As Strive accelerates its Bitcoin accumulation, will it become the next Strategy?

By Daii

From October 17 to 23, Strive purchased 6,182 Bitcoin for approximately USD 511.5 million, bringing total holdings to 43,000. Bitcoin here is a high-volatility treasury asset held by the company, and its price affects common stock, preferred stock, and corporate cash arrangements. Over the same period, Strategy maintained holdings of approximately 848,517 and used USD 204.9 million to repurchase its own STRC preferred stock. (Strive filing；Strategy filing）

Both companies are raising dollars through listed securities and managing Bitcoin treasury. Strive’s latest filing does not state how much of the funding for this purchase came from the SATS offering, so “buying these coins after issuing SATS” can only be treated as temporally adjacent events, not as a confirmed flow of funds verified transaction by transaction. (Strive filing；SATS Use of Proceeds）

1. The same engine, but common shareholders receive residual equity

Strive and Strategy issue common stock, preferred stock, or other securities, and allocate part of the proceeds to Bitcoin and corporate uses. Common shareholders rank after preferred securities and bear the main volatility of residual asset value; preferred stock receives dividends and liquidation assets first according to its terms. When the company’s total holdings increase, the per-share value of common stock still depends on the number of newly issued common shares, preference rights, cash, and other liabilities. (SATS prospectus；Strategy capital framework）

Between the two reporting dates from October 16 to 23, Strive’s Bitcoin increased from 36,818 to 43,000, and effective common shares increased from 124,064,126 to 127,328,346. “Bitcoin count ÷ effective common shares” rose from approximately 0.0002968 to 0.0003377, an increase of about 13.8%; using the assumed fully diluted share count listed in the filing, the increase was about 13.9%. (Strive filing）

This 13.8% can only be called a “rough per-share Bitcoin increase before deducting preference rights.” It does not subtract claims of SATS, SATA, or future debt, nor does it include cash, Strategy preferred-stock investments, or operating businesses in the numerator, so it cannot be directly stated as common-stock net asset value growth or return on investment. (Strive filing；SATS priority terms）

2. SATS reduces immediate share-count dilution while increasing preferred cash requirements

SATS is the Nasdaq ticker for Strive’s “15% Series A Perpetual Preferred Stock”; it pays a cumulative annual dividend of 15% on the $100 stated amount per share, ranks ahead of common stock in dividends and liquidation, and therefore reduces the residual cash and assets available to common stock. SATA is the ticker for Strive’s “Variable Rate Series A Perpetual Preferred Stock,” whose dividend and liquidation priority ranks above SATS; both layers of rights must be included in common-stock analysis. (SATS priority and dividend terms）

Strive issued 7 million SATS shares at $90 per share, with gross proceeds of approximately USD 630 million. The annual cumulative dividend is $15 per share, or approximately USD 105 million in total for the entire tranche; using gross proceeds as the denominator yields about 16.7%, before underwriting fees. Its initial liquidation preference is at least $100 per share, or approximately USD 700 million in total for the entire tranche, so the offering price, dividend calculation base, and liquidation priority are three different measures. (SATS pricing announcement；SATS prospectus）

The company placed assets equivalent to $22.50 per share, totaling approximately USD 157.5 million, into a dividend reserve to cover the stated dividends for the initial 18 months. The company has declared a first dividend of $0.8710 per share on November 9, and a dividend of $0.0658 per share on each business day from November 10 to 30; future periods still depend on board declarations and available funds. The reserve is managed by the company, not held by an independent trustee, and does not turn SATS into a bank deposit. (SATS dividend and reserve terms）

3. Strategy has greater scale and more cash tools, while near-term flexible cash is also declining

Strategy's holding of about 848,517 bitcoin is roughly 19.7 times Strive's. An additional 1,000 bitcoin would increase Strive's bitcoin holdings by about 2.3% and Strategy's by about 0.12%; a smaller base can produce a more striking percentage increase, but it does not automatically lead to higher common-share returns. (Strategy filing；Strive filing）

As of October 25, Strategy reported dedicated dollar reserves of $4.83 billion, plus $242.4 million in dollar cash available for broader treasury purposes. During the week, it used $204.9 million from the latter account to repurchase 2,068,459 shares of STRC; STRC is the ticker for Strategy's Variable Rate Series A Perpetual Preferred Stock, and repurchases reduce preferred shares outstanding but also directly consume flexible cash. (Strategy filing）

Strive's growth also includes mergers and acquisitions. After acquiring Semler Scientific in January 2026, the combined company held about 12,797.9 bitcoin and retained its medical device and software businesses. The current total of 43,000 bitcoin therefore mixes assets acquired through M&A, subsequent securities financing, and market purchases, and cannot be fully attributed to a single bitcoin-buying strategy. (Semler acquisition announcement）

4. The next filing can be checked with two calculations

Strategy's October 28 amendment allows four classes of preferred stock to use daily dividend record dates: STRC effective November 1, and the other three classes effective January 1, 2027. Entitlements arising on weekends and holidays may be consolidated into the same record date and payment date, and brokers and trading venues may handle them differently; this changes the recordkeeping and payment cadence and does not create a right for holders to redeem at $100 at any time. (Strategy daily dividend amendment filing；Strategy capital framework）

Readers can replace the two lines of figures after Strive's next Form 8-K (the U.S. public company current report used to disclose important changes such as holdings, financing, and share counts) is filed: the first line calculates 'bitcoin at period-end ÷ effective common shares'; the second line records 'annual dividends on all preferred shares, debt, and dedicated reserves.' If the filing does not disclose aggregate burden or restricted cash, mark them as 'unknown' rather than filling the gap with the 43,000 bitcoin holding. (Strive filing；SATS prospectus）

SATS is listed on the Nasdaq Global Market (a U.S. securities exchange) and is held through the Depository Trust Company system (responsible for securities book-entry, clearing, and settlement). Actual trading remains subject to broker account opening, settlement arrangements, and local securities rules. The documents reviewed do not establish that investors in mainland China are permitted to purchase; transferability in the market also does not mean anyone can redeem directly with Strive at $100. The calculation exercises provided in this article do not require holding any class of securities. (SATS listing, settlement, and redemption terms）

Existing evidence supports that 'Strive has adopted a securities financing structure similar to Strategy's.' Whether common shares continue to benefit still depends on seeing preferred rights, dividends, cash, and fully diluted share counts change together; if the next filing continues to raise bitcoin per share while maintaining explainable cash coverage and financing prices, the case for catching up would gain new evidence. (Strive filing；Strategy capital framework）

Source: TechFlow