Funding
Strive Raises Enough for 638 Bitcoin
Strive, a company, has raised an estimated $55 million through the sale of its SATA preferred stock. This amount is enough to purchase approximately 638 Bitcoin (BTC), despite the shares spending three of the five trading days below the price at which new issuance stops. The proceeds are expected to be used to buy BTC, with the current value of 638 BTC estimated to be around $53 million. The funding model involves selling new preferred shares below par, which would dilute the program's promise, so issuance pauses until demand pushes the price back up. This week, Strive's SATA preferred stock was more active than its parent company, Strategy, which sold zero STRC shares from September 28 to October 4. Instead, Strive used its MSTR common stock to fund its purchase of 334 BTC over the period October 1 to October 4, bringing its total BTC holdings to 848,000. The funding is intended to support the company's strategy of buying BTC in the future, with every share sold funding BTC today and adding to a dividend bill tomorrow.