Accelerating Crypto Accumulation, Will Strive Become the Next Strategy?

By Daii

Between Oct 17 and 23, Strive purchased approximately 6,182 Bitcoins for roughly $511.5 million, bringing its total holdings to 43,000 BTC. Here, Bitcoin serves as the company's high-volatility treasury asset, whose price movements impact common stock, preferred stock, and corporate cash arrangements. During the same period, Strategy maintained approximately 848,517 BTC in its holdings and used $204.9 million to repurchase its own STRC preferred shares. (Strive filing; Strategy filing)

Both companies are raising US dollars through listed securities and managing their Bitcoin treasuries. Strive's latest filing does not specify how much of the funds for this Bitcoin purchase came from the SATS issuance. Therefore, stating that it "bought these coins after issuing SATS" only establishes chronologically adjacent events, not confirmed fund flows tracked on a transaction-by-transaction basis. (Strive filing; SATS use of proceeds)

1. Same Engine, Common Stock Captures Residual Equity

Strive and Strategy issue common stock, preferred stock, or other securities, then allocate partial proceeds to Bitcoin purchases and corporate purposes. Common stockholders rank behind preferred securities and bear the primary volatility of residual asset value; preferred stock receives dividends and liquidation proceeds first per their terms. When total corporate holdings increase, the per-share value of common stock still depends on the number of new common shares issued, preferences, cash, and other liabilities. (SATS prospectus; Strategy capital framework)

Between the two reporting periods from Oct 16 to 23, Strive's Bitcoin holdings increased from 36,818 to 43,000, while outstanding common shares rose from 124,064,126 to 127,328,346. The ratio of "Bitcoin count ÷ outstanding common shares" rose from approximately 0.0002968 to 0.0003377, an increase of about 13.8%; using the fully diluted share count listed in the filing, the increase is about 13.9%. (Strive filing)

This 13.8% can only be termed the "gross unadjusted increase in Bitcoin per share prior to preference deductions." It does not subtract claims from SATS, SATA, or future debt, nor does it incorporate cash, Strategy’s preferred equity investment, and operating business into the numerator, so it cannot be directly equated to common net equity growth rate or return on investment. (Strive filing; SATS subordination terms)

2. SATS Mitigates Immediate Share Dilution While Increasing Preferred Cash Requirements

SATS is the Nasdaq trading ticker for Strive's "15% Series A Cumulative Perpetual Preferred Stock"; it accrues annual dividends at 15% based on a $100 par value per share, ranking ahead of common stock in dividends and liquidation, thereby reducing the residual cash and property available to common shareholders. SATA is the trading ticker for Strive's "Floating Rate Series A Cumulative Perpetual Preferred Stock", which ranks even higher than SATS in dividend and liquidation priority; both layers of rights must be factored into common stock analysis. (SATS subordination and dividend terms)

Strive issued 7 million shares of SATS at $90 per share, generating gross proceeds of approximately $630 million. The annual accrued dividend per share is $15, totaling roughly $105 million for the entire batch; using gross proceeds as the denominator yields about 16.7%, before underwriting fees. Its initial liquidation preference is at least $100 per share, totaling at least approximately $700 million for the entire batch, meaning the issue price, dividend calculation base, and liquidation priority represent three different metrics. (SATS pricing announcement; SATS prospectus)

The company placed assets worth $22.50 per share, totaling approximately $157.5 million, into a dividend reserve corresponding to the initial 18 months of fixed dividends. The company has declared its first dividend of $0.8710 per share on Nov 9, along with dividends of $0.0658 per share on each business day from Nov 10 to 30; subsequent periods will depend on board declarations and available funds. The reserve is managed by the company rather than an independent custodian, and does not convert SATS into bank deposits. (SATS dividend and reserve terms)

3. Strategy Has Larger Scale and Cash Instruments, with Recent Flexible Cash Declining

Strategy's Bitcoin holding of approximately 848,517 BTC is roughly 19.7 times that of Strive. Adding the same 1,000 BTC increases Strive's holdings by about 2.3% versus Strategy's 0.12%; a smaller base produces a more noticeable percentage increase but does not automatically yield higher common stock returns. (Strategy filing; Strive filing)

As of Oct 25, Strategy reported dedicated USD reserves of $4.83 billion, with an additional $242.4 million in USD cash available for broader treasury purposes. During that week, it spent $204.9 million from the latter account to repurchase 2,068,459 shares of STRC; STRC is the trading ticker for Strategy's "Floating Rate Series A Cumulative Perpetual Preferred Stock". Repurchases reduce outstanding preferred shares but also directly deplete flexible cash. (Strategy filing)

Strive's growth also includes acquisitions. Following the January 2026 acquisition of Semler Scientific, the combined company held approximately 12,797.9 BTC while retaining its medical equipment and software operations. The current total of 43,000 BTC thus blends assets acquired through M&A, subsequent security financings, and market purchases, preventing attribution to a single Bitcoin-acquisition strategy. (Semler acquisition announcement)

4. Next Filing Can Be Verified with Two-Line Calculations

Strategy's Oct 28 amendment allows four types of preferred shares to adopt daily dividend record dates: STRC takes effect from Nov 1, with the other three taking effect from Jan 1, 2027. Weekend and holiday entitlements may be consolidated into the same record and payment dates, and brokerages and exchanges may handle them differently; what changes here is the record and payment rhythm, generating no right for holders to redeem at $100 on demand. (Strategy daily dividend amendment filing; Strategy capital framework)

Readers can replace two rows of numbers after Strive releases its next Form 8-K (the US public company immediate disclosure form used to report important changes such as holdings, financing, and share counts): Row 1 calculates "ending Bitcoin ÷ outstanding common shares"; Row 2 records "annual dividends for all preferred shares, debt, and dedicated reserves". If the filing does not disclose total leverage or restricted cash, mark it directly as "unknown"; do not pad the blanks with the 43,000 BTC holding. (Strive filing; SATS prospectus)

SATS trades on the Nasdaq Global Market (a US securities exchange) and is held through the Depository Trust Company (responsible for securities book-entry clearing and settlement) system. Actual trading remains subject to brokerage account opening, settlement arrangements, and local securities regulations. Reviewed filings provide no proof that mainland China investors are permitted to purchase them; being transferable in the market does not mean anyone can directly redeem from Strive at $100. The accounting tasks outlined in this article do not require holding any class of securities. (SATS listing, settlement, and redemption terms)

Current evidence indicates that "Strive has already implemented a securities financing structure similar to Strategy’s." Whether common stock will continue to benefit requires tracking joint shifts in preferences, dividends, cash, and fully diluted share counts. New evidence supporting Strive’s catch-up would only materialize if its next filing shows continued growth in Bitcoin per share alongside sustainable cash coverage and transparent financing terms. (Strive filing; Strategy capital framework)