Strive (NASDAQ: ASST) has increased its Bitcoin holdings to 32,773 BTC after purchasing an additional 3,311 BTC last week. The company has also updated its official documents to require a $100 minimum issuance price for its SATA preferred stock, reinforcing a floor that it previously adjusted during the summer period.
Return to $100 SATA price floor
The company first implemented the $100 minimum for SATA sales in March, promising investors it would not issue new SATA shares below this price in either at-the-market or follow-on offerings. SATA, Strive’s Variable Rate Series A Perpetual Preferred Stock, is designed to trade around its $100 par value and generate dividend payments for shareholders.
However, after SATA closed at $83.53 on June 25, Strive CEO Matt Cole stated that the firm might not adhere strictly to the $100 issuance rule, describing current market conditions as atypical. Concurrently, borrowing costs for the stock increased sharply, with the annual percentage rate rising from 6.10% to 68.57% within 18 days, according to chief risk officer Jeff Walton.
Short interest in Strive’s SATA stock grew and borrowing costs surged, jumping from 6.10% APR to 68.57% APR in less than three weeks, highlighting the volatile environment that led to policy adjustments.
Strive has now formalized the $100 issuance price as a binding rule in its governing terms, which Cole described as a measure to provide investors with clear protection and consistent expectations.
Major warrant activity ahead of expiration
This recent Bitcoin acquisition took place as activity intensified concerning Strive’s outstanding warrants. CEO Matt Cole reported that $208 million in warrants had been exercised, while approximately $15.3 million remained unconverted, set to expire at 5 p.m. Eastern on Tuesday, October 13.
These warrants, with a strike price of $27 post-reverse stock split, allow holders to acquire Strive common shares. In an earlier update in September, Cole estimated that over $700 million in outstanding warrants were due to expire in mid-October and argued that if the share price remained above the $27 strike, further conversions would significantly boost Strive’s capacity for additional Bitcoin purchases, possibly reaching $1.4 billion.
By October 2, an SEC filing showed that roughly 23.25 million shares remained underlying traditional warrants, a number that had fallen as more holders exercised their conversion rights. It remains unclear how much of the exercised $208 million directly funded the latest Bitcoin acquisition.
Strive climbs in corporate Bitcoin rankings
Strive’s pace of Bitcoin accumulation has accelerated in 2026, starting with the purchase of 5,048 BTC through its merger with Semler Scientific in January. The company has continued with weekly purchases, largely funded by proceeds from SATA sales and warrant redemptions.
With the most recent transaction, Strive overtook Adam Back’s Bitcoin Standard Treasury Company, claiming the sixth spot among public companies for Bitcoin holdings. Currently, Metaplanet leads this category with 44,000 BTC, followed by Twenty One Capital at 43,514 BTC and MARA Holdings at 35,577 BTC. Cole has discussed Strive’s ambition to become the second-largest publicly listed Bitcoin holder by the end of the year.
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