Strive (NASDAQ:ASST), the Bitcoin-focused publicly traded treasury company, disclosed this week that investors exercised more than $200 million in warrants, funding a significant expansion of its digital asset holdings.
In a Form 8-K filed with the US Securities and Exchange Commission (SEC) on October 13, 2026, the firm reported purchasing 3,311 bitcoin between October 5 and October 9 at an average price of approximately $84,500 per coin, including fees and expenses.
The acquisition lifted total holdings from 29,462 bitcoin as of October 2 to 32,773 bitcoin, an increase of more than 11 percent in a single week and placing the company among the largest corporate holders of the cryptocurrency by industry rankings.
Chairman and CEO Matt Cole highlighted the financing activity in a post on X, noting that roughly $208 million in warrants had been exercised, with approximately 15.3 million remaining outstanding ahead of their scheduled expiration at 5 p.m. ET on October 13.
The filing confirmed a corresponding reduction in shares underlying the traditional warrants.
During the reporting period, Strive’s bitcoin reserves grew faster than its effective common share count, which rose about 9.4 percent.
This differential increased the amount of bitcoin held per share even as the company issued additional equity to raise capital.
The company also formalized protections around its preferred stock.
It amended governing documents to establish a binding minimum issuance price of $100 for its Variable Rate Series A Perpetual Preferred Stock (SATA).
The shares had recently traded near that level, and the change prevents future issuances below the threshold.
Cash and cash equivalents rose during the week despite the bitcoin purchases, reaching roughly $310 million.
Michael Saylor, chairman of Strategy—the largest publicly traded corporate bitcoin holder—praised the approach on X.
He observed that Strive is converting demand for its common equity (ASST) and preferred digital credit (SATA) into additional demand for bitcoin, illustrating how capital markets activity can accelerate adoption of the asset.
The moves fit a broader pattern of continued accumulation by digital asset treasury firms this week.
Strategy added a more modest quantity of bitcoin in its latest period, maintaining its position as the leading corporate holder while demonstrating ongoing commitment to its long-standing strategy.
Separately, Bitmine Immersion Technologies continued building its Ethereum treasury, acquiring more than 12,000 ETH in the week ending around October 11.
The purchase brought its total holdings to approximately 6.03 million ETH, representing about 4.9 percent of the circulating supply.
Chairman Tom Lee has indicated the firm is nearing its target of roughly 5 percent and expects to complete its primary accumulation phase, while expressing confidence in structural drivers that could support a major upswing in the crypto market.
These developments underscore sustained institutional interest in bitcoin and ether as treasury assets heading into 2027.
Firms are deploying capital raised through equity, preferred shares, and warrant exercises to expand holdings, even as short-term price action remains range-bound near recent levels around $83,000 for bitcoin.
The outperformance of bitcoin accumulation relative to share issuance at Strive, combined with parallel activity at Strategy and Bitmine, suggests management teams remain focused on long-term positioning amid expectations of further market maturation and adoption.
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