Strive, Inc. added 6,182 bitcoin to its balance sheet between October 17 and October 23, 2026, paying an average of roughly $82,732 per coin including fees and expenses, according to the Form 8-K the company filed with the U.S. Securities and Exchange Commission on October 26. The purchase totals approximately $511 million and lifts Strive’s holdings from 36,818 to 43,000 bitcoin.
The disclosure contains a detail that changes how the purchase should be read. Over the same reporting window, Strive’s cash and cash equivalents rose from $317.5 million to $504.4 million, an increase of about $186.9 million. A company that grows its bitcoin stack by roughly $511 million while its cash balance climbs is not spending down reserves; it is raising capital.
The 8-K’s holdings table shows where the money came from. Strive issued 7,000,000 shares of a newly listed class, the 15.00% Series A Perpetual SATS Preferred Stock, which trades on Nasdaq under the symbol SATS, during the period. Class A common shares outstanding rose by about 3.27 million, and assumed fully diluted shares climbed from roughly 126.8 million to 130.0 million. Perpetual preferred stock has no maturity date, which lets a treasury fund long-duration holdings without the fixed repayment schedule that a bond or term loan would carry.
On the same day as the 8-K, Strive filed a prospectus supplement for an at-the-market offering of up to $1 billion of the SATS preferred stock, to be sold through Cantor Fitzgerald, Barclays, Clear Street, StoneX, B. Riley Securities, Maxim Group, and H.C. Wainwright. The supplement says net proceeds may be used for general corporate purposes, “including, among other things, the acquisition of bitcoin and bitcoin-related products,” and records a last reported SATS sale price of $94.88 per share on October 23.
Read together, the two filings describe a treasury that is issuing equity-linked capital and steering a portion of it toward bitcoin rather than borrowing. The connection is real but not mechanical: the 8-K lists the coin purchase and the share-count changes as separate line items, and the prospectus only authorizes bitcoin as one of several permitted uses of proceeds. The $511 million figure is derived from the average price times the coin count, so the exact financing mix and the pace of future purchases remain open until Strive reports them.
For readers tracking bitcoin treasuries, the filing is a reminder to read coin counts and cash balances side by side. When both rise at once, the acquisition is being financed by new issuance rather than existing reserves, and each new preferred or common share changes existing holders’ claim on the company. Strive’s disclosures stop short of stating which issuance paid for which coins, so that linkage should be treated as an inference rather than a settled fact. The next data point to watch is whether subsequent filings show the company continuing to pair coin purchases with fresh issuance.
Source: BlockchainReporter.