Strive buys 2,822 more bitcoin, passes MARA as the fourth-largest corporate holder and lines up a $500 million preferred stock sale

Strive is not slowing down. A day after disclosing a 3,311-bitcoin purchase, the Dallas-based company founded by Vivek Ramaswamy said in a filing with the Securities and Exchange Commission on Wednesday that it bought another 2,822 bitcoin on October 12 and 13 at an average of about $83,266 a coin, including fees. That is about $235 million. The money came from warrants: holders exercised 273,493,909 traditional warrants over the two days, covering 13,674,703 Class A shares and bringing in expected gross proceeds of about $369.2 million, and as of Tuesday's close no traditional warrants from the company's PIPE deal remained outstanding.

The purchase lifts Strive's stack to 35,595 bitcoin, The Block reported, and by Bitcoin Treasuries' tally that edges past MARA's 35,577. Only Strategy, with 848,250 bitcoin, Metaplanet with about 44,000 and Twenty One with 43,514 hold more among corporate treasuries, per the outlet. Three months ago Strive held fewer than 20,000; last week it bought 3,311 for about $280 million.

The next funding round is already mapped out. On Tuesday evening Strive proposed an initial public offering of 5 million shares of a new preferred stock, SATS, with a fixed 15% dividend paid daily and a $100 stated amount, which works out to $500 million if fully sold, CoinDesk reported. SATS would rank junior to SATA, the company's existing variable-rate preferred, which currently pays 13%, and Strive plans to set aside enough at closing to cover the first 18 months of SATS dividends. Proceeds could go to bitcoin, income-generating assets or stock repurchases, subject to market conditions.

Chief executive Matt Cole has said the company could end 2026 as the second-largest public holder of bitcoin, while calling that outcome uncertain, The Block noted. Hitting it would mean passing both Twenty One and Metaplanet before December, a gap of about 8,400 coins at the current counts. The preferred-stock model that funds it is itself under scrutiny: the same morning, K33 argued in a note covered by The Block that Strategy's reliance on high-coupon preferred shares may have cost it bitcoin rather than gained it.