Strive priced 7 million shares of 15% SATS preferred at $90 against a $100 stated amount, raising about $630 million at a 16.7% effective yield. Strive has described Bitcoin as its hurdle rate, so the coin has to beat that yield for the raise to pay.
Reality
- Evidence66
- Adoption
- Not scored
- Hype gap+20
- Incentives70
- Confidence75
Strive is offering five million SATS preferred shares at $100 each, a $500 million raise with a fixed 15% dividend. CryptoSlate reported the model buys about 4,700 bitcoin while total preferred dividends could reach $257.4 million a year.
Reality
- Evidence62
- Adoption35
- Hype gap+30
- Incentives70
- Confidence66
Strive bought 2,822 bitcoin at about $83,266 each, lifting its treasury to 35,595 BTC, 18 more than MARA's 35,577. At $82,000 that margin is worth about $1.5 million, and Strategy still holds roughly 24 times as much.
Reality
- Evidence66
- Adoption
- Not scored
- Hype gap+22
- Incentives58
- Confidence68
Strive added 3,311 BTC in a week to reach 32,773 BTC, CEO Matt Cole said on October 13. He also reported about $208 million of warrant exercises, or roughly 7.7 million shares at the $27 strike if that is cash.
Perspective Coverage
6 publishers
- Builder
- Builder 5%
- Operator
- Operator 23%
- Investor
- Investor 72%
Reality
- Evidence72
- Adoption34
- Hype gap+22
- Incentives58
- Confidence74
Strive's 1,800 coins and Strategy's 4,603 put balance-sheet demand back on the tape, though the pioneer still holds 2,313 fewer bitcoin than it did in June and the newer bid is funded by a preferred paying 13 percent.
Perspective Coverage
3 publishers
- Builder
- Builder 5%
- Operator
- Operator 27%
- Investor
- Investor 68%
Reality
- Evidence70
- Adoption55
- Hype gap+20
- Incentives65
- Confidence70
Strive bought 2,000 bitcoin for $169 million last week, its biggest buy in four months, while its $90,170 average cost sat above a price near $86,000. Its $284.7 million in cash also has to pay a roughly 13% preferred dividend, so further buying depends on selling more SATA.
Reality
- Evidence78
- Adoption
- Not scored
- Hype gap+15
- Incentives60
- Confidence72
The asset manager paid for the coins with fresh common and preferred stock. Back out the two disclosed percentages and the fully diluted share count grew about 4% in a single week.
Perspective Coverage
4 publishers
- Builder
- Builder 5%
- Operator
- Operator 18%
- Investor
- Investor 77%
Reality
- Evidence72
- Adoption45
- Hype gap+30
- Incentives60
- Confidence68
Strive paid for last week's 469 bitcoin entirely with preferred stock. The coupon on its $1.04 billion of SATA is 13%, charged every business day, against a treasury of 25,000 coins. Warrants struck at $27 expire in mid-October.
Perspective Coverage
3 publishers
- Builder
- Builder 7%
- Operator
- Operator 22%
- Investor
- Investor 71%
Reality
- Evidence72
- Adoption55
- Hype gap+12
- Incentives65
- Confidence70
Strive would need about 14 years at its current pace to catch Strategy's bitcoin stack
Strive outbought Strategy again on Monday, 1,355 coins against 950, and its stack ranks fifth among public holders. The weekly checks come out of a perpetual preferred that pays 13% and crossed $1 billion of notional this month.
Reality
- Evidence36
- Adoption58
- Hype gap+38
- Incentives78
- Confidence52
Bitcoin's record $14,264 week arrived before the flow data that is supposed to explain it
A $1.92 billion ETF inflow print and a Fear and Greed reading of 78 say institutional sentiment flipped. Neither says whether the money was spot or borrowed.
Reality
- Evidence38
- Adoption45
- Hype gap+34
- Incentives72
- Confidence44