Strive raises $369M via warrant exercises, pushes bitcoin treasury past 35,000 BTC
What's the deal? Strive raised $369.2 million in gross proceeds after investors exercised warrants covering 13,674,703 Class A shares, with 94% aggregate participation. The post-IPO equity haul is funding an expanding bitcoin treasury that now tops 35,000 BTC.
By the numbers: Strive bought 2,822 BTC for $235 million between October 12 and 13, at an average price of about $83,266 per bitcoin including fees. That lifts its total holdings to 35,595 BTC.
Why it matters: The purchase puts Strive narrowly ahead of MARA's 35,577 BTC, making it one of the largest bitcoin treasury companies, according to Bitcoin TreasuriesDealroom has a profile for this one. Try Dealroom → data. Strategy, MetaplanetDealroom has a profile for this one. Try Dealroom →, and Tether-backed Twenty OneDealroom has a profile for this one. Try Dealroom → still rank above it.
What's next? Strive is proposing an initial public offering of 5 million shares of 15% Series A Perpetual SATS preferred stock, each with a stated amount of $100. Proceeds could fund bitcoin purchases, income-generating assets, and working capital, though the deal remains subject to market conditions.
What they're saying: Chief executive Matt Cole previously said Strive could finish 2026 as "the world's second-largest public bitcoin holder," while calling that outcome uncertain.
The signal: At $369.2 million, the round sits in the 90th percentile of post-IPO equity deals among US fintechs, based on 651 comparable rounds. It shows how bitcoin treasury companies keep using equity-linked instruments and preferred securities to expand crypto exposure and compete for scale.
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