcoin Treasuries data. Also the source for the K33 argument referenced above. Not sponsored.
• Strive Form 8-K (primary, as cited by The Block) — the underlying disclosure; not independently reviewed here.

Not financial advice.